Given that OXX SP is at cash and near cash there is not much...

Given that OXX SP is at cash and near cash there is not much downside to protect other than concerving cash.
Increases in SP leading up to drills is driven by speculation and evaporates on failure. Fact of life. What is there to guard against.
Free carried is pretty safe. Unless he is talking about selling down further for cash prior to drill. This limits upside and sp upside based on specutation. Guess there is no free lunch.
End of the day runs on the board are what counts. Preferably before the cash gets depleated.
The life of a small oiler with no production.