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Taxi
Sophs are a useful class of investor that can deliver a lightning fast result, within hours as just seen. 88e are able to capitalize on the immediate situation this way.
In theory SOPHs are able to look after themselves, and need less protection than retail, so can bypass much of the red tape a retail offer requires. Offers to SOPHS are very common in AUS, they often are happy to trade volume at a small margin, say the % between .003 and .004 that most of todays trades of 695m (ATM) have gone through at, as a VWAP of .00395 shows
Thanks Older, I can never understand the nature of sophisticated investors and why they don't just have an open raise.
Taxi
Rest assured the BOD of 88e would have been allowed to participate, they all chose not to
In evidence that this can be done, refer to the PANR capital raise that was similar in nature for the "initial" raise to institutions and others, note the quoted participation by all of the BOD
Do not be confused by the generous follow on offer to allow retail investors to also participate
https://polaris.brighterir.com/public/pantheon_resources/news/rns/story/xelj2yr
"All of our Board, as well as management and key advisers will be participating in the Fundraise as we are all excited about what is planned and the great potential of what we have discovered over the recent years."
Well…that didn’t take long 😎
A successful raise in hours so some must appreciate that the company still have something to offer, and they were getting a bargain. I think that quick a raise should be a positive.
Are you so sure that they were able Scot?
I thought the raise was limited to sophisticated investors so would exclude BOD, staff and public? Can someone clarify just to stop this constant about BOD not participating please.
Not limited to this raise either as I see the Mel final payment will be in shares and the managers of the placement will be paid in shares. Nice to have your own bank print money whenever you need it :(
Gemstar
Have you had an epiphany , raising red flag warnings for 88e holders, a bit late with most of the damage already in play
Better a late conscience, than none at all
From 140p to 10p
Was always a red flag warning to 88e shareholders
......but that's odd.....I can't see any details of directors supporting the fundraise at this all time low price? Huh, no mention of management supporting the fundraise either?
Tells you all you need to know. Pathetic.
Shareholders should be furious.
Neversatisfied, by all means put me in your green bin, look how well you have been served, by mistrusting the people that have offered objective analysis, so far.
Plenty of warnings on todays outcome were provided over an extended time, real analysis, as opposed to the hopium provided by most.
At a minimum you had food for thought, to then make your own decisions on, do you see the irony in dismissing the opinions that have been proven correct so far
Binned the half fools a while back.. trolls! 😆
21:27
Sharebel - you wrote the following: "[88E has] cash in the bank US$11.35m, and a further US$6.36m on its way [providing the fundraise is supported to the maximum extent permitted]. I am sure we can do something with that over the next 12 months!"
To assist you with the maths, I have expressed the sums to which you referred in US dollars. I also caveated the total amount of funds being raised currently. Presumably we'll find that out in the next few hours. I'm not nit-picking, just adding in a caveat until the formal results of the fundraise are announced.
The reason I expressed the sums in US dollars is because 88E told us a balance of US$11.6m remains to be paid to contractors for the work carried out this season at Hickory-1. The company informed us that they intend to settle all those bills "by the end of June."
Because 88E is the operator at Hickory-1 it is their responsibility to settle the bills in full. There is a possibility Burgundy will, at some point in the future, contribute some or all of their 25% of the costs (US$3.625m). However I assess the likelihood of Burgundy contributing anything before June 30th as nil. I base this on the disappointing flow test results *and* Burgundy's patent difficulty in sourcing funds and/or hesitation to pay their share of last year's drilling costs.
Either which way, 88E are on the hook to pay US$11.6m by the end of June, with or without Burgundy's contribution. So when Sharebel is "sure we can do something with that over the next 12 months" he's not wrong. Net of fees, let's say the fundraise brings in US$6m....plus the US$11.35m cash at hand. By the end of June cash at hand will be US$5.75m.
Please don't be taken in by the likes of Sharebel that 88E has a US$17.7m war chest to conduct operations over the next 12 months. They don't. After paying for the Hickory-1 operations the balance of cash at hand will be keeping the lights on for the company: paying salaries, listing fees, advisor retainers, office rent, annual lease payments for acreage, travel, dataroom management.
The only actual activity in the field is likely to be shooting the 2D seismic in Namibia. Speaking of Namibia, please be aware that the Australian term sheet for the fundraise states that 88E intends to pay the balance of US$920k due by 1/6/24 to its Namibian partner in 88E shares. SOI currently is 25.12bn....add the fundraise shares, say, 3.27bn....add the new shares for Namibia, say, 473m and that's a grand total of 28.863bn SOI. No wonder the BoD is considering a share consolidation.
Oh, and finally, don't be fooled by the narrative about "88E buying out Burgundy so 88E will retain a 100% W.I. in Phoenix." This is intellectually moribund thinking. If the flow test results were spectacular, Burgundy would pay their share with ease.
Let's see if the directors and management of 88E support the fundraise this time, shall we? Yes/no??!!
Great news to see more 88ers greenbinning the likes of Olderwiser - may as well add Toffers, Scot126 and Dealer55 if you want to avoid having to read the 88E haters!!
Older I really cannot believe you are still going on about the 4 barrels. I really used to think you were quite knowledgeable but now can see through your games. Cannot take anymore, green box filtered.
Sharebel
You are a proven bad actor at this point, your credibility is zero
It is all the MMs fault, blah, blah, blah
Jesus Oldcodger you just woken up? Yes im sure you are exhausted advising all day on a hotline from Oz those ii not to buy here or partake in the placing shares…trouble is they already did! Forward selling and cheap placing all part of the serivce eh! You need to get a life or a better paid job than doing the shorts bidding! GREEN BOXED cannot waste another minute on your utter fud and diatribe! IMHO DYOR
Dealer55 with silly comments like that you’re best out of the stockmarket and perhaps take your pennies to your local dive casino at the bookies.
Well cash in bank 17.4 MILLION and a further 5.8 MILLION on its way. I am sure we can do something with that over the next 12 months! Oil being put into production via JV major (possible 100% ownership Phoenix if remaining 25% buy out rumour true) and all of our projects progressed and securely underpinned just as the price of oil is doing a sponsored climb to Kilimanjaro! IMHO DYOR
The biggest takeaway from this debacle has been the companies behavior, not the rampers so much, rampers are a fact of life like pimples for teenagers, annoying ugly and festering, but a known that can be adjusted for and sanitized with a little fact checking
Companies are held to much higher account, and make no mistake the life blood of this company is its shareholders wallets.
In this regard the over spin on the flow test results is horrendous, the average reader read and understood the peaks of 50 bopd and 70 bopd as meaningful indicators of success, exactly as the writer intended, later the hidden truths in the fine print emerged, only 4 barrels from the SMDB and 24.8 from the USFS were produced
Further to this 88e have actively tweeted out promotional articles such as frontiersman, in which the 50 and 70 bopd is presented as produced, quote "In a second “flow test,” the well produced 50 barrels per day of high quality crude oil"
As we all know this is false, that test produced 4 barrels, 88e knew this when they tweeted out the link
Strategically it is a major blunder to be caught in the headlights like this, faith in the management teams integrity with communications is severely dented
Shareholders deserve to know the straight up facts of their investments, especially when being asked to fund yet again
Seahawk it’s my opinion that they have so what is it to you, my opinion? You disagree but then you have nothing whatsoever to do with 88E same as I have no stake in PANR. My opinion based on numerous years in the market is that they have majority been forward sold. Whether that is via shorting to affect and lower the share price in tandem (boiler room crew parked here based Oz) and then cover with the placing shares. You need to look at the volume traded and fhe free float available which has been hugely exceeded on numeous occasions recently- where was it coming from explain that? This is exactly what happened at COPL but it wasnt exposed until too late in the day when a fund shorted nearly 50% of the company before a raise they were involved in. It may be that the placing was agreed at a higher level and then the combo of naked shorting and ii shorts brought down the share price against the 2 x gamechanger news we had in the space of a few weeks. The trading patterns were highly unusual and the heavy volume of buys v very little selling were not affecting the ask but a tiny sell would immediately bring it down. There was a lot of ‘bait and switch’ going on! I don’t care if you disagree that scenario has happened and played out a million times on AIM and main market. Do not be so naive to think it doesn’t! I think there is very little left now in reality. Today was a good day to buy. Even holders were not minded to sell as why would they? A few disgruntled pi’s yes but where was the stock coming from to fill eg the large buy prints we saw. There will be many more delayed obviously as to not fully let the cat out of the bag just yet! IMHO DYOR - note IMHO in my humble opinion DYOR do your own research
Brombarb, '88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) confirms that its
Annual General Meeting (AGM) will be held on Thursday, 2 May 2024'
Was there a reason for the change? That was posted on 1st March 2024
All time low I believe. Still allowed to capital raise on the. All of nothing.
Casino not viable company. House and company always win.
New 52 Week Low Today
88 Energy Ltd
EEENF:OTCPK
*Data is delayed | Exchange | USD
Last | 1:10 PM EDT
0.0022 -0.0005 (-19.1176%)
Volume 32,171,394
https://www.cnbc.com/quotes/EEENF?qsearchterm=
15:23
Unfortunately you did not need a crystal ball to know that a CR was inevitable, there is no magic money tree out there and for a junior explorer options are very limited.
Would those invested (only ones who matter) prefer the company does nothing , be unable to pay rents and ultimately cease trading?
At the moment forget all the talk of more dilution ,what is important going forward is whether any funding raised is going to be used wisely to grow the business and utimately create shareholder value.
I suspect that the BLM leases will ultimately be given up leaving us with Phoenix, Leonis, Icewine West and Namibia, I am discounting Longhorn as development opportunities are limited, can these projects work?
The company has promised cost savings at head office level but there is no detail yet apart from the information that Robert Benkovik 's contract will not be renewed but as far as I aware that is all so far.
Finally the Company's AGM is 13th May, I would suggest that investors should not waste their votes , voting via UK brokers is (if HL is a good example) very simple with minimum effort, by I believe 8th May.
well indeed eye spy some chunky buys… but but they didnt listen to tosspot, *******sthebuilder, wetlettucebe, old duffer, munnie******, scrotum126 et al how odd they haven’t taken their advice and seemingly bought shed loads! well knock me down with a feather! imho dyor
23-apr-24 17:07:05 0.166 5,500,000 unknown* 0.16 0.165 9,130 o
23-apr-24 15:57:34 0.165 25,000,000 unknown* 0.16 0.165 41.25k o
23-apr-24 11:44:58 0.1595 20,000,000 unknown* 0.16 0.165 31.90k o
23-apr-24 13:29:48 0.1605 20,000,000 unknown* 0.16 0.165 32.10k o
23-apr-24 15:57:34 0.165 25,000,000 unknown* 0.16 0.165 41.25k o
23-apr-24 15:54:51 0.165 25,000,000 unknown* 0.16 0.165 41.25k o
23-apr-24 14:49:33 0.165 15,987,909 unknown* 0.16 0.165 26.38k o
23-apr-24 12:40:31 0.162 6,270,123 unknown* 0.16 0.165 10.16k o