Well, this is a bit of a curved ball from left field, as they say.
However, it appears on the surface of things to be a good move, taking advantage of the emotional downturn in the $values of oil potential leases.
Could be good, if EEG strike oil in this very prospective area, in conjunction with this Raya Group Joint Venture partner, in bolstering up Reserves for EEG, through this downturn time in the oil industry.
Either way, it does seem that EEG has been currently oversold and its SP will inevitably rise.
If you check EEG's chart gaps over the past 10yrs, i have noted that they always eventually re-fill.
With patience. i am expecting that the 10.5cent gap in the EEG chart, will eventually refill again, making shares purchased at these rock-bottom rates, quite profitable indeed.
RYG Price at posting:
0.8¢ Sentiment: None Disclosure: Not Held
EEG Price at posting:
2.3¢ Sentiment: None Disclosure: Held
