1. Last STX announcement advised - "based on what we have seen so far we continue to expect the well will reach its full potential".
2. STX Directors will be extremely sensitive to ensuring the market is informed of any material changes to their last announced update, especially given the significant decline in share price since that announcement.
3. US companies (STX partners)are always loathe to share information with their competitors bidding for nearby land and will withold information (especially positive information) until required to release by the US regulatory authorities. They will then release the minimum information possible. STX has to follow a fine line between "continuous disclosure" and preserving sensitive commercial information from competitors (also for the benefit of its own shareholders).
Clearly we need to be cognisant of the above in assessing the reasons for the lack of information (spin) and should be able to assume that the last announcement can be relied upon until we hear otherwise. The alternative conclusion is unthinkable, given the risks that witholding material information implies for STX directors, especially given the recent decline in share price.
STX Price at posting:
17.0¢ Sentiment: None Disclosure: Held
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