RE: What the heck?? If you look at the long term chart on Stockwatch, you will note that this is the lowest it has been since 2005, the year they started operations.
It makes no sense to me, as Kataka could be very big if successful. Even if you assign zero value to it, being a binary outcome, the Thai assets alone are worth more than this. If you read their MD&A and the two prior NR's carefully, Thai has not been as bad as it looks at first glance. Then there is Canada, where they have the oil, but are spending about $25 mil. to prove it is economically recoverable. It all adds up in my view to more than double the current price, even without Indo.
I think a large institution wanted out (for whatever reason, "dumb money") and has been feeding the market and, in the absence of reasons to buy by new investors, has been driving the price down relentlesly. If you look at the volume in the last 8 days, it has been over 1.7 million shares. That is almost double or triple the normal volume. I think today was the bottom and the late day reversal is positive. However, even if this is not the case, if you understand the story and the reasons you are invested in it, it does not matter how low it goes in the short term. Value always asserts itself eventually.
If Kataka is unsuccesful, then there will be a 6 month hiatus before new high impact drilling starts, and many short term investors do not like that, but there is still Thai and Canada.