They reported somehow that they were expecting better result from PQUE. Probably more than 200% reserve replacement from drilling as PQUE CEO promised in November/December CC. They did not raise PQUE target. Current drilling successes are already priced in and that's the reason for PQUE stagnation.
And Calyon put Q4 at $.07/share which is a disaster and a big miss. Another point in Calyon report is number of PQUE shares. 47 million or more 2 million shares above last quarter. Dilution continues to kill PQUE. More shares are thrown in the open market than buyers can handle.