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And now he's attempting to attribute his vile comments to humour.
This individual must have supreme confidence in the ability of the rest of us not to be able to trace his identity.
I've spoken to Santa and he's arranging for a knock on the door............
17.02 Rfarfa, Ddraig missed one the most important points at the 2019 investor meeting when he failed to hear DW mention the companies internal targets were 200-300MMBO. So it’s no surprise he is unaware of the companies own announcements regards the impact of the Biden delays.
Looking back it’s a shame he didn’t hear DW as he stated if he knew this he would have immediately sold all his shares and we would have been saved from his vile comments.
21.17 - But as its the festive season ...I've spoken to Santa for you and he's agree to bring you a sense of humour for Christmas...
21.17 - read into it what you will ...I am completely agnostic to whatever happens your life. That's the reality.
There's only one that should stop embarrassing himself, that is someone wishing someone catches covid.
At least one can only hold ones breath for so long, you surely could not have added me to the list of those that should die. That said perhaps I definitely shouldn't hold my breath on that one!
Scot @ 18:01,
"There has *got* to be some award for the following champion winning gobbledygook? Does anyone understand it because I haven't the foggiest????"
I'm with you on this.
I'd also like to read how a Non Current Asset which when sold reaped the company a USD$2.6 mill benefit somehow became part of a drilling debt. I'm no accountant myself so happy to have one explain it to me but that does sound more than a little "creative"
17.08 - There were also costs associated with shutting down and starting up that part of the operation, they didn't just park up machinery and go to the pub for a few days.
There has *got* to be some award for the following champion winning gobbledygook? Does anyone understand it because I haven't the foggiest????
"...there were a lot of moving parts but the APDC buy out and repayment of loan would have both added to c.$35m which would look like a spend but debt free and 100% WI the benefit...and half of that cost covered by the tax rebate sale."
Poor old Ddraig. He stated emphatically in an historical post that he "knows more about accounts than all the accountants I've hired in my career". Yet he produces a word salad (or should it be word vomit) like the above sentence. Anyone else wondering if Ddraig is telling us a few porkies here?!
Hiya Brom - take it by now you've had a chance to look at Rabito79's excellent comparative analysis on 88E and the NN? Happy to be corrected but I didn't spot any errors of fact in the model. We haven't heard anything from you in reaction so thought I'd ask. Absent any effect whatsoever from social media and assessing *only the fundamentals*, do you agree with me that 88E ought to be trading at <20% of the NN's mkt cap on any given day? Or are you more in line with Rabito79 who thinks 88E should trade at around 30% of the NN's mkt cap if I'm reading him correctly? Either which way, using the traditional sector risked/unrisked valuation method, there sure is a load of "speculative value" in 88E's current mkt cap and none at all in the NN's mkt cap. Always interested in your views as the most prolific 88E poster with >25k racked up. As always, I look forward to hearing back from you.
Oh, nearly forgot. I'm on record as having sincere and profound sympathy with 88E due to the "Biden delay". However it was only 8 or 9 days delay. There is no way in the world a 10 day delay would explain a budget overrun from US$12.6m to US$30m. No chance. Tell me something else, would you? Was there ever any flow testing kit on site at Merlin-1? Was any flow testing equipment/crew even on standby for Merlin-1? I know I can leave that with you as you're the poster closest to the company, by a country mile.
A little over sensitive, Ddraig. What's up? Your investments not going according to plan? Not too sure what you mean with an account statement. You're talking drivel.
don't underestimate the impact of the Biden shiver, we were in midst of snow roads and rig commissioning and equipment was I believe withdrawn whilst we awaited the permit, that delay was also possibly critical as to whether we would have had time for a side track after the power outage.
16.49 - okay, I've got a bite..... How long was the delay and what was the actual cost in AUD$.....go on, write your email...see how many follow...1, including you :-). I highly doubt you can read nor understand a set of company accounts in any case.. Its equity, subordinated to everything, highest risk, virtually zero recourse...deal with it or go invest in a cash ISA at 0.1% p.a. Just stop embarrassing yourself
The Biden delay in reality was not that long and couldn't reasonably equate very much to our overspend.
In reality what is needed, that a class action approach one email to who ever, will be brushed under the carpet, but a concerted approach of numerous shareholders raising questions is the way forward. Is it not better to raise such questions about any issues with none executive directors ?
"From small acorns large Oak trees grow" but some do fall on stony ground, so I'm not holding my breath!
13.57 - there were a lot of moving parts but the APDC buy out and repayment of loan would have both added to c.$35m which would look like a spend but debt free and 100% WI the benefit...and half of that cost covered by the tax rebate sale. net you were left with delays in obtaining the permit due to Biden, weather outages and equipment failures...none of which the company could have foreseen or avoided...thats your answer, take it or leave it, I don't care
13:57 is correct no one here knows the answer, APDC appeared to suck up a lot of the costs and the involvement of ELKO further blurs the lines. Perhaps DW was referring to the drill only (based on no political shenanigans) and not including the snow roads, wireline logging and of course expenses caused by delays.
You could try an email to firstname.lastname@example.org to see there is any further explanation
A perfectly legitimate question, I agree, as a shareholder, though this is clearly touchy territory as it could only lead to questions of the company and could result in answers which may result in the company being seen in a negative light.
The 'believers' here don't do negativity.
Who was(were) the miscreant(s)? The BoD - they paid out? Elko he took the payment in cash/shares and was presumably part of the budget setting process in the first place - what were the terms of his appointment, was he culpable, who bore the rsik? Other(s)?
Who paid ultimately? Us shareholders, that's who - part in shares and part in cash. But you can't say that hereabouts, it's a treasonable offence.
We'll just brush it under the carpet. Problem is the carpet now has a lump under it the size of Everest, what with this and all of the other sweepings up. DW's antics are under there, along with the odd drilling dud and who knows what else?
Don't worry though, we had $14m in the bank. How much more might it have been?
Clearly all too touchy a subject at 14.01, but still plenty of room for debate.
Thanks Rfarfa for the opportunity. ;-)
As share holders, which collectively we own the company.
It appears from my perspective that obviously not many seem bothered, for whatever reason.
Realistically someone must know!
No-one - now please give it a rest.
So who is going to answer, a simple question.
Why our last drill actually was so substantially over budget?
Factually incorrect, David WK.
The debt was secured on the Alaskan tax credits. When the company found a buyer for the tax credits, they immediately repaid the debt.
This time last year, the budget for Merlin-1 was US$12.6m. The eventual cost was circa US$30m. That is coming in at circa 130% over budget. Fact.
If you want the facts of the 88E investment case, feel free to ask questions on this forum. I'm sure there'll be plenty of volunteers willing to assist. Twitter, stocktwits, reddit, 8chan, etc? Not so much.
7:27 they didn't overspend 17M. They refunded the 18m loan they had.
It is indeed good news they are planning a test, let’s just hope they get it completed given Erik failed to complete the job last time despite being 130% over budget. If it wasn’t for the US pump on social media, much of it on false information, do you think shareholders would be happy with the ~$17M overspend for a job half completed.I wonder if the business was tendered given the focus on ESG. Erik is obviously confident of a decent trade as per last time when he only held the shares a matter of weeks according to the share register.
I note the wording regards flow testing is highly caveated, similar to Harrier wording last year, so let’s just hope we don’t have the same results as Harrier.
23.31 Ddraig the good news for 88e holders is that one flow test was completed at Talitha and it has allowed 88e to understand more about the Kuparuk being oil wet. It would appear 88e completely overlooked the Kuparuk in the Icewine drills. This oversight coupled with them handing back leases containing the BFF play is a bit of a worry particularly if the BFF is as good as Mike Smith at AHS/Baker Hughes documented.
Furthermore the Talitha well was completed and can reentered for flow testing of the SMD, SFS and BFF which all ‘potentially overlap’ into 88e territory (Ddraig I remember you not being a fan of the word potentially). As you rightfully state this can only be completed once funding is secured, which I am confident it will be. As you rightly point out Pantheon will have more time given the superior location of the Talitha and Theta West drilling locations.
23.31 - there were a couple of errors last year, but some of that was down to the rig and some down to the weather. In fact another company had almost exactly the same problems, just a bit more time to work it through…however the result was a same, non flow tested wells. I’m sure this year will be be different. At least we have our rig, our schedule and, crucially, our funding….better than some, heh rabbit
I’m so glad Erik Opstad is involved for sure….
Sounds like the top man for the job. The errors
of last year cant/won’t be repeated if so Erik
wouldn’t have any future in Alaska.
Why would you have a new party involved?
I’m also glad someone would accept shares instead
of cash up front..(yes a premium for that)
I thought you would be pleased with the test they are planning . I know you had concerns in that respect
you must be relieved :)