There aren't two Canning wells, there is only one left and I'm not saying Condon and the remaining Canning well aren't going ahead, I stated there are now an additional two wells next year - ie on top of the Canning drill (and now Condon).
The point is that they're taking the cash reserves that were going to support further development of those assets and pivoting far away. When this happens pre-drill, like say a PVD diversifying it's assets before it's core asset is tested, it's somewhat tolerated even though no one likes the dilution. People understand there needs to be a backup plan and management still want a job after any failure scenario. When it happens after a tested asset the whiplash tends to speak about a lack of confidence and grasping at other things like say EMR moving from a Canning focus to a US focus and flailing about. I'm not saying this is the case, it looks like there is some kind of unconventional focused methodology there, but it's a signal some investors are going to take which was my point.
NSE Price at posting:
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