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Islayman,
Seeing as no-one has appeared to answer your comments, thought I would add my thoughts for what they are..
Icewine 1 & 2 have no real connection to Farm Out , we are farming out the conventional, not the conventional.. We are planning on farming out the Unconventional later this year when all info is ready!
The fact share price dropped slightly due to "big buys" is just the mm's trying to take advantage, as some have said likely misreporting and several will be bed and ISA end of year moves, there was only 34,395,938 shares traded - that is hardly large when there are 6.3BN shares in circulation.
Dave is bound by reporting rules of ASX and any bad news would have to have been told to us by now,
Not long now, hold firm all will be good in my opinion..
BB32
COP financial 2019 Capital Budget & Operating Plan
Makes interesting reading .
https://static.conocophillips.com/files/resources/2019-investor-update-020619-final.pdf
Their Shale Oil Teach in is better
https://static.conocophillips.com/files/resources/2019-02-19-barclays-shale-technology-leveille-fina.pdf
They are my candidate for Farm out of Unconventional...
I wish I could be a fly on the wall of Farm Out Solicitors meetings, but knowing my luck I would get squashed......
Hoping for news soon.
GLA
BB32
Morning Jiddy,
Great find re article on Farm Ins/ Farm outs would recommend everyone to read this.
I believe ConocoPhillips really fits the 2nd point "some companies are trying to get rid of the tails of their portfolio; these are the smaller assets with a lower rate of return on investments, a limited scope of activities, or high cost assets.
An example of this was when the cost of a barrel of oil 4 years ago dropped to $29 a barrel it was costing COP in the UK $85 a barrel to get it out of the ground , hence why they slashed jobs and went on a leaner for longer approach - all new ventures had to be able to be profitable at $40 or less. Capital expenditure was slashed from $16bn down to roughly $6bn in 2019
Their financials are certainly looking a lot stronger with oil at $70 and the 88e opportunities with the acreage would be a great fit with their desire to be in Alaska big time.
http://alaska.conocophillips.com/who-we-are/projects/ But are they already over committed?
Whilst I like many, would love for COP to be the chosen Farm in partner I believe their stated aims and comments to Financial instituitions of "it does what it says on the tin" approach for long term share holder value and their rigid financial approval system suggests it won't be them.
I have my eyes on a different candidate and won't embarrass myself by saying here, too many wind up merchants would have a field day if I am wrong...
But no one knows apart from the select few and as Dave has said it's not done until it's signed.
Hopefully we will have news soon enough, and who knows it might be COP?
GLA
BB32
V111JAS
Remember they say "the darkest hour of all is the hour before dawn" an annoying phrase maybe, but in 88e's case I think quite apt, there has been a lot of nervous comments, holders beginning to drop out and sell, people not believing what is being said.
We have a large contiguous area with modern 3D on 25% of the acreage, in an area that is beginning to get more and more attention by the players in Alaska, we have had the data room open for quite a while and have a prefered bidder, negotiations such as this take time, DW has said hopefully weeks not months, I believe he has proved to us what a shrewd and capable leader he is.
We will all know soon enough, and I think we may all be surprised -
I may be shot down for these comments - but 2 drills for unconventional oil and 1 for conventional all drilled to plan , on schedule and under budget, are not failures , we may not have hit vast quantities of commercial oil , but information gained is invaluable,
As Paul said nearly all Companies had given up on Eagle Ford when it was finally cracked, we would have been exceptionally lucky had we done it in 1 drill, thinking of Paul as we approach the anniversary of his untimely passing it will be great if Dave lands the deal this week..
What is that saying transference of money from the impatient to the patient.
Dave tried to gain value by joining in with the Winx drill at a very low cost, shame it didn't work 15 YEAR OLD 3D! This and 2 unconventional drills has nothing to do with the chance of gaining a farm out of the conventional ( modern 3D and inversion mapping etc.)
I just wish I had more spare money to buy more shares..
GLA
BB32
Darkelf,
DW went on record saying Data Room was open to Tier 1 Companies, and if he could not get a deal he would open up to Tier 2 etc, as this is material under ASX rules , DW would have had to declare, so news of signed FO with Tier 1 Company to be received soon....
Think you know this and just want to wind people up as is your amusing way...
Best of luck to us all, soon find out...
BB32
A quick read for those who thought we should have had 100% success on our drills so far -just look at what happened with Phillips--
Looks worth buying .
https://books.google.co.uk/books?id=BlfRBAAAQBAJ&pg=PT77&lpg=PT77&dq=How+many+oil+drills+by+phillips+were+dusters&source=bl&ots=f4hPHtOVGY&sig=ACfU3U0vX5CPIKWKy841TXz2cP05AT9QUg&hl=en&sa=X&ved=2ahUKEwia067q1ZHhAhVyu3EKHc4OCrgQ6AEwDXoECAoQAQ#v=onepage&q=How%20many%20oil%20drills%20by%20phillips%20were%20dusters&f=false
BB32
As I have consistently said 88e has a tremendous amount of potential as a junior oil explorer, Oil exploration is not a two week guaranteed success it takes years and you need some luck as well to succeed.
One of messages from Lazarus65 on Hot Copper is worth reading his sentiments I believe are spot on -
https://hotcopper.com.au/threads/ann-oel-winx-1-drilling-update.4672205/page-126?post_id=37750124#.XIixz1ffWh8
We need news of a farm out here.
( still potentially a strong buy from where we start this morning)
BB32
Very interesting read and great write up by YA on Hot Copper - well worth reading all thread -
https://hotcopper.com.au/threads/nanushuk-v-torok.4667669/page-4?get_post=true#.XILGZFffWh8
Interesting....
BB32
Brilliantly named well after possibly greatest horse in racing - nice video to watch if you all get bored with excitement of SP going up today ! ;)
https://m.youtube.com/watch?v=gt4zBKzcBGE
We're entering the back straight .... Ready to storm home too.
GLA
BB32
Art123,
With all due respect, are you aware of personnel involved? We are using one of best drill rigs and crews with Eric Opstad in control of day to day events etc.
https://www.linkedin.com/in/erik-opstad-809373a5/
Agree 1st RNS could have been better worded, but disclosure rules on ASX meant DW had to issue a trading halt. If you had read the RNS clearly and referred to depth maps and seismic charts as Jef Hog had said potential was for oil deeper. Again there was info out there suggesting oil was getting deeper going East.
Don't necessarily agree with your previous comments of wild cat wells and you are never wrong! Obviously this has worked for you in past, But still hope you buy in and make loads of money.
As an example of thousands of miles away - and not knowing what they are doing- you could say the same with ConocoPhillips with their shale exploration that they tried in Poland and had to forget about as it was not possible to achieve 3 or 4 years ago.
Things happen with Speculative Oil exploration as well you know -
Patience Grasshopper...
Looking forward to next announcements.
BB32
V111JAS,
Agree difficult but what if Dave had not issued any info and the rumour mill spiked the price up and then loads bought in, and then we all found the tweet was a scam, Dave would have faced a load more angry people...
What's that phrase damned if you do and damned if you don't.
Let's hope for good news in next announcement.
BB32
Much better RNS just like the Super Mare have we come from behind and hopefully we are now in the home straight ready to win by a few lengths ?
Dave's comments - Elevated LWD Resistivity response were recorded ! Is very interesting when you read about resistivity-
https://en.m.wikipedia.org/wiki/Resistivity_logging
Looking forward to the finish of the current race..
GLA
BB32
Winx, won her 31st straight race..
https://www.dailymail.co.uk/news/article-6763197/Winx-wins-31st-consecutive-race-leaves-Chris-Waller-tears.html
Now let's see if this talk of the oil being in a 500ft zone deeper is correct and we get a great RNS on Monday.
I agree continuous disclosure has caused a problem and agree Mr Market seems to have overdone the reaction.
Come on 88e dust yourself down and get straight back up to win..
GLA
BB32
Curtesy of Srood on Hot Copper - just imagine ......
https://hotcopper.com.au/threads/ann-pause-in-trading.4659093/page-92?get_post=true#.XHjRUlffWh8
Nice picture and thought.
BB32
Loads of interesting comments from Hot Copper during the day in Aus - this one curtesy from Wise_One on RMP is probably there or thereabouts to my mind ..
'' I can only take this as a very positive development for the following reasons
1 - Drill bit would currently be around 4100ft (past Seabee; but not at Nanushuk yet)
2 - Nanushuk is the primary target; Seabee the secondary
3 - Given the drill is through Seabee; it must have encountered hydrocarbons which they're currently doing final numbers on & putting together the news - hence the TH
Otherwise why would they place in to a TH when the drill hasn't even started to go through the primary target.
If there was nothing in Seabee; then they carry on drilling & trading until they approach Nanushuk; being the primary target.
I don't see any other scenario making sense...
All will be revealed very soon; but this is how I read it.''
Hopefully this will turn out to be correct, certainly the announcement of trading halt on 2 of the 3 partners really caused a stir and is slightly confusing why Otto have not gone into a halt.
Is this the start of some very good news.
Positive on Winx drill,
( another positive on Winx the Superhorse -runs tonight in Australia 2nd March - https://www.racingpost.com/profile/horse/868299/winx/entries )
Results of full 3D and news of Yukon ?
End of month ( target for closing on bids for Farm Out ? ) If deal to be completed by end of First Quarter
( here's hoping Dave has got all the ducks lined up )
Let's see what the next few days bring us.
Good luck all
BB32