IMHO - Probably not what you want to hear, but the big price bumps will probably have to wait for a well with pay, an announcement that the find is economic, and then actual production. The price might get to a dollar when they report significant pay in an exploration well. It might get to several dollars once production starts. Short answer is that I believe it will be at least the end of 2018 before any really large price jumps occur. The good news is that the Canoe Shallow well will be first or second. That prospect seems to be a traditional above salt, shelf prospect, pretty low risk, and could be hooked up to a pipeline without a lot of time and effort. So it is conceivable that would be on line at the end of the year. If Canoe fails to find commercial hydrocarbons, that would be really bad news and I could see the share price tanking. But exploration is a very risky game. Gulfslope is not going to be for the faint of heart, but if they succeed the reward will potentially be huge. Patience is key.
All of the above is speculation, maybe an educated guess. Please don’t decide to buy or sell based on these remarks.
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