Post by
Hiddensecrets on Mar 01, 2021 1:16pm
HALT........in March 2021.....OIL HIT....?????
Reco had stated that they had wanted to release the results of their drilling once all 3 holes were done.
HOWEVER,
I am of the opinion that they changed strategy as they have hit oil.
You have indirect confirmation from a couple of press releases:
- lining the well - not to containminate water supply. I read this as they are lining the well as they do not want the oil to contaniminate the water supply. This would cause environmental issues.
- hiring of company to analyze their find (company is specialized in source rock and oil)
- biggest hint: hiring of Mark Gerlitz who negotiates in HOSTILE CONDITIONS (owns 2 million shares).
I think that the company thought that they would hit oil in drill number 3 and could therefore wait for the press release BUT, this changed when they hit oil in drill 1.
So they rush to line the well, to hire company to analyze rock and oil and, hiring negotiator for hostile conditions.
CONGRATULATIONS to dedicated longs.....I am of the opinion that you are holding a winning lottery ticket.
My personal opinion of course
Comment by
hipfner on Mar 01, 2021 2:39pm
Firstly, one obvious error, Gerlitz had shares WORTH $2million when he was hired. Second, all wells are cased from surface. I'm not a reservoir engineer, but, so far, there is nothing to suggest oil. The drilling is probably slower because of all the testing and sampling they are doing.
Comment by
grenouille on Mar 01, 2021 11:00pm
i like the idea. i just don't think it's very realistic. possible? lots of things are possible. likely? not so much.
Comment by
Chas15 on Mar 04, 2021 6:55pm
Longs have nothing to be congratulated for yet. As the SP has dropped 50% in a week.