RE: where could the share price go? warrants and oCove Energy as a partner of Anadarko recently hit a LOT of GAS in the Rovuma basin. The share price has gone from 24p to 54p in the last few weeks since the hit. The hit has been described as 'non-commercial' by US analysts covering Anadarko but has apparently 'de-risked' the other acreage.
I would suspect a hit of any commercial hydrocarbons would see us challenge the next technical resistance level which i make at around $1.60 ? But if it is oil (i.e. more easily monetisable) I would expect us to blast through $1.60 and where it actually goes is an open question and would depend on results from testing to determine how big the discovery is and it's nature and what implications it has for de-risking the rest of AOI's licences.
But this is all getting rather ahead of ourselves. As the example of London AIM quoted Cove (COV) shows, you can actually wait for results and still make exceptional risk-adjusted returns AFTER the news so no need to have all your eggs in the basket prior to results. IMO.