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Jonny 00.25 I think someone looked at pre market bids , I did see one at 6.4c someone prepared to buy at that figure - doesn't mean that trade accepted .
Asx 20 mins behind shows since opening at 3.7c it reached a high of 4c and a low of 3.6c
We will have to wait and see what the morning brings - I think the boom will come in a week or so when they announce details of wireline etc, but looking positive for now...
GLA
BB32
For those interested I have been doing some quick reading to see what these pretty pictures actually mean) a picture is worth a thousand words ! But maybe these pictures of ours mean a lot of money......
https://www.miphillips.com/well-site-services.html
show two video's of oil leaching from drill cuttings
Interesting reading for those who can't sleep
88TH day of the year ----- Brilliant so far
GLA
BB32
LTI,
Agree comments , however this feels different this time, people are assuming it is the drilling Company who asked to be paid in shares yet as per the Rig Contract announcement Dec 2020
https://clients3.weblink.com.au/pdf/88E/02319089.pdf
All American Oilfields LLC are the rig owners ,
How Elko fit in and what they do I am not sure, what I do know is that Elko was set up 20 years ago by Erik Opstad , our Gen Manager in Alaska, also main man behind Jade Energy, who led us to purchasing leases south of Jade ie Yukon
There is a lot more going on that we are not party to.
It appears to me that Elko ( Erik ) wanted to get in before drilling - could have bought on open market, but that would not have really helped 88, It was a cash purchase not payment for services.
Erik has been involved with XCD long before 88 merger, I believe he was responsible for our involvement.
I hope that I am right in my assumptions, long way to go on this rollercoaster yet.
GLA
BB32
Wayne,
Same share different markets , it is dual listed in Aus. and the UK.
You need to Change AUS Dollars into £'s to get an approximation of same value ie 2.2cents is approx 1.22p
So if Aus finish on 2.2c we should rise in the morning to parity or beyond depending on belief of UK investors.
BB32
Deutscher,
Yes I do ( if my opinion carries any credance , we all have our own thoughts, but Erik has been a very successful North slope Oil man for 35 years, he is running this drill for 88e ( He also is the man behind Jade Energy which links us in to the Yukon project !)
If he is prepared to buy in and not a small buy in !, ( I see no comments that he has accepted shares instead of being paid for Elko's work for the Project ) then I am prepared to believe this is a very strong signal that he believes the oil is there and we will be having success shortly.
( Another success for DW as it was him who brought Erik into 88E..)
We will all find out soon enough, let us all hope this is the one!
BB32
From announcement re Share Purchase Company are making this a lot clearer -Part 7D - Listing Rule requirements
7D.1c ( ii ) Please explain why the entity has chosen to do a placement rather than a +pro rata issue or an offer
under a +security purchase plan in which existing ordinary +security holders would have been eligible to
participate
With the current drilling of the Merlin-1 well the timing of a security purchase plan or pro rata issue would have likely
closed after current drilling operations, potentially when drilling results have become known.
So on face this has been done the right way,
Now Deutscher has flagged a very important bit of info- Elko is one of Erik Opstad's Companies.
This gives a completely different spin - Erik is 88e's Gen Manager in Alaska wanting to buy in to support Company - this gives him 3 x number of shares that DW currently owns.
I believe a great sign of confidence, ( brings other questions into play - the award for work going to Erik's Company ! )
If this is correct doubt Erik will flip the shares
BB32
Whatever is behind this move it has already had an affect on ASX .. The number of shares up for sale on the pre market has reduced greatly ..
Holders wanting out have realised they might be selling way too cheap.....and cancelled the sell button.
The Reddit crew will hype this tomorrow big time I think..
BB32
Guzz,
It surely doesn't matter if they are locked in, would you accept shares in payment for drilling if you didn't think Oil was there , I wouldn't,
They could be just very shrewd that they know how the rumour mill will make shares go up for a while and then sell and make extra money , why not, but I hope they have added 2 & 2 together and move us along and profit big time on success..
BB32
Never,
Very interesting connotations indeed, makes you wonder what they might have noticed,
Think this could be very positive, will be interesting to see what Aus make of this tonight, yet alone what the Reddit Boys & Gals might do ?
BB32
US OTC market is $ 0.021 this equates to approx £0.0151 or 0.0271 Aus D
We finished at £0.012 which is approx 0.0215 Aus D
The ASX finished last night at 0.018
I expect ASX to open somewhere near parity with UK market at say 0.02Aus D and push on, based on sheer volume of buys in UK and USA to perhaps 0.023 Aus D where we will again play catch up in the morning
Can't blame day traders for ramping and taking profits at 100% today , well played, It did by the sound of it allow a few LTH 's to get out some of original monies leaving free rides, for those who bought in on Friday 2 1/2 times their money ....if they waited.
What a ride, this has been, a long time coming, this is a very under valued share, it's potential is vast we just have to hit the Oil..
Should nearly be at 1500ft then a lull before the storm, I expect this to continue to rise till the weekend then next week wow !
Let's all hope this is it.
GLA
BB32
Well , not too often that my Forecasting starts spot on, but see my post from last night 22.41 --
Didn't open at 1.5c Aus but did finish at 1.8c Aus
So let's see if we go up to at least 1.2p this morning with the USA Reddit team kicking us higher this afternoon,
Fun times, let's go for another ride on the Rollercoaster !
Hold on tight ..
GLA
BB32
Brom,
Life has been busy, nothing much to say or desire to join in with the usual petty arguments so have read but kept silent.
Don't usually forecast, but tonight is interesting , ASX expected to gap up to 1.5 straight away to reach parity with LSE , but I expect they will go more , probably at least 1.8 which would mean we have to catch up in the morning 1.2 p or more, then the interesting factor is 2.30pm tomorrow what will our American friends do....
Wish I had a lot more shares, unfortunately no money left to buy more....
BB32
Not posted for a while, My take-
No speeding ticket will be issued, very much undervalued share, no leak - too tight for that .
Reddit share followers and others hyping this, which is good for all LTH for a while, providing we hit the oil this time shares will run a long way with the Reddit crew involved, if not a lot will get spiked .
New buyers need to be careful, holders that are still under water could well recover their funds ( nice to see )
Real rewards could be:-
Harrier success.
Announcement of Farmout of Charlie.
Announcement of Farmout of HRZ
Announcement of major success by our neighbours drilling Talitha,
Price of oil continuing to go up ,
Restrictions of drilling Federal Land continuing.
We then begin to look a perfect sized Company with possible mega rich rewards for a buy out, 12bn shares irrellevant,
Would have been nice for previous success before we had so many shares .
Dreams of 30p to 50p still possible.
Still enjoying the rollercoaster, will be fun
GLA
BB32
Jiddy,
Don't think they had much choice from walking away due to their Financial situation with extended loans etc purchasing North Sea Assets and Investment Company Shorting etc, their situation became untenable and now have been effectively bought out /Merger ? by Chrysaor -Their Shareholder value plummeted ...
Long way to go with 88E yet.
Keep telling myself this was always my retirement share - don't officially retire till next October so time yet, just wish I had more money to be able to buy more ( but it wasn't me with the 10m buy !)
Best of luck
BB32