Member Info for Brombarb

09:14 Still?

"As announced in the most recent quarterly, prudent cost cutting measures have been put in place including cuts to Board and management salaries. These savings have resulted in greater than A$750,000 in annual cost reductions across the Company"
http://clients3.weblink.com.au/pdf/88E/02226113.pdf

08:53 in simple terms yes, definitely between the original permit application in 2018 & the final (post PMO) approval the bore hole had moved ~2.4miles from lease 303043 to 393380, if PMO drove the process which on balance I think is likely then you would have to have to ask why ignore the science particularly when you have data from Heavenly-1 drill - which is openly available from AOG, whether the new information garnered from Charlie-1 makes the possibility of another FO more attractive to bidders and in current times ?

21.3M (0.3%)

0.0065AUD = 0.00349845GBP est. mid price based on trades


ASX(close)
0.6¢ 7.69% down
Volume15.61M

Chi-X (close)
0.6¢ 7.69% down
Volume5.653M

09:51 "88 Energy has just released a new ASX announcement".

Mr Shaa :-) interesting that the UT trade last night did not reflect mid point between bid & offer which was 0.0325p, so the lower hurdle will reflect well on us today and perhaps draw attention in a positive manner if we can stay blue.

08:14 could not make up my mind, is it DF saying to the XCD shareholders "hey maybe we are worth a little more" or is he speaking the 88E side and saying "hey the deal is a tad better than you may think" .
Hope the latter as XCD board have recommended the deal.
Could of course just be that all facts and figures need to be openly disclosed.

69.6 M (0.98%)

0.0625 AUD to GBP = 0.0334176 British Pounds est. mid price based on trades.

ASX (close)
0.7¢ 8.33% up
Volume46.84M

Chi-X (close)
0.7¢ 8.33% up
Volume22.80M

22:54 as ever read above , below and between the lines :-))

10.1M (0.14%)

0.00575AUD = 0.00307559GBP estimated mid price based on day trades

ASX (close)
0.6¢ 0.00%
Volume7.085M

Chi-X (close)
0.6¢ 0.00%
Volume2.977M

15:39
Petroleum News article that announced a change of strategy, even at that point lack of tax credits was causing GBP big issue as they had spent big on 3D and also three drills, they also had a lien on the Alkaid drill due a dispute with Nabors.
https://www.petroleumnews.com/pntruncate/74818552.shtml
At London in 2016 PB mentioned that the volatile sweet spot was likely 25 miles south of the line that Ken Peters had originally discussed with Ed Duncan & team, that admission had come from Ken Peters is discussions with PB after Icewine#1.
So probably a combination of factors.
Q1
http://88ewiki.wikidot.com/presentations:09092016-london-transcript

Perhaps our problems actually started with the then Governor of Alaska reducing the size of the fund and deferring payments in the 2015-16 financial year and then ultimately cancelling the programme, making many projects no longer viable and saddling companies with debts and interest payments (that we still have today), what seemed feasible in 2015 was by 2017 almost impossible without greatly increased funds.
To have got the positive court decision in 2018 and the bonds paid would have reduced our liabilities and cash burn in the interim, but of course we were stymied by Eric Forrer.
When approaching how we got to where are today you have to give consideration to all factors.
Perhaps the loss of PB who was obviously an unwell man at London 2017 was also a very big blow.

"When Walker diverted from the state’s prior practice — but not law — of paying off the annual credit bill in full each year by vetoing $200 million of a coincidentally $700 million appropriation in the face of a $3 billion-plus budget deficit in 2015, it ostensibly froze the market that had grown around the state tax credits.
Walker vetoed another $430 million of the payments in 2016 when he also reduced the Permanent Fund dividend appropriation by half.
Subsequent years of minimum tax credit payments based on a statutory formula that incorporates the state’s oil production tax revenue also pushed some companies to default on those loans."

just Australian Corp Act Procedures
http://clients3.weblink.com.au/pdf/88E/02236339.pdf
Doubt any relevance to AIM

09:00 check the permits and see move of well position to "sitting" on Malguk-1 in the later permit.

noticed oilers up today
Brent $33.67
https://oilprice.com/oil-price-charts/46

Perhaps there is light at end of tunnel.

PS I know 88E are not a producer or even found oil yet.

08:40 correction that should have been ~2.4m NE!

06:06
I would say ~2.4 miles NW , maps and bore locations in permit documents.
http://dog.dnr.alaska.gov/Library/
search "Charlie".

07:14 AEA (88E) were the operator but that does not mean that the piper did not call the tune in respect of well location, a fact is that in the 2018 permit the bore hole was sited on lease 393043, in the final permit the bore hole was sited on lease was 393380, ~2.4 miles away.
The reasons for that are not known but if it's not impossible it's possible that PMO flexed their muscles after all they were paying for the well.

9.5M (0.13%)
Chi-X most volume

0.00575AUD = 0.00306076GBP est mid price

ASX (close)
0.6¢ 0.00%
Volume3.506M

Chi-X (close)
0.6¢ 20.0% up
Volume5.983M

16:46
from ANN 20/04/2020
"As announced in the most recent quarterly, prudent cost cutting measures have been put in place including cuts to Board and management salaries. These savings have resulted in greater than A$750,000 in annual cost reductions across the Company. "

Who actually decided on well positions;

Icewine 1 & 2 Probably PB based on fact in March 2015 we had only a handful of leases 4 in the name of PB and two in name of Bex, one of those leases included the gravel pad access.

Winx Otto Energy did the technical analysis.

Charlie seems that PMO probably had a say after all they paid for it, certainly the well position changed markedly in 2018 the lease was stated as 393043, in 2019 that had changed to 393380.
In any case am sure DW would have taken advice particularly from Dr Stephen Staley who may have a little experience.
If you truly have no faith in the company and it's leadership look for an alternative amortise your losses and get your cash into a share or fund and see if you can grow your pile, no one is trapped there are opportunities out there, even some FTSE100 companies look good for growth in future if we ever come out of recession and POO rises.

https://www.petroleumnews.com/pnads/406113255.shtml

interesting last paragraph