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Thank you for your reply. It may be that we are both right: there is a lack of confidence in the company, but it will reach its targets in due course. If that is so, then the shares are a buy, but the problem is the lack of encouraging news. On the other hand, Monies in the Bank means that a placing is now slightly less likely.

I have just read this about Gulf Keystone Petroleum: Rumblings of discontent among some of Gulf Keystone's big investors about the company's founder and chief executive Todd Kozel came to a head in the run up to this summer's AGM. Kozel, whose remuneration between 2009 and 2013 totalled a whopping $59m -- making him better paid than the chief exec of Royal Dutch Shell! -- jumped before he was pushed.

It seems that the management's reassurances are not convincing the shareholders. The shares are still being sold heavily and, unlike some other stocks in the same sector, still making new lows. If the company can announce that it is indeed meeting its targets, then it may be that the price will rally. If, however, that does not happen, then more price falls can be expected. I have to say that I do not intend to invest any more in this company, however low the price may go, unless and until we see some convincing news.