I agree with Fernando that the company's presentations meant that this PP was unexpected, and still unexplained, which is not good. But they have put together a syndicate, all of whom must know the story from management. I assume they are trying to place the stock rather than warehouse it so the members of the syndicate must be making presentations or issuing research with the positive outlook - does anyone have access to this stuff that they could post?

I tend to think that the decline in production is simply because resources were diverted to the 'proof of concept' deep play fracking, and now their main partner has sold the services company, is cash rich(er) and wants to step up the pace VLE have to raise some cash to keep up. But I agree some of the later fracking results don't look too good (although they seem happy with BTD-3) and their partner has indicated that the play below 2500m is not viable.

I would love to know what spin Cormark, Canaccord, Jennings etc are putting on it (not that it seems to be working much......