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smokin yes the climate weather wise may be harsh in Alaska and drilling seasons limited, but Alaska is at least relatively politically stable, mainly supportive of the oil industry and probably not endemically corrupt, just look at the uncertainty that OSH experienced recently in PNG due to a change of Government.
Agree with the sentiments of your post.
not really Kat - just the same old zigzagging that we have had over the last couple of months
Finally some movement across the water GLA
smokin88, well said mate, exactly that.
Best regards All
Morning gang hope alls well,
I had no idea how drilling for oil worked 3 yrs ago all I could go off was when Jed shot his gun into the swamp and up from the ground came a bubbling crude.....but common sense and research will tell you this...
88 energy..."oil & gas exploration company"
This company does pretty much what it says on the tin. They explore, they research data using modern technology (sometimes) package it up as a deal then they either sell what they have found or they work along side...an oil extraction company.
So as an investor in a small exploration company who have no income other than "investors money" they don't sell icepops or slush puppys at the side of the ice roads to truckers. you need lots of coffee, time and patience otherwise please don't put your hard earned money into a time consuming venture like this, then use this forum to vent how stupid you have been....simple really.
Alaska is a very difficult place to eplore and extract due to weather, permits, iceroads, governments rules and regulations. We're soooo up against everything. As Gary Barlow once said have a little patience.
All the very best folks and have a great day in the sunshine....We got this
Muscat the Icewine 1 core sampling went fairly well - there was some contamination but they got good data.
Icewine 2 was drilled vertically, in the same spot but did not flow. They know the problem was rock structure (geological) and next time will drill horizontally to avoid the problem. Without the vertical data they would not have known what depth to go for the horizontal - so you see both drills contribute to the solution. Hopefully the next hole will (in the words of Goldilocks) be "just right". As for Winx, the position to drill was not the decision of 88e, that was already decided by OEL but now they know how to recalibrate the data, there may be a second chance (if there is a next time, I reckon DW will insist the data gets double checked by his own guys).
88e has pin pointed , drilled twice and come up with nothing. Perhaps they are drilling in the wrong place. Need another view otherwise this will keep happens until they run out of drill sites or money.
“No more from me until the Farminee identity is disclosed - until then adios!...”
So, who is it Jiddy?
21.17 - stated "Shame they don't use Zebra Sciences . Would have saved 88E millions as they are able to pin point the best place to drill and find the oil."
If that is true then all oil companies would either pin point and drill or abandon projects. Clearly, that is not (yet) the case so something is wrong with poster's claim. In addition, pin pointing and drilling is a long way from commercial extraction. 88e has pin pointed, drilled twice and got all that data (data that 'Zebra Sciences' does not have) Know where I have put my money! :-) VGLA
Interesting..so this could rumble on for a while yet chaps..how very exciting!
I would be surprised if the lid can be kept on the FO beyond August. Some permits will take 90 days, some require time for objections from eco warriors, then deliberation on objections. All these will need to be cleared and rubber stamped before ice roads and rig contracts are finalised. Even the end of August is probably cutting it too fine, for a programme to start in December (or whenever the Winter Season is declared "Open").
Cheers Brom, I'm pretty sure both parties couldn't keep it quiet for another 6 months or so. I'm just not sure winx was as big a deal as this though. It was a side punt after all.
Just a thought as we are not priority the oil major although we are for DW as he's an investor too in 88, We shall see.
Unlikely SP will drop, likely it will go up.....why? - because the purpose of the deal is to partner with an outfit with enough cash to fund many wells for a share of the acreage. If it were not so we would not be doing a deal.
SP dropped because we would either have to do a CR or share some of our resources.
Half a loaf is better than none, especially if someone else buys the bread.
The deal will secure a winter drilling programme - how big that programme will be (1,2,4 drills) is what we are all waiting for.
The sp will rise proportional to the next winter programme, as for winters beyond that who knows?
If only 1 of the new 2 or 3 wells delivers on the estimates, funding the next few wells will not be a problem, and may even accelerate the programme. Whether we can extract oil or not, we will learn more about the geology, and what to avoid or cherish on the next one. Once we have cash in the bank from conventional we can go for the shale. The more shale we can fund ourselves, the less we have to give away on the next FO (We may have to give away 65-75% on this FO, but for the unconventional we may only need to divest 40-50% - YGIAGAM). And then there's Yukon.
It's not a question of "will it go up" more about how long will it take to reach each milestone (5p, 10p, 20p etc).
Some are so frustrated that they will sell once they get to B/Even, others (like me) will sell a small chunk at each milestone.
Many who now say "can't wait to get out" will change their minds of it looks like we're on an upwards curve - if they've been here 2-3 years what's another 6 months !
smokin88 interesting question, all I would say is that for Winx drilled Feb, 19 the rig contract was announced August,18 not sure if DW can keep major contractual undertakings quiet beyond the quarterly reporting period.
Some permits such as those for ice roads and spill protection are also likely to become apparent.
Interested to see other's views.
muscat we do not know who is running our data room, the potential partner involved or the level of expertise being employed, I am not in the industry but I would be very surprised if any one company is able to enjoy anything but other than a fleeting technical / commercial superiority, its a tough world and nothing stops still.
My post was in any case relevant to Winx only.
What are the chances we don't hear who or what the deal is until closer to the drilling season?
If we get a deal and ts based on oil out of the ground, Isnt the share price going to stay static until we drill for oil in 2020 ?"
The SP could even drop on that news
Shame they don't use Zebra Sciences . Would have saved 88E millions as they are able to pin point the best place to drill and find the oil. No one else has the technology so advanced as they do. That's why a large oil company asked them to run a data room last year . They are lean and mean and therefore can do the job at a fraction of the cost.
D45 the 3D was probably OK, the analysis by OEL was possibly not, they used Stolt Migration Technique which is pretty historic these days I believe.
No one is shrieking :-) its just a fact.
Thank you Kat70.
Baker hughes one of the largest oil field wells service company’s and its a good thing 88 have them on board using there services and data process expertise
thank you rfarfa,
I have been on the Baker Hughes website, who say they are 'a provider of integrated oilfield products, services and digital solutions.'. But how do they have an interest in 88E. Or is it just 88E using their products?
For the definitive answer Google Baker Hughes.
Please who are Baker Hughes? And do they have an interest in 88E?
We are on the verge of a "game changing" Farm-Out, with all of the i's" dotted and "t's" crossed save for the contractual stuff. We already know that there were multiple high quality bidders, so any attempts to question the 2.2B barrels of Resource are spurious. Our prospective Partner was selected in March after months of competition. The major issue with any Asset Backed investment is RISK, and IMHO this has been substantially mitigated.
The Farminee is calling all the shots regarding the timing of disclosure, and there may be some very good reasons for this. DW has secured a deal for shareholders, which should prove lucrative. He has always said that he is not going to give the company away.
Don't forget that we have a similar future FO deal for the HRZ - we await news from Baker Hughes to take that forward.
If you don't believe now then 88E is not for you!