@BBN -they are between a rock and a hard place. If they have TD'd and it is not a duster it makes it very difficult for them. They can't issue the usual "we know of no reason for the share price fall today" because they can't say "we have not yet reached total depth" and if they don't say "we have not yet reached total depth" but they say "we know no reason why...." then that basically says oil strike and they are not ready to say that until they have done the necessary down hole testing.
If they haven't TD'd then easy...… "The drill has not yet reached total depth and we know of no reason why....." If they have TD'd and it's a duster - then RNS it no probs.
So I view this as no news is good news and some very opportunistic and frankly criminal manipulation
it is very interesting and clear what is going on. PEEL are trying very hard to control the Ask and stay on top. All the other MMs are taking turns at bumping them off and then en mass reducing the Bid all together to soak up shares - they are accumulating while PEEL are distributing and they are doing it at the lowest they can get.
proximity to the result, perceived "leaky" drill, what better way to scare out some loosely held shares than to manufacture a 9% drop. I expect we'll probably see this end the day flat after they've loaded up a bit