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I think too much is made of the current share price. It is disappointing but there are so many possible reasons, MM's holding this back or keep price low until closer the time of drill, coronavirus, general lack of interest, buyers holding back until drilling, etc. We won't know what is happening with the price until March/April. I believe there will be a spike at some point.
I have just decided to go with the flow and see what happens.
11:48 it may take another 4-5 years at current repayment rates for SOA to turn those tax credits into cash, if the bonds scheme is finally approved we will take a ~7% haircut.
It's debt and it costs us every quarter.
11:46 It's still debt and we are paying interest on that debt until the tax credits are turned into cash.
we certainly will not see a A$29M receivable.
Delp, Yes I have read that statement from today's report.
" The total expected cashable credits owed by the State to 88E at year end was US$19.1 m (A$27.3m), which
is far in excess of debt outstanding of US$15.9m (A$22.7m)."
boom.boom, if you're taking that line re the debt you can't then talk about the tax credit as a receivable!
Brom, 88E have debt but it is fully covered from SoA payable.
11:31 it's a major irritation to me that the jv committed to Alaska based very considerably on the exploration credit's scheme, the way that SOA not only pulled the plug on the scheme but also then vetoed any payments for 12m.
Of course it could be stated that we should have been prepared for changes to the scheme in the light of the oil price drop in 2015 but to veto payments for 12m and then only repay at legal minimum rates (plus a little) has not only hurt 88E, its put other companies in big difficulties too.
Had the scheme continued our development would have been speedier and a lot less costly almost surely, had payments remained as prompt as pre 2015 we would have paid a lot less interest as well.
Boom.boom I don't think you have seen the last published 2019 accounts. On page 10 of the report they say credits owed are A$27.3m against debt of A$22.7m. It has been a constant minor irritation to me that the Alaskan authorities have not paid up as the interest payments keep reducing our cash and hence ever more credit raises!
11:17 88E has debt, it's underwritten by SOA but costs interest every quarter.
At the moment we await a Court of Appeal Judgement in Alaska (12m in progress) as to whether we will tax credits due from SOA paid in one lot or piecemeal over the next 4-5 years. If paid in one lot would see us take a haircut but walk away with ~US$ 2M.
Similar to Brombarb, my watchlist of 20 has 5 at zero, the rest drop as far as -18.5%
And sometimes they increase.
Bits, "how is it possible for the price to decrease".........er, that's what shares do innit?
Prob with PMO is heavy debt in their balance sheet, that's why market cap is around £700m. Most of the value has been sucked out by the debt.
Whereas, 88E have no debt at the moment, infact they have payment receivable from Alaskan govt around A$29m.
Something very dodgy with this share how is it possible for the price to decrease.Total manipulation
That’s ludicrous.. not a chance! A 1b MC is obscene possibly £300-£500 MC take a look around at other companies and MC’s relative to 88E. Even PMO is only around 700M MC.
Nutsy - sorry I wouldn’t normally comment but 15-20p in 2/3 months time = c£1bn mc
I think that’s a massive stretch in that timeframe
Just bought more to take my holdings to 3m. Yes I’m massively overexposed to 88E but I am confident that the weeks and months of research I’ve done on the company will bring its rewards. My short term target price is 15-20p in April/May this year and
40-50p in 2022. Deride me all you like it’s my opinion and that’s that. DYOR and come to your own conclusions.
Hope you're right Jof - I will never forget PB's excitable presentation to us in London in 2017 and that man was a true genius - if he believed the rewards were there, i certainly do and just sad he will not benefit personally - hold tight folks IMHO!!
HRZ may still fly one day and the data gathered from Icewine#1 & #2 may prove helpful but I think we are still a long way off proving the concept.
Hoping the HRZ core from Charlie-1 will be positive but …
Eyes on conventional.
Lease 391302 may still prove very useful for Alpha target.
@8.34 and as SS said in the last presentation 'The day after we picked up this acreage Dave was approached by one of the geologists who sat that well back in 91 who now works for hillcorp and he said "We'd like to do a deal with you because I sat there and I know what I saw" '
Jiddy Icewine as a project might not be a failure yet. Depends on the results of this next drill as DW said this is its last chance. Icewine 2 was a total failure and most certainly a duster, not one drop of oil came up and it was expected to be flow tested remember. I hate the derampers as much as you but let’s not try and pretend Icewine 2 was not utter failure.
Was winx not drilled in the wrong place???
Markets brutal Brom
14/21 AIM watchlist shares down, only 2 in the blue and of the other 5, 2 are suspended, market is in turmoil and many investors (traders) getting out just now it seems, or at least MMs are taking advantage.
IW2 was a duster. Take the blinkers off Jiddy!