I don't think it has anything to do with tantrums or emotions. If you invested in NSE it was for the Canning and a bit of Mer and you were a greenfields investor looking for early access. There are plenty of Eagleford stocks, if people wanted access to it they've had years to choose them and moving in now isn't really suited to some of those investors looking for early access, higher risk and larger upsides. LT holders have already had a taste of a US venture that went sour. Traditionally companies pivot their whole focus when their previous core asset loses it's shine, it's not silly to take this as a lack of belief in their core asset. Additionally if you were positioning for the Condon well then it's not exactly emotional to sell given it's not about to happen. Then of course you have the 30% dilution.
I'm not saying it's a bad thing, a glass half empty look says lack of belief in the Canning, dilution, no farm in interest in Mer etc a glass half full look says commonsense diversification to cover for long periods of inactivity for what was only really going to be one drill next year as well as purchasing an income stream so the company doesn't slowly bleed money..
Personally I don't think it's a bad move, I think in time people will probably be glad there are another 2 drills happening next year, something else going on and happy they aren't sitting in a desert with nothing to do for half a year at the complete mercy of CP and the results of a single last drill and nothing to spark interest.. but don't pretend there aren't logical and rational reasons for the SP to move down especially in the ST.
NSE Price at posting:
11.5¢ Sentiment: None Disclosure: Not Held