Big assumption here. They may not have a debt facility...

Big assumption here. They may not have a debt facility sufficient for the drill program when they are buying up other things (eg leases, Wandoo expenses) at the same time. We don't know the details.
Had a follow up conversation with rbs about the sell off yesterday. The simple explanation was that TXN is ''just not investment grade".

That said I am hanging in there with a significant holding and everything crossed. Idid sell half my holding at about 40. When I asked rbs yesterday if it is time to re purchase this they said 'no wait'.

The revenge trader in me wants some action. The thinker in me does not trust management competence.

And part of the reason behind the non sale so far, I understand , is flow rates that overall are medium or below, in terms of EFS leases.

This is the most disappointing stock I hold. :(