Member Info for chrisev1

10:41
I see your point. Let me ask you a question, if you was the MD and knowing what you know, what would you do in order to get 88E on track and get commercial oil?

10:29
Yep - we have gone somewhere. We just haven't got to where we want yet, but it's oil exploration. Not exactly easy and straight forward.

Some good points raised by Phron. Some of the consistent moaners on here should take note. Some of them just don’t see the bigger picture.

I have just noticed that 88E are going to drill with a FO partner the Project Peregrine in 2021. This is noted on page 48 on their Bidder's Statement released on 11th May. I think Peregrine is particularly interesting as Conoco Phillips has confirmed that it encountered hydrocarbons from the one well it has drilled on its Harpoon exploration prospect. The Harpoon Prospect is located only 15km north west of Project Peregrine, and is interpreted to be directly on trend and analogous to XCD Energy’s Harrier Prospect.
I now understand why 88E are buying XCD now as it doesn't give them too much time to find a FO partner, etc. for the 2021 drill.

Hi Jiddy,
88E did say XCD will be moving offices and they expect to make some redundancies. Didn't say how many though, I wouldn't expect them to either at this stage.

Mikemike,
Looking at the bidder statement looks like we might get 2 drills in 2021. That’s the way it looks to me reading between the lines. Guess we’ll find out next week.

Hi Sprintman,
We will find out very soon, but I noticed on 20th April DW said:
"The Seabee targets are extensive and have had excellent oil shows, including live oil observed at the surface in both Charlie-1 and Malguk-1. The significance of these observations in Charlie-1 will be confirmed by lab results in the near term."
Look at the last sentence. Why would he say that if the results are bad?

Hi Brom,
Referring to the last paragraph @ 20:18 about future plans, funding, etc.

Brom,
According to the timetable of the offer, future plans are revealed when 88 Energy despatches the Bidder’s Statement to XCD Energy Shareholders on the 18th May.

Maybe - guess we will find out what the plan of action is soon.

I don’t know why, but I just have a feeling there is something more than meets the eye to this takeover. It’s fair to say, although we don’t know the final results of the Charlie-1 drill, we are all disappointed at best. DW doesn’t seem too downbeat and has even given a hint (from what I see) to a fairly ok result. The thing that I keep thinking about is the timing of the takeover. Why now? Is it to hide the disappointment of the drill or something else. Does he know something that we don’t. I guess we will find out soon.

I’m possibly thinking of buying some more 88E share to average down. But I’ve heard a lot on this board that 88E are paying too much for XCD. We won’t know until 18th May on the Bidder’s Statement to XCD Energy Shareholders what the future plans are for the merged company. So my question is what is the fair value for XCD.

I have noticed that the SP of 88E and XCD are both completely different on the ASX. Assuming the takeover/merger goes ahead, would our SP change?

WAaussie,
For me, one of the worst faults with DW are the RNS that he gives out. They are just so dull and uninspiring even on good news, reminds me of the robot from the film The Hitchhiker's Guide to the Galaxy. I wish he would just get someone else to write them.

Shaa,
I think the main problem is DW said the recent drill was going to be transforming for 88E. He said this on quite a few times and was really confident about this and the amount of oil. On first results he gave out an RNS saying basically all we had was some gas and Premier have pulled out. And we all know what happened to the SP. I actually think we have a lot of gas and some light oil found in Charlie-1 but I don’t think I is commercially viable. But we will find out soon.
Investor confidence is low and it is going to be really hard for him to build it up. I actually think there is still a lot left in 88E going forward, and although we are starting to get what DW plans are, it would be nice to have DW tell us what his plan/targets for the next one or two years sooner than later.
GLA.

Saha,
That was exactly what I was thinking about the timing.

I like this positive side. I hope you are right as it makes my top up yesterday look good.

Hopefully not a bad move, but I've just had a top up to bring my average down. I'm hoping for at least 1p at for the next drill next year (if there is one).

I've just sold all my remaining shares of GGP. The only reason I sold is I've got shares in 88E and I was hoping their recent drill in Alaska was going to push their share price up and then I was going to invest all in GGP - it didn't and the price tanked!! I need the cash to average down, so sadly I'm out.
I had a target for this year of 20p for GGP, which looks a bit conservative, not bad as I bought in at just under 2p.
I wish everyone good luck, I've enjoyed all the posts and banter. Enjoy the ride!!
GLA.

Prom:
With news coming in the next few weeks from the recent drill, good or bad, I wonder why they are buying XCD now. Any thoughts?