Basically the buyers just haven't been there in any strength...

Basically the buyers just haven't been there in any strength since the minor hold up a couple of weeks ago. You'd think that with a modest/weaker sp on good derisking news, regardless of cappers, there should be an influx of buyers.

As soon as there is good news and the sp moves up to ~14c the barrage of sellers ramps up.
So it has me thinking that maybe there is a combination of factors at play:
. still an overhang of shares from previous CRs - swing investors & sophs who are happy with a 20% gain and just want to move on to the next opportunity, and
. the market is being ultra coy, in light of the previous f/u, and waiting for commercial flow test results this time
. the market does not have a clear idea from an independent source of exactly what expectations to apply to OEX/Cambay H77 (the metrics) - the range of flow rates and test results that will indicate a commercial outcome (low/best/high)
. market uncertainty (lack of knowledge/clarity) re gas price dynamics and government controls in India, including the uncertainty around the operation of possible new policy & regulations due to the new government.

What I think would go a long way to helping the situation, would be for OEX as soon as they have some announceable results to simultaneously:
. do a road show, presentation and/or media briefing - to hold the market's hand to go guide them through these matters, to explain/reinforce in simple terms
. that would support and build the sp pre announcement of plans to commercialise Cambay - especially in light of a possible t/o or CR.