We will always have the opportunity for the share price to move upwards, but meaningful appreciation will most likely require news of a partner or drilling contract in my opinion.
Things I see on the horizon that increase the potential for this happening are a noteworthy change in the regulatory outlook and greater support for exploration and drilling. As you surmised, this is most likely the outcome if the Rs take control in this election.
Recall that 2015-2019 was the most recent time the Rs controlled both chambers of Congress. And that resulted in an expansion of drilling activity in the GOM. If the Rs gain control after this election, it is conceivable that they can repeat that performance at a critical time.
By the way, the BOEM is forecasting oil production for the OCS region of the GOM in 2022-2024 to reflect strong growth similar to what occurred in 2013-2019. This is the type of news that investors may find to be worthy of risk.
Maybe those wishing to buy back into the stock at a lower cost basis will want to start accumulating soon. That is another reason the share price might move higher. But as previously stated, notable moves in the share price will probably only occur after the announcing of some type of partnership or drilling contract. Again, in my opinion.
My crystal ball is fuzzy due to running low on energy.
Signing off.
Mrs. Smith
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