RE: Why I think it will drift down to $2.50I don't know for sure if I 100% agree with what you are saying, but I do think you've presented an excellent well thought out argument for your case. It's quite possible we'll see a down drift and I'm hoping to add a few more thousand shares at around $2.50 or so if it gets that low, though I'll probably buy at $2.70 and just sock em away long term if I get the chance. Factors that might get in the way of any sp weakness include: more acquisition activity with that big pile of cash IAE has stuffed in the mattresses or better than expected news in Moray Firth or surprise to the upside from development wells now being drilled at Athena.
For about the hundredth time, I appear to be on my way to ignoring the old saying "sell in May and walk away". Of course, almost every other time I ignored the saying, I lost money. This time it has to be a good time to hold shares through the summer though doesn't it (and eventually, Charlie Brown WILL get to kick that football?)