I think the very light volume both on the AIM exchange and the TSX is fairly indicative that almost every holder of Falcon shares is waiting with baited breath for Hess's decision.

There are a few smaller retail holders and day traders that are getting nervous about the deadline and they are selling a few shares - just in case the news is negative on Hess. The majority of retail and all of the big investors have already purchased their positions and are not stepping in to buy a whole bunch more, but rather are holding steady here - until we get a positive announcement by June 30th. I think the TSX only traded 5000 shares in the first couple of hours today and AIM only traded 46,000 for the whole day, which is a crazy low volume for a stock with over 800 million shares outstanding.

When Hess makes their decision to move forward with drilling, we should see a very nice little pop in the share price back over the old highs of 30 cents - as new investors will have to bid up the price and very few long term holders will be willing to give up their hard won shares without a very large premium. However, anyone looking for a 10 bagger from here will have to be reasonably patient!! The share price will probably drift back a bit over the next six months - before Hess gets drilling under way in the Beetaloo with some possible upswings along the way from the NIS drill results and progress with the Karoo license.

The drill results from the Beetaloo will be the first real catalyst for the share price to start moving in multiples of 30 cents in my opinion.