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IN THE ABSENCE OF NEWS THE MARKET GOES ON SENTIMENT AND BUYS/SELLS. THE FACT IS NO ONE OUTSIDE THE DRILL TEAM, KNOW IF ITS COMMERCIALLY VIABLE AND WE WONT UNTIL EITHER AN OBVIOUS LEAK OR AN RNS
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.
If the estimates are remotely correct this could go to anything between £1.50 to £4.5 per share. If it does I will get me one of those knightsbridge models that advertise in telephone boxes and a can of squirty cream
88E is now up a couple of percent . this should follow???
curious behaviour pattern for the share indicates a lot of trading going on . looks an excellent prospect and well worth a punt at these levels. i lost money on Chariot and Angus so this share i had almost forgotten is my third time lucky ..hopefully over a £1 on confirmed payzone..
its a volatile share . persevere with hl . i had to reload the order 4 times but just bought 20,000
THe npv on a gusher is over £3 per share
What is this drivel . why is Saudi money going to chase Angus. Do they want to add a possible .0000000000001 to their oil reserves ? Perhaps they could spend a large amount when Angus have not yet proved they can get oil to the surface??. I speak Arabic too . i shall look out for a $20 billion investment in my back garden as a result. I also speak German so perhaps Mercedes could also usec my back Garden for a mercedes car plant. I also speak French so perhaps they will make Camembert in my back Garden. Busy Busy Busy, on the other hand it could be a planted story and gibberish
5.6 million sold ...3.6 million bought . No evidence of anyone quietly picking up buys... or sells for all that . Its normal [ abnormal] activity for the share and some of the conspiracy theory on this board is best left in the Girls playground