RE:RE:Bought some more !!Kelvin, if you are confused, I will shed some light on to my thinking and why personlly, as an investor why I am not in.
Simply put, WAY to much uncertainty right now. Offshore oil exploration is much more difficult than onshore, and neither FEC or OYL have shown that they can be successful offshore. According to their presentation back in December they have proven a petroleum system in the Corentyne, but they are still unsure if it is economical. That is not my opinion, that is what the company stated. So as good as the prospects look, they need to drill another well to prove they are commercial, and I have not heard anything about another planned drill.
So why do I keep watching? Potential is there for sure. Imo, what they desperately need is a farmout, ideally to a major, or at the very least a company with offshore drilling expertise and a history of success. If it is going to happen it should be at some point this year and would not be surprised to see it in 2H 2024 (although it could be tomorrow).
Terms of the farmout, and who the partner is will determine if I jump back in. I have made money on OYL, and think I can again in the future. In my opinon though, until that farmout happens it is just dead money waiting.