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21:37 Ain't that a fact Brom, I don't mind donating one so that they can put us all out of our misery, and raise their questions themselves.
12.37 - I think you give then a little more credit than they deserve. I'm sure you're think the same when I say I'm not going to take too much of my time thinking abut their drivers!
08:35
I would be more impressed if those posters constantly making accusations of impropriety by the board and employees / consultants here did actually take it to the regulators, but of course we know that will not happen.
At the least (and if shareholders) they could raise a question to the board and present their evidence, I am sure it would be worth them buying a few shares to do if needed!
I do not believe that there are any altruistic motives in their posting and do indeed wonder who is pulling the strings on occasions :-)
Just a general point about 3D.
In a nedical scan it is straightforward and easy to analyze the results to produce a picture. It is processed using integral transforms.
For example MRI data is in the frequency domain and so they use the inverse Fourier transform.
There are so many variables in taking sound reflection data through a largely unknown media. That is why correlation with drill samples at known depths is so important. It is also necessary to " gate out " spurious reflections.
3D takes so much more data and is the main reason it is more expensive. The analysis of the data has improved enormously over the last 20 years with modern processing power so cheap.
I don't know how much it costs but again the number of variables ......location being one are all contributory..
It is however still a constantly evolving science but improving all the time. That is why you will see re-processing of old data using modern methods both for 2D and 3D.
08.17 - All these guys / girls / children are all the same. Accusations have no founding or evidence, they are not raised to the right people and ultimately are nonsense that makes no difference to absolutely anything. Its sad someone spends time in a finite existence doing this but thats their choice....I choose not to listen and engage directly with them....saves some of my finite existence :-)
Rabito. If your so concerned complain to the regulators. Better still write to those who you smear and see how that goes down :)
19:39
Scot, I don’t care if the payment for 3D is $2m a month, $2m a quarter, $2m every 6 months, $2m per annum. It is what it is but we need 3D in order to drill in exactly the correct location. PANR has proved that. So let’s pay whatever it is and get on and drill, you need to move on and stop going on about the same point.
20:29
I'm talking about the agreement by 88E to license SAE's 3D seismic data on Icewine East. That's all I've ever been talking about. I don't understand what you're talking about?
grzesiek - your definition of "initial" is obviously very different from that of mine and Olderwiser. As for the old "service provider paid in 88E shares" trope, surely after the last two winters at Merlin-1 and Merlin-2 the days where members of the 88E cult trot out that refrain are long gone???? Dear oh dear. You have *got* to be joking me. Jesus wept.
20.36 Why would Ashley Gilbert not take his options as shares? Why would Erik and Dave sell?
I can’t believe people still fall for the contractors taking shares piece. Note I don’t believe there is any tie in period for the shares, just like with ELKO.
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to report that it has signed a licensing agreement with SAE for the use of SAE's FB3D seismic data.
The FB3D seismic data was acquired in 2015 by SAE and covers approximately 86 square miles, predominantly over the Icewine East acreage. More importantly, the FB3D extends across an area where the Shelf Margin Delta (SMD), Slope Fan Set (SFS) and Basin Floor Fan (BFF) play fairways have been independently mapped (by Jordan & Pay) on the Icewine East acreage.
Your theory may have some right viewpoints but tell me why would SAE even cosider taking payments with share that they cant sell right away if those shares would end up in the toilet before they can realize payment? For me it is a signal that they know something that we don't and they are confident SP will go up.
Scot
Are you talking about current 3D or the one in 2016?
19:30
Ok chrisev1, keep your head buried in the ground.
For other readers of this forum have a read of the words quoted directly from 88E RNSs and Qtrly Reports.
1) What is the ***full*** payment to SAE for the 3D seismic data? 88E shareholders will have noted the $1m payment in shares in the original RNS but, as described, that was only a part payment. The Q2 financial report confirmed a *further cash payment of $2m* to SAE, the seismic data provider. Is the cash license fee $2m a month, $2m a quarter, $2m every 6 months, $2m per annum or what? Bear in mind PANR/GB invested $80m in shooting 3D seismic, resulting in the largest 3D seismic package in Alaska. Surely c.$3m to license the data from SAE seems, on the face of it, an incredibly low price to pay? Also note the language: "Upfront license fee ***includes***, as ***part*** of the ***initial*** payment, US$1.0M in new 88E shares."
It's all there in black'n'white. You don't have to believe Scot126, just read the facts for yourselves!!!!
18:48
The BOD has already stated 3D cost $3m. I have no reason to doubt them. And with the greatest of respect, I believe them than you who have provided no evidence of why it would cost more. So, if PANR paid $80m it begs the question why so much? May I suggest you ask your BOD why?
17:59
And the ***TOTAL*** cost of obtaining the 3D seismic for Icewine East, Brom? Management are hiding the total cost from shareholders, aren't they Brom? Why is that?
Not even this forum's most prolific poster believes the total cost to 88E is a mere $3m? Go on, ask him directly. Ask the company directly? Shareholders are ***entitled*** to know the terms of the licensing agreement entered into on their behalf. The data may be confidential but the cost to 88E is not.
16:12
Icewine 3D seismic announcement
https://clients3.weblink.com.au/pdf/88E/01950699.pdf
Plus permit details on
http://88ewiki.wikidot.com/license-area
Also 3D obtained at Yukon.
Sorry Olderwiser. Yes, I definitely meant XCD, not Xcite! Sorry.
Just in case any readers aren't following what I'm sarcastically referring to, good ol' Dave Wall was the largest/second largest shareholder in XCD Energy which was acquired by 88E (where the very same DW was MD) at a wholly unjustified premium. XCD brought Project Peregrine into the 88E portfolio which gave DW an exit from his zombie holding in XCD and then Erik Opstad's ELKO got his mitts on the prime contractor's role for Merlin-1 and Merlin-2. Hats off to them. And it's all those "genuine 88E LTHs" who have transferred all that wealth to them. Many congrats.
15.19 no Scot I'm not, that was the spike. By value I mean the value now and inbetween drill times where you consistently believe it's over-valued. The market must have been incorrect for many many years now according to you, extremely unlikely I think!!!
Don't be jealous of our spikes Scot haha they've happened before the flood of US investors and they'll happen after that first spike.
Keep up the tweeting though buddy, get a few more than the 318 followers you currently have and you might actually be able to get 1/2 new investors into PANR, you deserve it after the length's you go to talking about them.
The 88e takeover of XCD ?
Using the wording initial payment can only be read one way in my mind, there has to be at least one more for the use of initial to be justified.
Previous acquisition costs have been more specific
"Total acquisition cost to 88 Energy, including purchase of ASV data, within budget of
~US$3m (net of Bank of America credit facility)"
https://clients3.weblink.com.au/pdf/88E/01738529.pdf
Thanks for the information Olderwiser.
15:23
Hi Olderwiser - thanks for the post which is noted with thanks. Do you suspect Dave Wall being the largest or second largest shareholder in Xcite Energy may have formed a tiny, almost immeasurable, hardly worth mentioning, a sliver, a miniscule fragment, a wafer thin argument for 88E to head westwards to Umiat/Peregrine? Hmmm........
Also, do you agree that on the face of it, $3m does seem to be an incredibly low figure to pay for the 3D seismic at Icewine East? TIA
12.54
Chrisv1
In answer to your question 88e have used 3D, it was the basis of the Charlie 1 program. Acquired in March 2018 at a cost of $8m I believe.
Choosing to move west and complete 3D, as opposed to focusing on 3D at Icewine east, is probably explained by the companies conclusion that the well data at Icewine 1 and 2, showed the conventional reservoir encountered there did not have closure. In other words there is reservoir quality sand, but no trapping, so migrating oil simply passes through on its way to it final destination
"For example, one of several conventional zones of interest in the Brookian sequence at
Icewine#1 extends from approximately 4,000’ to 4,400’ and comprises a series of three stacked
fine grained sandstone to siltstone sequences within the Schrader Bluff Formation. The
sequences range from 61’ to 110’ in gross thickness with net:gross ranging from 78% – 100%.
The average porosities of the clastic sequences are within the range of 18% - 19% with peaks of
up to 28% porosity. Preliminary petrophysical analysis supports oil saturations in these sandstone
units above 60% and up to 75%. Hydrocarbon shows whilst drilling this interval encountered mud
log gas shows comprising predominantly C1 and minor oil shows, likely due to the fact that this
interval is not within closure."
https://clients3.weblink.com.au/pdf/88E/01698345.pdf
14:45
ShareGuru22 - if by "values" you mean relying on a short term tsunami of naive and unsophisticated US OTC punters who have been fed lies on social media platforms by convicted fraudster Alex Delarge and know-nothing ingenues like Katie from NJ then you're absolutely right. But in that case, your definition of "value" and mine differ enormously.
Right then chrisev1, set about it. Contact *your* executives, ask the question, tell them to stop this pathetic drip, drip effect of delivering the true cost to shareholders of the 3D seismic data. The way 88E management treat their shareholders *is not normal*. Good luck.
Hi Scot,
For once I appreciate your reply. Straight to the point. I didn't realize that GB was PANR (I should have). Of course I would like to find out if there are different pricing rates as I don't know about pricing for 3D or if we are just buying 3D for the area around Icewine-3, but I can see what you are saying about the pricing.
14.16 We usually stand on a share price that spikes a lot higher than PANR because the market values 88e as such.
But yes, the market has obviously had 88e valued incorrectly for years given the price of all this seismic data and you have always been right... oh wait..!!