Are we going to go up or down? Hmmmmm.Exploration prospects have been identified by extensive modern seismic data on the 2.2-million-acre 1,711 block. Based on a prospective resource assessment provided by Netherland Sewell & Associates Inc. the co-venturers are targeting a potential multibillion barrel oil and gas resource.
As stated above, extensive modern seismic data was used to determine the potential oil and gas resource. Until drilling takes place, this will only be an estimate, but todays sophisticated methods of detecting oil/gas have a high probability of being correct when they indicate that an area contains oil and they also have a high probability of intersecting oil on the first drill:
https://www.stockhouse.ca/bullboards/viewmessage.asp?no=17621259&tableid=0
The people involved in this endevor would not be committing tens of millions of dollars on drilling the area unless they felt that it had a high probability of success. And considering how far the techniques for estimating/
finding oil fields have become, the odds are far in our favor that it is a multi-BILLION BARREL OIL resource that is present on the 1,711 block.
So I would say, don't count on being able to buy ENG under a dollar a share. Instead start accumulating at these prices. It will probably be months before we do the actual drilling, but as the time approaches, people and institutions are going to be looking at the prospects and they will start buying and moving the price higher. There is a good chance that the first drilling will hit oil, and there is a good chance that it will indicate that we have a monster field, which will make people start to think that we do have billions and billions of barrels of oil on our property. Don't forget that one drill site can test multiple areas which will give people a good idea of what we have, and as we do more drilling, the additional data will refine and expand what we have on our multimillion acre property. In fact, from what I remember, the state of Rhode Island is smaller than 2 million acres, so our property is larger than the state of Rhode Island.
Think about it and then realize, that by this time next year, our stock price could easily be in the multi tens of dollars range, or higher. That would be a really nice present for next Christmas. Oh, and with the price rise we saw today, that was a nice present for this Christmas, and it is only going to get better. It's best to ignore all the bashers. Just read their posts and decide for yourself which scenario is the most likely one. Just don't miss out on this play.