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Highlights: Winx-1
· Oil shows have been observed whilst drilling within the Nanushuk Formation in the Winx-1 exploration well
o Preliminary review of the interval suggests that the zone in which the shows were encountered is at the lower end of the range required for commerciality; however, further petrophysical analysis is necessary
· No oil shows were recorded in the shallower secondary target (Seabee turbidites)
· Forward plan is to continue drilling to test the deeper objectives
It describes results from the Nanushuk!! The possible ambiguity lies in the fact of whether 'Nanushuk' in the RNS is just for N5 or N5+N4. There it is - until that is clarified everything is pure speculation.
It was an inexcusable oversight by DW to approve that RNS with it worded like that and AIM investors are right to be very very p*ssed off about it.
It is something that the FSA should be concerned about as imo it was definitely misleading information which by definition can be construed as 'market abuse' and has cost AIM investors a lot of money whilst ASX investors were not affected at all.
Totally agree we should have all been suspended or none at all. I’ve gotta say Dave wall is absolutely shite at writing Anns’and Rns’. Unless it was designed to be ambiguous
But the RNS clearly states the drill depth on the 28th Feb,RNs is 1 march,was the 28th Alaska time,and the RNS GMT,didn't give them time to drill through Nanushuk 4,??
And another point,the Seabee formation is within the Nanushuk.
The more I read this RNS I'm sure DW wrote it,and really it indicates a find outside the expected zones,positive or what,but he doesn't want investors getting to excited.
Seabee was deeper than expected so these shows are likely above N5. They wouldn’t suspend for 5 days if they didn’t have further to go they would simply case and continue to Torok
So why was ASX suspended and not AIM ?
That’s what the do over there. More regulated than the aim casino
But why suspend ASX at all unless they were packing their bags and shuffling off home, which they obviously are not. Very odd RNS, way too vague to even second guess.
That's a good question vanguard. If they would have suspended trading on AIM on Friday prior to 8AM then that would have at least put the AIM and ASX investors in the same position, even though the wording of the RNS would still have been misleading (deliberate or just incompetent).
If another RNS is now released on ASX Sunday night prior to market opening (or during trading) which is positive, then AIM investors have been unfairly misled and their investments have suffered significantly and unfairly. There could even be a legal case to answer under that scenario due to financial losses imo. If, however, another RNS is released on ASX Sunday night with bad news such as a clarification that the RNS on Friday indeed referred to ALL the Nanushuk then would at least equalise the situation. The third scenario may be that no RNS is released on ASX on 4 March before or during trading, which again would equalise the situation, prior to a further update given later in the week.
All we can do is wait and see.
Not so Russ. AIM hardly ever suspends trading in a company. They'd only do it if something was happening like a reverse takeover or if co was at risk of going into administration. All the time I've been in 88e they've had several trading halts on asx but never once suspended on aim. Different rules. If SP takes off tonight on asx due to good news, aim will catch up. Stinks for anyone that bailed Friday but it's not a legal matter. Just different rules on the 2 different markets.
Jndavid, seabee is not in nanushuk. And the drill depth matched with N5.
Jof,so the drilling on RNs n5,so n4 not drilled before RNS,I have drawn a tube display with the sections in it,can you direct me to 88e drilling tube display,tks
Horseshoe encountered water before finding the mothlode so fingers crossed here.
I’m still hoping it was a rushed Rns due to the bogus twitter account claiming commerciality. I think they meant to put the brakes on not cause a car crash
From RNS 'The Winx-1 exploration well intersected a zone of interest in the Nanushuk Formation between 4,460' and 4,530' on the 28th February 2019.'
Depth matches with depth for N5. See slide 13 and the green depth maps...
http://clients3.weblink.com.au/pdf/88E/02070754.pdf
On the left it shows N5 between 4520' and 4530'. On the right it shows N4 at 4610'. So this seems to fit with the RNS and fits that drill was through N5 but not N4 as of Thursday Alaska time / Friday morning UK time.
They didn’t actually have to issue anything imo, hundreds of companies have news “reported by fake twitter accounts” and they don’t RNS. It’s just twitter gossip The news was due to ASX rules nothing to do with twitter imo Monday/Tuesday will be make or break Just please let someone else write the next RNS instead of DW for god sake!
It’s game on here. N4 bring home the bacon.
I'm here for the real deal, going to be a fascinating week gla
Not superstitious so sod the 888 posts. The rns did state - Forward plan is to continue drilling to test the deeper objectives. It did mention seebea and Nanushuk. So if those deeper objectives were just Torok they would have stated Torok not the deeper objectives. They still have Nanushuk 4 which as jofhog says looks to be a very interesting zone looking at those cross sections. I am very excited but also slightly nervous. But enjoying the ride I am. Good luck to all you lovely invested people.
https://www.asx.com.au/documents/rules/gn08_continuous_disclosure.pdf
Nice flow chart on when to request a trading halt.
I dont think it was to do with the tweet. Just that ASX is better regulated than the cesspit that is AIM
Nanushuk 4 & Torok 3 both look very interesting. If we don't hit in these I will be very surprised. But what do I know.