I have been in and out of ENG this year with the hopes of finding a good entry point before they strike oil. I’m fully engaged now at a price <$2.00. I firmly believe there is oil in this area and will hold for the much anticipated news. I had a feeling that the weather in the area was causing some havoc on the drill rig. I don’t know what kind of ocean swells they can safely tolerate but I suspect they have suspended drilling once too often this month due to bad weather. Despite this being a tight hole this type of information makes its way out into the market giving some folks the opportunity to drive the share price down (JMHO). I’m sure everyone realizes that this will change once news of a find leaks out.
“The Republic of Namibia has classified the Kunene #1 as a “tight hole”, meaning no information regarding the well may be released until such time as the Namibian government determines to make the information public.”Hmm! rosehill