Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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1/5 @ 10:55
Hi jaffas - agreed ref. director lifestyles. I continue to be flummoxed by the passivity displayed by practically all forum members when it comes to 88E management's refusal to invest a single Aussie dollar in any fundraise since Ashley Gilbert became MD in H1'21 [apart from Dr Staley, but small absolute dollar investment]. It's all the more puzzling because so many forum members find it remarkably easy to post all sorts of flowery invective at olderwiser and me!!
I wholeheartedly agree with you that 88E is not going to be in a position to drill an exploration or appraisal well for the foreseeable future. In fact, I suggest 88E has drilled its last well in Alaska as an operator. I'd go further and suggest that unless Leonis attracts an external partner within the next 4 months, any drilling on 88E's Alaskan acreage will not occur until January '26 at the very, very earliest. For those E&P investors looking for a big impact event to act as a catalyst for the 88E SP, then I fear they are in for a very long wait indeed. And, no, drilling two new production wells in Texas doesn't count!!
There are some on this forum who appear content that the company has raised sufficient capital to keep themselves going for the next 12 months or so. Ok, fine. Let's say the two new wells in Texas deliver on management guidance such that 88E exits CY'24 anticipating a net annual dividend of US$3m from Texas. Forgetting for now the likelihood 88E will have had to use the debt facility to drill the two new wells, an annual dividend of US$3m will allow 88E to stand still....and that's really about all shareholders can reasonably expect without further corporate activity.
If anyone on this forum is expecting a potential farm in partner in Alaska to deliver to 88E anything other than a massive dilution (to the assets) and therefore tiny W.I. percentage then I contend they're being incredibly naïve. Going further still, if anyone expects a future farm in partner in Alaska to pay cash to 88E in recognition of back costs then I want what they're smoking!
1/5 @ 15:00
Dear, oh dear taximan57. I note you're still having trouble comprehending the E&P sector; still having trouble comprehending the distinct investment cases of individual companies within that sector; and definitely still having huge difficulty in comprehending how E&P stocks account for cash spent on activities and how the results from those activities can add or subtract value in the company's equity. Yikes!
Taximan57 - when a company doesn't yet produce and sell its oil/gas and yet is active in the field drilling and flow testing wells then how on earth is that expenditure going to be accounted for other than by declaring a headline loss? I've got to ask, are you intentionally posting facile content or is it an added extra?!
30/4 @ 10:19
Brom - don't forget the Australian *total* volume is ASX plus Cboe (used to be called Chi-X, I think?). Very, very broadly over the last few weeks, I reckon the volume split has been 66:34, ASX:Cboe. Trust that helps.
30/4 @ 11:04
Brom - thanks for the citation about 88E's guidance on net cash inflow from Longhorn to 88E in 2024. The guidance is a net figure of $US3m for 2024. 88E's Q1 dividend from Longhorn was only US$460k so the workovers and new wells will be doing some pretty heavy lifting to get up to the net US$3m guidance for 2024. Again I'm delighted to be educated but to reach that net figure is such a heavy lift that I *strongly suspect*, but am not certain, that the US$5m debt facility will have to be employed for the capex required to drill the two new wells. I say this because the latest fundraise could not have delivered "fully funded for next 12 months if the capex for 2 new wells in H2'24 came from the current cash at hand.
1/5 @ 09:47
gemstar - the updated IER on the Alkaid ZOI was not trumpeted as "transformative" by anyone on the lse forums except you! The Alkaid ZOI is PANR's smallest and lowest quality reservoir. I would say it has been the consensus understanding for a year that the SMD horizon (now called the "Ahpun topsets" by PANR) will be the primary horizon within the Ahpun/Alkaid production unit. Whilst I was delighted to see an increased contingent resource certified by Lee Keeling (whom 88E has also used remember), of greater note was an independent expert agreeing with PANR management (using the Schlumberger study) that the Alkaid ZOI is considered commercial.
88E's flow test data as published does not suggest *to me* that either 88E management or indeed an Independent Expert will certify commerciality in 88E's downdip location for the shared reservoirs. Those who believe it's a racing certainty that the SFS and SMD at Hickory-1 and southwards are all going to be assessed as commercial are, IMO, being incredibly naïve. I cannot see how 88E's guidance on geological CoS can increase from its current percentages (50% for SFS and 81% for SMD-B). I would be amazed if the guidance on CoS for both reservoirs isn't downgraded substantially following the disappointing flow test results at Hickory-1.
As for PANR's future development, gemstar, please do be aware it is unlikely the Alkaid ZOI will go into full field production until sufficient infrastructure is constructed on the surface due to full field development of the Topsets (SMD formations) such that the economics of the Alkaid ZOI benefit markedly from the benefits of shared infrastructure. So when you hear Ahpun development plan, think Topsets (SMD) first then Alkaid ZOI.
By the way, did the forum notice the PANR BoD has not included a single barrel in their guidance for the SFS horizons(s)? I would strongly recommend 88E shareholders who are optimistic about 88E's SFS numbers to read Monday's RNS from PANR and also read the IER itse
Galicia, the company have already said they are fully funded for more than a year so the likelihood of a meeting being called in the summer is zero for capital raise or consolidation. The most recent was without shareholders agreement as they can release 15%( or 25% if they get the extra 10% they are asking for at the AGM which is within the next two weeks) of existing total. This latest raise was the full allowance permitted and there is no mention of additional raises on the agenda.
'This would be an opportunity for them to have the consolidation vote as well' if they were going to have it this year it would have been added as a resolution for this year's AGM, it's not.
I do wonder at your reasoning for mentioning and suggesting, maybe a PANR shareholder? They are not doing too well I believe, maybe they will be doing a capital raise and dilution themselves soon.
Taxi - They can hold a general meeting to vote on consolidation at any time, so there is no guarantee it wont happen before 2025. But my guess is they wont do it until their advisors believe a capital raise will not fill.
88 will almost certainly hold a special meeting in the summer/fall prior to the release of the final analysis of the flow test data for shareholders to ratify the latest capital raise, they have had shareholders vote on this every capital raise they have done. This would be an opportunity for them to have the consolidation vote as well.
Siehe Dir in Ruhe die Aktienkäufe an.
Which transactions do you think are suspicious Polly?
TM - Thanks for that.
Must admit I've just had a quick look over the Notice of AGM, and do not see any mention of consolodation.
GL SR
Könnte mir jemand Auskunft geben, ob 88 Energy momentan in Gesprächen mit einem Investor steht?Ich habe Gerüchte gehört und einige Aktientransaktionen erscheinen mir verdächtig.
Triumph1, I hope not. I found Older to be very helpful and informative but Scot seemed to be fixated about the market value of PANR barrel of oil, and he was terrible deramper and very anti 88E. I also have Older in AUS and Scot in UK, my thoughts.
Funny how scot and olderwiser appear and disappear at the same time. Also same writing style. These two uber PANR rampers were definitely the same person.
very dodgy duo indeed. not to be trusted at all
I see PANR finished down again today. I wonder when the rot will decease. Will they survive to be commercial?
Stockraiser, my understanding of this is that it was to be discussed at the next AGM but I have been informed that it is not on the agenda. That would mean it cannot be brought up again until May2025. I hope this is good news for you.
TM - I've not been following this as much as I should have - am I missing something - "NO CONSOLIDATION THIS YEAR"?
Checkout, never denied it, nothing to hide. PANR just wont come out and say it will dilute when it is obvious it has to.
Did I mention no more dilution this year, no consolidation this year, fully funded this year, income this year, multiple interested parties looking at Leonis and probably Phoenix too when the results come out.
That would be 88E not PANR ;)
I wonder how much a PANR barrel is worth now :)
Taxi...I don't think any 88e holder is in a position to talk about dilution of other shares!!! 3 times in a year, and the further they progress the bigger the next dilution will be.
Show us your sense of humour Penny
Zeig uns deinen Sinn fur Humor Penny
Volumen 15 Mill, Kurs 0,159. Die Steigerung von 88 E : schlecht - schlechter - total schlecht - 88 Energy.......
Is it 2028 yet
Checkout, 'doesn't look like' holds no basis in reality. Your opinion is worth the same as mine, very little.
As stated earlier over 2 years there is very little difference between the losses of PANR and 88E. That's exactly what PANR holders do on this board, they cherry pick good news for PANR (and timescales) and bad news for 88E (regardless of fact).
88E has no debt, is waiting on results to see if they can be commercial, PANR say they are commercial but can't afford to do anything about it as they can't even cover the debt they have without further dilution.
PANR are not in such a good position after all.
Hey Checkout - why don’t you follow your name and check out of here and crawl back to PANR. You’re clearly not invested here so keep your unwanted opinions on 88E and shove off. Straight in the greenbin - muppet!!
Now down --5%
Ok taxi...take a look at 88e over 2 years, very scary indeed! Panr has been proved commercial....has 88e? I don't think so, and doesn't look like it has a hope in hell of becoming commercial!!
Watch out for £4,999.03 with over 3 million shares trade, that's me and that's a buy.
GLA
We’ve hit a year’s low in the SP
Surely we’re in a much better position than we have been?
Looking forward to flow news - good or bad - but preferably good!
Just to clarify, PANR down 75% and 88E down 78% over the last 2 years, so very little difference, oh except 88E are debt free :)