RE: New RNS - Rig contract7 Dec 2022 09:03
Scott,
As usual your 'couple' of questions include many sub-questions. I consider myself as a LTH so I will attempt to reply:
1) Q3 cash at hand was c.US$10m. Inevitable incoming and highly dilutive cash raise to fill the $10m+ hole needed to fund Hickory-1. I reckon another 4bn shares at 0.4p, something of that order of magnitude. We know that in the past Brom has been able to access 88E fundraises but what about everyone else in this forum? Pity - agreed with the cash raise but I think not as low as 0.4p, but will find out soon.
No mention of the cost of Hickory-1 in the ANN. Do GLTHs ever take a moment to wonder why the 88E BoD doesn't wish to be transparnet with the company's owners, its shareholders? While we're talking costs, 88E GLTHs haven't yet been told the ***total*** cost of licensing the 3D seismic acquired earlier this year. What is the BoD hiding from shareholders? - not bothered on either point. Why don't you ask AG.
2) Spud due "late Feb/early March" from an ice pad & ice road. Hickory-1 is planned to drill to a depth of >12,000 ft, plus prior RNSs guided to a minimum of one flow test? Objectively, that is an exceptionally tight window of time. Fact. - it is tight but can be done.
Suggestion? Don't be spiked ***before*** Hickory-1 is fully funded. All mention of a potential farm out has been dropped from recent RNSs/ANNs. Ask yourself who is going to fund the remainder of Hickory-1 if there's no farm in? Hint: Dave Wall's Inyati Capital's client base, brought over from his time as MD of 88E of course. - Hickory-1 is not fully funded, we all know that and I don't think there will be a farm in. But I'm ok with that.
Oh and another really pertinent question. Does Erik Opstad have any involvement with Fairweather, LLC? Is ELKO bidding for any of the oil services work surrounding Hickory-1? Heavens to Betsy, please tell us that Erik/ELKO aren't going to be project managing the whole drill for the third year in a row????? - you need to ask AG.
There you go.
Also, I would like to thank PANR for de-risking and the recent photos/videos look great for both of us.