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Any investors (dreamers) left invested kiss goodbye to any returns. The well publicised Alaskan $50 PB loaded extraction costs, alternative energy and headwinds like EV, solar, wave and ever green human trends make likely we not see oil over $50 again. So even if 88e found the motherload of oil like Norwegian oil it would be paying out dollars with every barrel. Of course right now it’s all excuses, salt water and mud gas (The big names dropping their investments like PMO). The cost of speculative drilling thru perms frost, building ice roads, paying EHS premiums to staff etc etc make this a completely floored business even the blind can see. The loaded cost of Genel extraction average is only $3 per barrel as a comparison and they are pumping out massive amounts making them very cash positive. My objective is to help the novice investor smell the roses. Could be the odd day trading window but peanuts to be made as it’s spread is 5% to 20%. To small to short also. Bromby, Jiddy - Lets have your BS ramping response with ever less credibility please now?
Right ,here's my take ,it's a gamble it always was a gamble and it always will be a gamble and anyone who has gambled will know you only put in what you can afford to lose ,so there you have it in a nutshell ,stop moaning that your horse fell at the last when in the lead ,suck it up ant try again if you can afford it.
Get out of oil explorers altogether or learn how to trade them properly, don't blame someone else for your terrible decisions. Buy early, sell before spud. Or hang on for the result in any oil explorer and lose money 99 times out of 100. They've still got assets, they've still got cash. DW will raise more money, drill again - and I'll bet most of you will hold through the result once again and complain even more then...I saw some of the peeps on here were in since Tangiers and yet there have been at least 4 if not 6 very tradeable, very lucrative opportunities for profits along the way, and after all those opportunities you're only back to where it was when DW took over! Most of you should be holding the equivalent risk of a term deposit at best.
Follow the Bearded Jesus, he will save you - just not from yourself.
People hanging onto an exploration well pretending to understand the risks when its going up, then spitting it when it doesn't hit. Who actually thinks oil is easy to find? How many major discoveries are there nowadays? Blaming the guy that runs the company for not finding oil. Isn't the job to run the company, and hasn't he nailed that? How much money has he raised to give everyone the chance to ride the rollercoaster multiple times? Didn't you all have the chance to buy it at the right time and sell it at the right time, yet you decided to be scared to buy it after a duster, then greedy and hung onto the stock after it went screaming north? Complaining that they announced they found condensate, when they did in fact find condensate. How is that misleading? If they'd found Atlantis they'd have to announce they found Atlantis, even though they weren't really looking for Atlantis. Thinking that there are guarantees of finding oil from a lunch of squiggly lines on a page, because they look like the squiggly lines from a similar drill result miles away, kilometres under the ground? Do you know how many babies are mis-diagnosed with similar technology through a few layers of skin? Its not Superman using his xray vision, its banging the earth and reading rock formations formed trillions of years ago, miles underground by the way they vibrate in response! Wanting to roll the Board, but wanting strong leadership. What, you think new people will be cheaper and more likely to find oil? You think someone else has the capacity to raise the millions of dollars needed? Anyone else you know understand all the global oil investors, the north slope or raising bulk cash, that's just sitting around willing to do the job for peanuts? Being angry that they are optimists? Would you prefer they say negative things, never raise money, the share price goes down further because they come out and say "Yeah, there's more chance of finding aliens than oil in 2020, you're all going to lose money on this one, lets just wind it up." Now complaining that DW didn't answer the technical questions in the AGM, when he doesn't even have the answers yet?!?! This ones a beauty...actually, my favourite is the whinging that the IT response to having to do an AGM online wasn't up to peoples high expectations. And people assuming there's some correlation between salary and the likelihood of finding oil. Have any of you been to the North Slope? The thought of flying to Alaska and going to the north slope makes me think they're not being paid enough - let alone dealing with the abuse from people who should have known better than hold if they couldn't hack the loss........
That's not true Del101 :- In light of the current low oil price environment and uncertainties related to the COVID-19 pandemic, the Company has implemented prudent cost cutting measures, including salary reductions.
So all in all, management stay where they are, at this stage no pay reductions and no accountability... only people bleeding is SH. What a joke, ring every1 tell them how wonerful there doing, dish up yet another plate of crap then have a AGM where questions arent answered, then move on with the boards untouched at this stage pays wt actual f....
1-Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
Answer: 8.2 relates to costs associated with the Charlie-1 well, which are fully covered by funds received from the farm-out to Premier Oil and 88E does not expect to incur any costs in relation to this item.
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.
2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
Answer: No, there is no requirement to raise further cash