Many were expecting a rise in the share price after Grieve commenced production. Unfortunately, this did not eventuate and I suspect a few shorter term traders/ investors are selling out at least for now to invest their money elsewhere. Can’t say I’m not disappointed with how the share price has responded over the last few days but I continue to believe that the oil price is going to continue on an upward trend and this will benefit Elk tremendously as they are highly leveraged to the oil price.
I also still continue to believe in Brad Lingo’s longer term vision for the company. So far, based on the announcements released to date, nothing has changed and everything is going according to plan. I will adjust my strategy accordingly if it eventually does change but in the meantime, it’s just short term pain for longer term gain IMO.
All the best to ell shareholders.
ELK Price at posting:
7.2¢ Sentiment: Buy Disclosure: Held
