Member Info for belisce6

If i have wrongly interpreted anything about the Performance Shares or Cash equivalent items.. i stand to be corrected.. most definitely..

Thanks a lot to all those that attended the presentation and provided feedback..

It is however unfortunate that most of you seem to be in a mesmerised state in regards to Dave Wall.
There is even one poster claiming that those that didnt attend were not brave enuff to see DW in person... that is very very silly...

This indicates what is obvious.. a high level of positive emotion displayed cos you heard some words live from the great man, and you experienced a camaraderie atmosphere.. well done.. hope you all enjoyed..

I also hope that once the feeling subsides, you ask yourself what level the sp is sitting on after all that waiting and watching for 3 years??
Is it really appropriate for Dave Wall to be issued with Performance CASH at this moment in time for simply making the sp only go up by 50% to triple from current levels?? And that over a 3 year period ??? Ie; every yr for the next three yrs.. they see if the sp was at least 3.15cent (=50% increase on current 2.1cent) to 6.3cent (200% increase on 2.1cent) for 60day period..

then for example if the sp is above 6.3cents (using the current 2.1cent start point) for a 60day period over that year.. then DW gets 6.4million shares or CASH equibalent (!!)).. So if the sp is above 6.3cents for 60day period over the next 3 yrs DW gets the 19.2 million free shares or CASH equivalent (!!)...
PLEASE UNDERSTAND THAT HE CAN BE PAID IN CASH IN ANY AMOUNT POSSIBLE based on the sp equivalent on that day...
The document does not specify any upper limit whatsoever .
This would not be an issue if this program was Performance Shares only.. BUT it is for shares or CASH equivalent...

So for only holding the sp above 6.3level.. he can make an absolute mint !!!

Is that really a good incentive ??
6.3cent is like 3.5pence...

Are all genuine longterm holders hapoy for the ceo to take away a possible mint in cash for simply having the sp above only 3.5pence each yr for tge nxt 3 yrs ???

NOT AT ALL..
it gives DW access to use 88energy as an ATM...

Cos the sp at time of performance share issue can be anything .. like 10cent or 15cent cetcetc.. so DW can get the 6.4million shares paid out in CASH..

EXAMPLE; If after first year sp is above 6.3cents for 60days.. DW gets 6.4million shares or CASH equivalent.. so if the sp is 10cent or 12 cent on the day that DW is issued with the shares or CASH equivalent then he will get 6.4million times 10cent which is like 640,000 $$...
Simply for keeping the sp above 6.3cent or 3.5pence for 60days...

This repeats every yr for the nxt 3 years..

The fact that it appears that based on current terms of Performance Shares or CASH equivalent is so open ended in terms of the CASH being paid to DW for ONLY keeping sp above 3.5pence level..

I believe that everyobe should be voting NO NO NO NO NO NO NO NO at the General Meeting or via proxy...

This can be an uncapped liability for 88energy, providing Dave Wall with any cash level each yr over nxt 3 yr

I wasnt at presentation.. so to those that gave their feedback..
Thank you ever so kindly :-))

The issue with 88e is.. it is taking too long getting drills into the ground..
Way too long.. looks like NO drilling in icewine acreage until 2020.. that for me is pathetic... if that really is the case, thatd mean 2 science wells only.. over 4 yr period...
Yes.. i am thinking like this due to the performance share issue..
They do not deserve them..
Get the friggin drills into the ground then come asking for performance shares!! Double what you want now... given immediately...
No drills in the ground.. then dont bother..
Simple...

It should be 30% of whatever acreage is farmed down.. post farmout..
So if they farmout only the western icewine prospects then 88e is left with 30% stake of those tenements with complete freecarry on some drills..
If they do the deal for entire icewine acreage then its 30% of that.. etcetc...
There will be no profits yet for many years...
They dont even have a discovery from which to be booking 2C contingent resources on (in icewine acreage)...

Took a bit more today..
Am catching a falling knife.. but it wasnt falling today so didnt get cut..
My average is 0.35 so i see it as low risk compared to many posters on here.
Yes.. if eventually nnpc signing comes with service contract.. then how high is anyones guess.. very likely more than what we think, considering that a production asset is then waiting to be drilled and produced from..

WAaussie.

My main gripe is that the performance shares proposal actually identifies the failures of the company so far..
2C contingent resources.. and 2P reserves... we have NONE.. and if winx fails and no hrz flowtest being conducted or no success if it is, then at end 2019 it will remain the same situation as now..
Thatll be yr 4... if we reach that point i hope dw moves on amicably..
That is all i am saying..

I am holding as i have until now.. i see winx as a great potential.. and a hrz flowtest in 2019 as massive potential..
But reading the performance shares document makes me realise.. hang on Mr Wall, how about you get those 2C contingent resources and 2P reserves, before you even mention anything about MORE remuneration...

It is a shame that some longer term posters on here simply resort to negativity towards posters who are questioning performance of the board..
I believe this subject heading aptly describes them..
If you hold shares in a company because the underlying assets are so good then those it matter which individual is at the helm ?
Yes.. to the degree it is the best one for the job...

To be putting a performance program in front of tge holders now is quite stupid... he should be doing it at end 2019 after a successful winx discovery and a successful hrz flow.. he can take 50mill free shares.. why not ??
Results first please !!!!!!!

HarryGatto..
I cannot attend the presentation cos i live nowhere near..
As a shareholder of a company which has fabulous assets.. it is quite ridiculous to be told to sellup and move on..
You obviously are not a holder or a very intelligent one at that..
If after 4 yrs the assets are still in the dire state as they are today, then as a fellow holder, i assume your intelligence will agree that leadership of the company needs to transform into a group of people who will monetise tge asset pronto...

It is quite clear...

Brombarb.. it might help when you communicate with dave wall.. if you do as before.. to mention to him the possibility of him headhunting a leader thats done all this before.. proving up and monetising such acreage... so that if he fails materially by end 2019, then he can slip out the door amicably knowing his shares and options may make him a bundle...

Noone is saying to get rid of dave wall..
I am clearly saying dave wall should resign as a "good leaver" if by end of 2019 the winx is not successful nor the hrz flowtest...
He is also a holder albiet taking a massive wad of cash from the company every year.. so if that cash is not enuff to get real results out of his leadership.. like 2C proven resources (value 3 to 5bucks per barrel) and 2P reserves (value 7bucks per barrel or more) after 4yrs of this caper.. then surely it is in everyones interest as holders of 88e shares that a new leadership team more amenable to getting success out of icewine takes over...

Official rights and processes are meaningless.. if at the end of four yrs will still only have glossy presentations with prospective resources.. that will not be good at all :-(((

I hope someone can pop the bubble dw seems to be in.. maybe at todays presentation.. so that he realises that committed drills in the ground are the only way to monetise.. and not delaying and delaying and delaying..

Davewin.. i completely agree with your comments..
They fked up the hrz program.. SIMPLES..
And no firm committment for 2019 on hrz ??? The flagship project :-((
The fabulous prospective stellar and bravo drilling.. NOTHING until 2020 at earliest...

Winx success will NOT be good enough..
One drill per year on such fantastic acreage is dismal..
Giving the ops manager a big whack of options each time they drill their annual drill is ridiculous..

Shareholders funds !!!!
The current market cap represents what exactly ?? Cash levels raised until now plus cash held plus how much more ???
The underlying assets are fabulous.. we enter the 4th (?) year soon..
yet only ONE commited drill..
Ok.. free drinks at the presentation..
Free?? Or paid for by shareholder funds ???

I am not out at all.. have been in all the time .
So please refrain from unfounded fraudulent comments..

Simples is this..
Dave wall is not delivering much to longterm shareholders other than glossy presentations with more prosoective resources which are valued at very little.. hopefully all can see past the champers and caviar..

If winx comes in a failure AND if hrz are not successfully flowtested in 2019..
Then SIMPLES.. dave wall should exit the company so another ceo can come in to get these fabulous assets monetised..

Jiddy.. open you eyes :-)))

So why the f isnt this great oil land going to be drilled soon ??
The timeline has it now for 2020..
This is extremely poor.. if winx fails i hope that dave wall moves on..
Same if hrz is not successfully flowtested in 2019..
I mean.. what is the friggin holdup ??

Rift.. was thinking similar.. at some stage theres gonna be a bottom.. :-))) even if only mediumtermish..

Phnom.
Yes. Your statement is untruthful and deceiptful..
Anyone following char knows that two well program in namibia is planned for.. only the first well is certain to be drilled.. the second is contingent on partnering from the onset, and also contingent on succes of the first well..

Please do your own research...

Giullivi.. do your research.. and you will know :-)))

What r you guys on about ??
They have already planned for two wells..
One for certain, the second contingent on partnering AND success in first well..

It is obvious to all other posters, that in regards to drilling a second well in namibia.. you are completely wrong and obviously not well-informed :-((

Davewin.. do not fret..
I posted something on hc (as Meso1973) in regards this General Meeting performance shares..

I believe that in general.. who cares if they even take 50mill of them at whatever level..

BUT..
If by end 2019 Winx fails And hrz horizontal flow success is Not achieved.. then i firmly believe Dave Wall should move on...

I have explained why over on hc..
In short.. "prospective" resources are meaningless.. and the performance shares proposed in fact highlight the unsatisfactory performance so far, with no 2C contingent resources nor 2P reserves having been booked and verified by a CPR..

Shareholders didnot make the decision to change ice2 from horizontal to a vertical.. if the hrz wont be drilled until 2020, i believe dave wall should step down from his position..
Shareholders didnot make the decision to change timeline for stellar and or bravo drills, all the way out to 2020.. so if Winx fails, i believe dave wall should step down from his position..

The only satisfactory performance for 88e for 2019 are Winx success and hrz flowtest success.. anything less, and the main person in charge should move on...
I believe that this is very very fair..
If dw isnt able to deliver.. then he should take his options and shares, and join us longtermers on lse and hc, cheering on the incumbant leader to deliver the results...

The oil is there in the ground.. not having those 150mmbo 2P reserves and the 400mmbo 2C resources by end of 2019 would be an unsatisfactory result..

To those going to the presentation.. enjoy the champers and caviar :-)))