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It's worse than I thought. Can't divide and does not understand decimals.
We are at 0.675p on the sp - so the claimed drop to 0.05p means a 12-fold decrease, even a drop to 0.5p would be unlikely.
The fact is we have a free carry on a 7-target drilling project for the conventional, and 88e have negotiated a core-sample exercise to collect more data on the HRZ without any obligation on our part to cut PMO in on any future deal (their only commercial interest is in about 40% of our conventional acreage) - 60% of conventional has been retained by DW, as has the 100% of the HRZ, which is the biggest prize of all). We still have options regarding Yukon and Winx projects, which following success of Charlie1 will have institutions and other Tier1 outfits clambering to throw their hats in the ring.
We are in the doldrums because some impatient investors are chasing rainbows until Ice Road Construction starts in December - but they will return well before we spud (that is when we should see the sp picking up).
I tried going for another rainbow with about 20% of this holding but it dipped a few weeks before I intended to move back - that's the trouble with rainbows, here today, gone tomorrow. We are all (well most) grown-ups and supposed to be able to live with our decisions - those that can't either go to see a shrink, or bleed-out on this bb as a cheaper alternative.
Sadly we have to tolerate the bleeders.
Well put LeMajor, I can't understand why people can't see that even in simple terms. January will see the herds come back and it will be exciting. Nice little post crimbo treat.
Looking at the charts for the last week we had an avg of 0.7p for 2 days, 0.71p for 2 days and 0.69p today.
The latest price depends on whether the MMs threw in some sells at CoB - so look at the day as a whole to put a last minute spike or dip into context. Looking at an isolated few minutes is not a good move unless you follow the T-line approach, but fingers get burned there too. My approach is to research, make a decision and stick with it - changing horses mid-stream is never a good idea (unless one is fatally injured). We may have suffered a few scrapes and bruises over the last few years, but nothing fundamental has changed - we are a risk-embracing company in a risky venture where 9 in 10 projects fail. Hopefully technology has narrowed the odds to 1 in 7, and we have 8 targets in q1 - so I'm expecting something good, especially as 4 of those targets are known to be oil-bearing from previous low-tech vertical drills .
High-tech horizontal drilling will take us into new realms - hopefully, highly commercial ones.
Great post Le M - recommended and with you all the way - long and strong is the only way to be if you understand the fundamentals and apply patience. Many thanks.
my post this morning was not sure why deleted but !!!!
2.1M traded (ASX,Chi-X) 0.03%
seems some can not read or just tell lies, needs to work harder I think!
Thanks for the support, it reassures me that it is only the sofa-sitting, bostic sniffing minority that has a downer on this share - and only then due to unpublished motivation.
Viva la revolution - keep it real and balanced.
We may get news over the next few months, nothing earth shattering as far as I can tell, but there will be snipers in the bushes, but they will be firing jaffa-like blanks. Nothing we have not seen or heard before, but worth the newbies taking note.
So many exiting developments in the near future .
Great posts , you`re on a roll tonight Major !
I reckon, can hardly contain the excitement. Lowest SP on record currently with zilch interest. Can't get much worse I suppose , well maybe but...
Market so says it all, 0.7p. Doing a fantastic job, David Wall!!! Resign please. We do not need a salesman at the helm, rather a decent oilman who knows what he is doing. Another day of market disinterest. Still, only five months until we come out of hibernation.
21.11
For balance you could also warn newbies to not listen to the Dave Wall fan here. You know, the one who’s creaming his own curve , week in week out !
Gravy train and usual BS from the company bosses ...AIM at it's finest.
Best thing i've learnt in the few years of this share is start up an AIM company!!
ASX Company listed on AIM market - just for accuracy and a little balance.
Great price at the mow , make the most it , fill your boots .
05: 56 " Lowest SP on record currently " - REALLY?
06:57 which fan is that then? :-)
As fully paid up member you should know I missed the club bit out ;-))
still makes little sense :-)
You have to hand it to David Wall, though. The only thing not hibernating is his salary. Champagne every night, Davy boy?!!
Of course it doesn’t to you, but some people seem to get it !
08:00:00 18-Sep-2019 0.70 GBX 3,571,428 25,107.14 Off-book OILQ
just published, seems someone may think money to be made.
88E energy , has updated shareholders on the progress it has made over the first half of the year, including advancing the farm-out process of Project Icewine in Alaska.
In the half-year to 30 June, the oil and gas firm selected Premier Oil as the preferred bidder for the farm-out campaign for Project Icewine’s conventional portfolio.
In August, 88 Energy completed a farm-out deal with Premier Oil, which will pay the full costs of an appraisal well, dubbed “Charlie-1”, up to a total of US$23mln to test the reservoir deliverability of the Malguk-1 discovery made by BP in 1991.
Meanwhile, the group said analysis of the Project Icewine’s unconventional portfolio in the first half confirmed that the HRZ shale play is an “excellent source rock with good potential as an economic shale play”.
“The company continues to receive third-party interest in the HRZ shale project and anticipates being able to integrate the data from the current evaluation into a dataroom by mid-2019 in order to commence a formal farm-out process,” 88 Energy said.
Someone disagrees Brom, 4m sell gone through. Looks like it’s going to be a tug of war for the foreseeable.
Could be an interesting day GLA
I expected better from Wozzy!
08:37
As a PB fan I am sure that you were supportive of DW doing a deal with him, Sure you know that the HRZ project was very much inspired and led by Paul plus presentations relating to HRZ were in majority actually written by him, after Paul's untimely death DW was left alone, with a flow test still to complete and not enough funding to begin a conventional drilling programme, the fact that he has negotiated a conventional FO is due to his lease buying activity (despised and derided by many but you have to have the leases to drill!) and he is still furthering the HRZ programme in probably the most efficient manner possible at the same time seems to count for nothing.
Yes he earns a salary but the AUD$900K figure quoted by some was never true and in reality the majority of was in options that have never been fully taken up.
Suggest you look at the BDO Aim directors report or similar for ASX and see where he compares, remember if you only judge on SP performance in a cyclical business like this then most BOD's in AIM would probably topple.
My eyes are wide open, I know the risk that is why I have de-risked when opportunities have arisen, still have a decent holding and amazed at derision I get from some corners for admitting I sell on spikes and buy back low, thought that making money was what we buy shares for :-)