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There is no need to buy out Burgundy, the default is they lose their 25% if they don't pay.
Why don’t you stick to what I hear you’re good at?
Go share a 🔔 end!
I saw the 'buy out burgundy' theory from Oilman Jim on X. The RNS would need to state clearly if the funds were to buy out Burgundy and it doesn't. However, the RNS does include the following with regard to Project Phoenix:
'· Project Phoenix, Alaska: Following the successful flow testing at the Hickory-1 discovery well, 88 Energy will be focused on:
o Completing post-well testing and analysis at Hickory-1;
o Securing a contingent resource for the SFS and SMD reservoirs;
o Commencing a formal farm-out process to attract a high-quality new partner to fund the next stage of appraisal and development; and
o Advance planning and design of a early stage production system.'
Note 'attract a high quality new partner'. Could be more here that would support Oilmans Jims view should a new partner want to remove any other party? But I doubt via this raise today.
Investment at this stage depends on whether you believe they are telling the truth about the latest flow test and how attractive they are to the industry.
When all of the flak on a message board is from tribal views from those weak enough to need to deramp a rival company..... well I consider those views not worth knowing.
Starting to think Sharebel is just ChatGPT.
Chattingsh*tGPT
09:07
Sharebel - Wow! Just wow!
Instead of a healthy dose of introspection I see you've opted instead to take the 'spew further disinformation' route!
To the forum. Sharebel can't read or do maths....or he's straight up lying to you. 88E will not be sitting on tonnes of cash after this fundraise. The AU$17.5m cash at hand pre-fundraise will be used *in its entirety* to pay for the remaining costs of the flow tests at Hickory-1, as per company guidance. Notice how Burgundy wasn't mentioned with its named partnership status up in lights? 88E management more than suspects Burgundy will default and walk away.
The rest of sharebel's post is fantastical gibberish.
Buy/sell/hold 88E but please don't attach any weight to sharebel's content.
Lol! Sharebel, 88 just took your money right out of your hand. You practically opened your wallet and just let them have your cash the last few weeks. The bod are simply laughing at folk such as yourself. Fodder for placings.
Investing isnt for you my friend. My advice - stick to slot machines.
Bid now 0.15p
As predicted. Right on cue.
RIP 88e.
Sharebel, I have some 2p coins I am selling for 50p each. Would you like some? And if so how many? Thanks.
Sharebel
You did not need to discredit yourself further
Investors only need view the term sheet to see exactly where the funds raised will be spent, it is not on buying Burgundy out
That is a fantasy tale from the rampers guidebook
Reading the comments is hilarious! Right firstly this is the stockmarket companies list on said markets to expand they do this with expansion funded by equity raises. Whilst I agree they should have raised higher, they will bring in an extra $9.8 million on top of their existing $17 million healthy funds in the bank already. We were fully funded for all projects as stated even in the Vox markets overview however this now gives us 12 months surety of enough cash to do all we need to do on all projects inc well tests and even looking at other projects.
The rumour is that this raise and why it was done now is to use part of these funds to buy out and secure the 25% interest to own Project Pheonix 100% outright meaning a probable sale in wings or simply making it a smooth farmout with major.
Now having seen the SP over last 5 days something was amiss - the naked short was used to bring down the SP to effect such a large discount however I think we can all agree the majority has been forward sold. The short cover will be covered using renainder and everyone is a winner. Its a poor show but just as we were happy buying in mid 30’s we will be even happier buying this low knowing we will now get a further deluge of good posituve news flow along with surety of having a ton of cash in bank and the company underpinning the SP with expansion and progression of lucrative projects and yes fully funded safety for 12 months.
So sling as much mud as you want bashers but despite the placing price what now are you hoping to achieve by being here by commenting further? How many times can you gloat and is that paid or lucrative for you so why bother? I suggest like I have you start buying or if you’re not going to even do that at this historical low juncture when we are in the strongest position in years, you simply jog on! If you hang around still then that fully exposes your position and own agenda in being short and having bet against the company.
As sure as egss are eggs the share price will rise again! See this as a full on buy opportunity which I am happy to fully embrace! Onwards and now upwards! IMHO DYOR