I think the thinking here was "The SP is waning therefore there...

I think the thinking here was "The SP is waning therefore there must be a cr waiting in the wings". Often this can be a fair assumption but I don't believe this could possibly be the case here. Between The CNOOC cash and EXE's own piggy bank there is enough funds currently available to turn most any other speccie green with envy. In the last company announcement Brian Barker specifically stated on page 3 that the 2012 drilling campaign would be funded from this current cash availability. With up to 22 holes to be dug this year there would be a very good chance of something very decent turning up and thus having the opportunity to do a cr at a much higher price down the road.

EXE right now is a case of a lot of promise with little proven. Hopefully the drilling campaign due to start any time now may change that.

I believe the problem may be more to do with seasonal market weakeness and the possible deterioration of the international financial picture (again). In 2010 the XJO peaked for the year on April 15th and in 2011 it was April 11th. That doesn't have to be the case this year but given the relentless rise in US markets in the last few months maybe it is time for a 10% correction. How that would effect Aussie markets remains to be seen.

The minds boggles at what EXE may possibly prove to ultimately be worth. A ten or twenty bagger or more ?? But with such potential always comes a deal of risk and right now I don't think the market is any mood for risk.