The first Announcement was factual and it was probably precipitated by the very bullish Twitter post . Background gas and even cuttings fluorescence does not mean there is any movable oil . They had the MWD information and under the circumstances had to make it public to inform the Market under LSE rules . Where the Announcement fell down badly was that it did not stress the point that the primary objective had not been penetrated. Although the formations to that point did not appear at first pass to look very encouraging for production the fact that there were hydrocarbons in place gave a lot more hope for the primary target than if there had been no hydrocarbons , even if the upper zone only contained residual oil .
I had my finger on the sell button on Monday morning but more than doubled my holding after I read the second announcement which although very constrained in tone is extremely positive .
I feel sorry for those who sold out on the ASX on Monday morning but if they did so after reading the second announcement they possibly should not be investing in oil explorers or at least get some advice from someone that has some understanding of oil drilling before they make panic decisions .
There is no guarantee that this is a big economic discovery at this stage but imo the odds that it is are very much better than they were pre spud .
