Endeavour – Balgownie Dry

(END) - non-commercial hydrocarbon levels present. The Balgownie well has been plugged and abandoned.

That's going to hurt in the morning. This had a 1 in 3 shot at success. The odds won out. My best guess is that the stock gets whacked in the morning towards the $1.75 level. Recall that they are still very likely to raise production guidance next month, the knowledge of which may provide some downside protection. Depending on where it opens in the morning I will looking to limit losses below $1.75. If the stock gets simply crushed beyond my opening limit I'll wait for the dust to settle before decinding what to do. Given their growing production profile and additional exploration tests later this summer I'd doubt any sellside analyst will be downgrading the company and they definitely won't be moving any out year numbers.