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Saw today that GBP one of biggest risers, rise seems to be based on fact that Chevron have agreed a deal with Namibia's national oil company.
Important to note that Chevron have bought into an OFFSHORE block, we are inland .
https://finance.yahoo.com/news/1-namibias-namcor-signs-deal-073628319.html?guccounter=1
2D planned H1-2023.
11:12
Thanks for explanation.
10:19
Copy paste of my 88e screen data at close, my platform sums both trading floors ASX and Cboe
Open
$0.003
Prev. Close
$0.003
Volume
37.34M
PE Ratio
0
Market Cap (M)
75.37
52 Week Range
$0.003 - $0.009
VWAP
0.00336
Dividend
$0.00
Dividend %
0%
Intraday Range
$0.003 - $0.004
08:28
Longhorn
Latest company presentation
" Net 88E cash flows of ~US$3M expected in 2024, provide funds towards exploration and appraisal."
https://clients3.weblink.com.au/pdf/88E/02796243.pdf
page 22
There have been numerous trades at .4 on the ASX over the last week. It's just the spread in Australia folks. 0.3 / 0.4. Low volume and all that.
07:59
ASX states 25.4M shares traded today so is that 37M figure correct?
09:17
It has been stated often enough here that last trades can influence the closing price inordinantly.
Plus the current low SP means that any price movement of A$0.001 produces a big % change that if quoted here in isolation is meaningless.
I suspect that tomorrow the SP will revert to A$0.0003 and show a negative percentage of 25%.
OW has made the point that the daily VWAP is probably a better measure of trend although today that will be biased by the subject trade.
https://www.marketindex.com.au/asx/88e
We do not know ( unless involved) the parties involved in that trade so speculation is dangerous but there are documented instances of the closing price calculation being exploited by unscrupilous traders.
Older, it was not my intention to doubt you, it is just that you said a similar thing a week or two ago to me when I said it was up 25% (I think). You pointed out that is was only at the very end of the day trading. If it happens again it's a pattern.
Taxi
What I am pointing out, is the final last second trade is unusual, and in no way fairly represents the days activity.
Further I provide evidence that this trading pattern, has been used as a tool for manipulation by dishonest parties, in other situations, I have know way of establishing what has caused this unusual trade
Older, are you suggesting under hand tactics is the reason 88E jumped at the end of trading? Is that the only reason it can jump?
Fact check for Scot - 'because the company, its directors and shareholders no longer wish to commit scarce capital on Alaska because the focus is now elsewhere'. Would you like to show any proof of this statement?
Fact check for Scot - 'by adding circa 70m shares [US$27m divided by (PANR SP minus 10%)] which replaces debt with equity'. So you agree with me that dilution is on it's way?
The dilution suggested by Scot covers the immediate debt but where is the equity coming from for PANR to continue in business? More dilution is on it's way I believe.
Fact check BY Scot - 'Yes, 88E has income. However, and as described many times, the dividends from Longhorn do not yet cover G&A and lease fees never mind contribute a penny to exploration activities'. 88E received just under $1M from Longhorn and by end of year expect it to be much much more with the drilling of two new wells and existing wells improvement plan. 88E is fully funded for at least a year and with $5M drawdown facility in place for Longhorn.
As for takeover, would you buy a painting from an up and coming artist who has great potential and diversity, or from an artist who can only paint in one style and who's painting is also partly owned by another?
'2 x massive new commercial oil discoveries'. (I put it to you) that 88E BOD consider that they have 3 massive oil discoveries which they consider commercial else why look for a JV or partner?
Beverlybeaver
If you look at the close, its a weird one, all day no transactions at .004c, then a spike at the last second for an all day high at the close.
37m shares traded at a VWAP of .00336
Remember Alexdelarge (Gallagher)
Sec. & Exch. Comm'n v. Gallagher, 21-cv-8739 (PKC), 4-5 (S.D.N.Y. Sep. 26, 2023) (“B. Market Manipulation Allegations. The SEC also alleges that Gallagher engaged in multiple instances of manipulative trading in connection with at least two issuers, SPOM and BZWR. Specifically, it alleges that he “plac[ed] multiple buy orders at the end of the trading day to raise the stocks' price (‘marking the close') with the intent to mislead the public about the trajectory of the stocks' price and induce others to buy the stocks.” (Id. ¶ 9.) “Marking the close” refers to the practice of buying or selling stocks near the close of trading to influence the closing price of a stock.”)
https://casetext.com/case/sec-exch-commn-v-gallagher-10
What for updates from the horses mouth because all this fact checking is coming out the other end for different agendas 😝
Nice to see it finished up over 33% in Aus
So yawn, blah, blah and more blah… 😑
07:55
Fact check for Sharebel - more conspiracy theories about forward selling, Aussie short funds, "crews", short covering, blah, blah blah. Fact check? False.
By far the most important fact check for forum members is to be persistent in challenging Sharebel and others who falsely state that 88E has "2 x massive new commercial oil discoveries." The company has not assessed the Phoenix discoveries to be "commercial" at time of writing. This is what's called a lie by Sharebel. Despite being called out repeatedly for this blatant lie, Sharebel persists in reposting it. That makes Sharebel a fecund liar. [Attn the person/moderator who reported me for the using the word "fecund", please see the following definition of the word, lol!! fecund = "producing many new ideas"....in this case a fruitful source of lies!]
Fact check? ".....JV partner takeover/farm out to be announced soon..." False. No evidence whatsoever to support this statement. Sharebel should use conditional language otherwise he is misrepresenting the truth.
09:03
taximan57 - again with the ad hominem attacks and commentary. When are you proposing to treat this forum and your decision to post actively on it with the seriousness it demands? I challenge you to post a cogent explanation as to why an external party would purchase outright any of 88E's Alaskan assets? It just doesn't make any sense, does it? Why not just wait for 88E to give up the leases because the company, its directors and shareholders no longer wish to commit scarce capital on Alaska because the focus is now elsewhere? Yes, 88E has a diversified portfolio of assets, no question. I contend we are witnessing the company pivoting away from Alaska towards Namibia. Did it not make you smile knowingly when you read that the Namibian acreage is so vast that "it is 70x larger than 88E's Alaskan acreage"??!! So, yes, 88E has *potential* in Namibia (clearly not Texas for the record) but it's going to take years and lots more capital to unveil any value in these African assets. After all, they're only shooting 2D seismic in H2'24.
You keep on drawing attention to PANR's CB and the outstanding balance of US$27m. It gets a tad repetitive to confirm for you once again that PANR may *elect* to repay the CB holder in shares *or* cash, at PANR's discretion. A key feature of this CB structure which you simply do not appear to be able to get your head around is that an analyst can *fully dilute* PANR's SOI by adding circa 70m shares [US$27m divided by (PANR SP minus 10%)] which replaces debt with equity. Do you understand this, taximan57? By using this method, you can compare capital structures fairly and with ease.
Yes, 88E has income. However, and as described many times, the dividends from Longhorn do not yet cover G&A and lease fees never mind contribute a penny to exploration activities.
taximan57 - do you support the Board's idea of a share consolidation?
Redirons, wouldn't it be ironic if someone actually listened to LKhan and sold. Saved them pot of money ;)
If that’s the case - well done everyone who reported him for a totally misleading post designed to force sells.
Munnie, not sure where you got the 'unsure' from, always been a LTH of 88E and still see them as the best buy for a takeover.
I do admit to looking at PANR and will consider after the dilution coming and the funds to cover the debt have been shown to us all. They are playing it close to their chest so what is it PANR are hiding?
13:48
1 agree director's apparent lack of faith looks bad.
2 Not sure if GBP are too interested or able at the moment, the data from Hickory-1 will be of value to their existing
project. if 88E exited Alaska (Namibia takes off) then I am sure GBP would be interested in selected leases that meet /
enhance their strategic objectives.
3 Are you talking about the NPRA?
1 There been no directors buy why? Thay do not
Believe in 88e just here for the pay.
2 When flow rate was conducted they invited
PANR to witness it why ? May be sell 88e Alaska to PANR very cheap.
3 They know that they will never commercially get any oil , because US want to keep the reserves.
Been here a long time feels like a century
One day will be good again
18:26
I agree with your comments, posters have every right to air their opinions but one has to question what they are getting out it.
if you look at the main protagonists their ratio of posts is massively in favour of 88E v PANR.
Why so much effort, I do not believe it is simple altruism.
Quiet smells at the minute