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At that rate, even the minimum of 25 mmboe recoverable would be worth about 380 p per share.

That's about $4.20 per barrel

I suppose my worst fear is that we will eventually get a 'gas found but not commercial ' RNS.

However, after all the posts declaring in advance that TE-10 would fail, the early news does not support that prediction.

It does seem that the doomsters have gone quiet.

I am of course referring to the share price slump ahead of announcement of failure at TE-9.

Amazing!

After all the fury about insider trading, with investors or traders in the know dumping stock or shorting it, as the price slumped, we are now asked to believe that the share price is rising even though failure at TE-10 has been leaked.

I would not say we have been lied to, but I do think we have been led up the garden path by people carried away by their own overconfidence and sense of excitement.

Directors should not seek to infect shareholders with either trait.

Actually, Double, I should clarify what I meant by that comment.

I didn't mean that such investors invest large amounts of capital at sky-high prices, without fear of a savage correction.

What I meant is that they don't allow fear of a crash to panic them into selling shares in good companies, to get out of stocks altogether, or miss the opportunity to buy something if the investment case looks compelling.

Yes, Wulpert.

There are investors who ignore the dangers of a stock market slump, don't trade in and out, and just buy and hold until payday.

If HUR turn out to have 10 billion boe, will passing oil and stock bear markets prevent its share price from soaring?

Wrong, Shredders!

HUR is down 29 percent, not 'well. over 50 percent.'

I've just read that in addition to the stock market crash, oil prices are 'in freefall.'

I suppose they will be back below $30 next month and the only reason Brent reached $86 a couple of months ago was that everyone mistakenly thought that something had changed.

Can you explain why, only about two months ago, the share price was 146 p?

Has the debt pile suddenly risen during the last two months, causing the share price to fall 60 percent in two months?

I suggest the reversal was triggered by the fall in the oil price, which may itself be reversed before long.

The debt is being reduced too slowly, in my opinion, but the level of production has been rising steadily while the oil price has generally been at a favorable level.

Looking ahead a few years, the debt will almost have disappeared and production could be at considerable levels.

Provided the oil price holds, how could a price of 60 p still be justified?

Congratulations to the poster who anticipated a fall to 150 p.

Considering that the high (adjusted for the increased share capital) was 295 p and analysts think even the 'mid-case' could be worth 900 p, and that nothing has since gone wrong, how can such a low price make sense?

I've just bought some more

How low can oil go?

It was below $30 last time, before the OPEC cuts.

How low can PMO go?

It was 19 p before the re-financing and Zama.

It's heading for 100 kbpd and heading for 19p?/

Why 56 p exactly?

Well, Roybar, only some really good news would get me buying again and, hopefully, averaging down.

If I can't average down, then I won't need to ...

I agree, MRD.

I remember the 1987 stock market crash.

Every day, the opening words of every LBC radio News bulletin were: 'Share prices are falling on the London Stock Exchange again,' accompanied by a chilling tune.

They didn't tell you it was a buying opportunity.

I agree, TR, about market volatility.

That is why I am trying to avoid chasing prices and discipline myself to buy when prices make new lows.

I leave it to other readers to decide which of the two scenarios is more likely - Sauerkraut's or mine.

The chances of oil getting back to $80 next year seem considerably better than those of Trump having a sex change.

According to LSE, not a single share has been sold today..