We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
V111JAS 03:07
thanks! Might I suggest it should also be posted here
What's the bull case for PMO trebling
Hello Daveoilfriday ; I`ve sent you a little note on the other thread which is a more relevant location than here .
Hi V111JAS,
You amongst a few other good long term investors gave me and others the benifit of your knowledge. Obviously the outcome hasn't worked out, however as you and the other knowledgeable investors always said DYOR.
I lost 20%, and lost another 20% with Lekoil, however if one is brave enough Lekoil could call trumps?
Silence is the concern.
So as I posted before, we are in a massively different position world wise to that of 3 months ago!!
3 months ago playing for 88e, Lekoil or any other higher risk share was a good risk.
Now however why not play safe!!!!
Go for Pmo, possibly from a bad day at the office will multiply 3 or more times?
Legal and general may multiply 2 or more times from a bad day.
Many others too.
Nice to hear a reply
All the best Dave
~ " I do not blame DW, " ~
I disagree .
DW is the man in charge , regardless of any 50/50 COS , he has been VERY well remunerated to to deliver results and value accretion for shareholders .
In this respect he has proved to be , over a considerable period of time , an abject failure .
If 88e is to make any future progress , indeed even to survive , he really has to go .
Most of us who have been here through the years could draw up a very long convincing list of his mistakes , failures , incompetence , poor judgement , lack of relevant qualifications , self interest , strategy ... etc ...
He`s been given his head , had his chances . 88e need`s new leadership and it`s time for him to move on before the piggy bank is empty .
A couple of very brief examples :
The strategy ` prove and sell up`, has been a flexible mantra :
Years spent buying up acreage for HRZ , then to link with RMP ( of all outfits!) , to chase a wild cat opportunity which failed .
The PMO association might just yet prove to be a stroke of very good fortune . At the moment it has had a huge impact on credibility and cost to shareholders . However , we did get to poke the HRZ , Gas has been discovered , but it`s going to be several months before we get a meaningful translation of value / opportunity .
If DW stays in position , it will likely be more of the same . I think we need fresh thinking , a clear forward strategy , and new leadership .
Regrettably , horrific external influences have now impacted the global economy and dramatically the oil industry .
Irrespective of 88e specifics , there is now a daunting list of issues that might have a claustrophobic effect on this company :
Small shale oilers are under severe pressure , recovery may be years away , finance will be expensive even if available , and the wilds of Alaska hardly the most attractive location when we have a world glut of oil .
Of course DW is not responsible for world events , but he is , and will be responsible for attempting to turn a `Pig`s ear into a Silk purse`.
Fwiw ~~~ I don`t think he`s up to the task .
In view of all the perceptible difficulties ahead ; my preferred route now would be to work through the outstanding potential data , while trying to partner a more professional outfit . I would not dismiss an outright sale , even at firesale prices , because the future here seems very , very tenuous , and `Something is always better than nothing `.
Sorry to be so negative , I`m as disappointed as everyone else , but my opinion is based on the fact that :
The World has definitely changed .
'We need a refund from however reviewed the data from the 3D because clearly they are useless'
I guess PMO management are looking at this right now, with their £23m vanished down the plug hole
Although frustrated, I do not blame DW, he tried but the drill wasn’t successful in locating our primary target Oil.
The losers are IMO shareholders and PMO.
What we need though is a clear plan for the future and I don’t mean just the remarks at the AGM that results are expected 2-3 months, that’s a long time for the share to drift down without news.
When Bandy teamed up with 88e it spoke volumes.He is the serial SOS.All his drills have been for one reason only,to keep himself in a very well paid job.What other job could you command such high wages and produce SFA after all these years.Do they have a SOS academy in Perth?
Sea Hawk ~ You get it . We ALL (well most of us) get it now .
There are a lot of snakes in Australia , so it is hardly surprising that there are also a lot of `Snake Oil Salesmen`.
(Some people have only had a nip from a grass snake , unfortunately , some here have been bitten by the deadly
Western Brown Snake and this can mean `Lights Out` . I think it comes from Perth .)
Absolutely shocking how much this `adventure` has cost so many decent people .
How about be doesnt get paid until he finds some oil...hes starting to remind of that other clown Bandy in RMP
Having now calmed down after yet another frigging disaster from this company that can’t find a drop of oil in the oiliest place on Earth, it’s time for some thoughts.
We need a refund from however reviewed the data from the 3D because clearly they are useless. It’s also not worth paying extra for INVERSION as it does not seem to work other than finding water.
Finding gas is great apart from nobody sells any from Alaska and nobody is going to pay for a gas pipeline. May be if there is a huge amount of condensate and it will need to be huge then it may become worth while but no chance at current oil rates.
HRZ if they get the right results from this drill will need proving up before anybody is likely to come on board. Let’s face it after yet another fail would you throw more millions to 88e with what must be almost regarded as a johna company now.
This leaves Yukon which we will yet again need to find another mug to come on board.
I don’t know why the company keep getting wrong but they are either very poor at locating oil or damn unlucky.
At least I now know why BP did not come back, they obviously decided there was no oil, or not enough of it. Bypassed play my ass!
The only good thing to come out of this ongoing nightmare is that last Friday I very very nearly bunged another £10 grand at 88e, but a little nagging worry about the total lack of news and lack on any excitement from our partners stopped me, thank god.
No point in selling now but DW had better take a big cut in his wages and I mean big as he is earning a fortune for getting it constantly wrong. I also want a realistic plan from him as to where we go now as finding partners for future drills is going to be very difficult. Yes I am still ticked off.
WAaussie, “not worth selling now”.
Sums it up for me also, I suppose we just need to sit tight and hope that in a few some results come out, are good and send the SP northwards.
ASX finished on 0.36p, we are 0.265p, so, in the short term, we are going up or down further.
Enjoy the bank holiday weekend.
What a difference a week makes!, lol.
All good bud, as I said its OK. Sort of knew if wasn't going to happen for me. Not selling now so just accept that is what it is. Will watch Dave continue to get paid for providing continued negative results for shareholders. He remains in the job so sad in some respect. But, all good and chins up.
That's is horrendous WA... hopefully, we shall recover some losses in the future!! Of course... you could always revisit your plan, to go pay a call on Big Dave's lawn at some point?? :) Stay safe.
Well thanks for cheering me up a little bit that’s a sore one take a few cold ones to take the sting out of that
Think there’s a few curve balls left to come in the near future
Certainly the last couple of days buys are snapping up all those sells interesting times ahead GLA
What a smart move to do that cash rise when we did, at least we got money to the end of the year good thinking by Dave .
Crazy mad this stuff. Horrendous to say the least. I am now down $180,000. Haha feel free to laugh at my expense. It's OK. We still got health, but no wealth. Dave....
Or are you saying that the JV money is 88e's to spend? Because THAT would be misleading.
Jiddy, how is that misleading? Simply put....if you take off the JV money (ie PMO) the figure left to 88e is what I've stated.
Also, I have not stated that 88e do not have sufficient funds to cover the expected costs for the year. In fact, I stated they have (by saying balance is 8.9mill with outgoings expected to be 7mill)
Agreed Jiddy
It clearly states there is enough cash to cover the company costs for the year.
“Net of JV cash, 88E has A$8.9m in cash and has expected total outgoings for the remainder of the year of A$7.0m (including both operating and investing cashflows), which are more than covered by the current net cash position.“
This is the FACTUAL position folks:
At the end of the quarter, the Company had cash reserves of A$28.1m, including cash balances held in Joint Venture bank accounts relating to Joint Venture Partner contributions totalling A$19.4m.
That is NET of JV cash - you are misleading investors minime77!
The RNS Jiddy. Section 8.8
Nicely put Robbo glad to see people starting to look forward GLA
Where do you get those figures from minime77?