heres what daily mail says9 Mar 2019 19:43
Shares in oil minnow Red Emperor Resources have been on a bit of a rollercoaster over the last seven days as a cocktail of news from the Winx-1 exploration well in Alaska has sent them both plunging and soaring.
The first swing came last Friday after the firm reported that evidence of oil, referred to as 'shows', encountered during drilling at the primary Nanushuk target was 'at the lower end' of the range needed to be commercially viable, which sent the stock tumbling nearly 65 per cent, or 2.6p, to 1.4p.
However, there wasn't actually any definitive data or conclusion given as to whether the 'discovery' was or wasn't viable.
Oil in Alaska: Oil minnow Red Emperor Resources may, or may not, have found some oil there +1
Oil in Alaska: Oil minnow Red Emperor Resources may, or may not, have found some oil there
Then, on Monday, Red Emperor reported that additional 'shows' were observed in the well, including another in the primary zone and also in deeper zones, which sent the shares back up 152 per cent, or 2.2p, to 3.6p
The objective facts remain the same, however, in that no definitive data or conclusion was given as to whether the 'discovery' was or wasn't commercial. Instead, the explorer commented that the latest findings were 'encouraging'.
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Another statement followed later in the week, relaying information that became available following the completion of drilling on Monday.
But as with Friday and Monday, no definitive information was given but that didn't stop the shares jumping again to finish the week around 303 per cent, or 4.3p, higher at 5.8p.
The next investor update out of Alaska will likely be pivotal, should it give some proof in one direction or the other. Expect further volatility, whichever way the definitive well results land.
Red Emperor's partner, 88 Energy, followed the same down-up trajectory, eventually ending 32 per cent, or 0.3p higher, at 1.2p while another partner firm, Pantheon Resources, was up 25 per cent, or 5.2p, at 26.1p.
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