Big finds in the current market are pretty well useless. The cost of developing and producing in these type of locations needs the oil price to be a t least $85. Not likely anytime soon. So high risk acreage like this, with high development and production costs means it will stay in the ground for for at least 10 years. 2 years ago this would have sent the price to $2+ but in the current environment it just provides an opportunity for long term holders to get out. I think this will be back to 6 cents in the next few weeks.
could be worse, page-27
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47.0¢ |
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Mkt cap ! $43.43M | |||
| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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