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26 Mar 2024 18:32
“I anticipate Mystic Mac will have disappeared in a week after his rampathon and a lot of confused naive punters will be left holding a rather expensive baby.
Bookmark this post”
Where you gone Mr Mystic?????
Wow, that presentation is a shocker.
No clarification on the flow rates which the market appears to crave - the figure quoted is caveated saying refer to original announcement.. and which we all know from that announcement and recent discussions on this board outlined they only recovered 4 stk barrels of oil over 16 hours.
Cash position is expectedly dire, i imagine once this seasons drilling campaign is paid off there will be nowhere near enough funds to progress any of the projects further unless a miraculous farm out pays for everything which would likely leave 88E with minimal working interest. Horizontal well not expected until 2026 in a best case scenario on the timeline provided!
Alternatively, it’s probably much more likely given the regularity of previous raises that further dilution is coming to keep things ticking over in the meantime. The huge UT sells printed today might be indicative of what’s to come. Not great reading in any case.
A few hundred barrels per day at longhorn might pay for the Christmas party and beers at the AGM at least.
As always, opinion only and DYOR
Any further deal announcement will be reliant on Azule closure first. They’ll need to know what finance is available from their existing facilities and obviously future cash flows from Angola operations. However, I wouldn’t be surprised to see a backdated additional deal announced upon completion of Azule given the boards stellar track record. At $89 oil especially this company remains grossly undervalued provided Azule completes as expected.
Agreed Olderwiser, the spin cycle is likely finished now. There could be a trade opportunity but there’s also a high risk of getting caught by a monstrosity of a discounted placing. Not for me, I’ll stick to proper companies like AET.
A post from Stas on April 5th - “I think most people could consider that in terms of Market Cap we could at the very least MATCH the past, but we are in a better stage now than we were then. However, I expect many think we should be looking at having an improvement on the past, not just matching it.
If the 2.4p claim were to be achieved that would give a market cap of £600m, not a huge push from what we achieved in 2022, but heh these are just the facts, the math don't lie.
The math says its possible and in any case even just matching the past would mean a multiple of over 5 times todays SP, isn't that exciting enough”
Talk of £600m market cap… was this to ramp in naive punters????
Stas “ In fact, these are not posts to inform, they are an attack akin to ramming an opinion down your throat whether you want it or not, calls here have told him they are not wanted. ”
i could be wrong, and of course no financial advice has provided at any point (only opinions on the drilling operations) but it appears anyone who may have listened to their opinions would not be 50% down right now nursing HUGE losses. Perhaps is the likes of YOU who should be banished from the board???
Naive punters listening to the likes of mystic Meg would be circa 50% down from the .44p high during testing of the first target.
Why do people abuse the likes of Scot and older wiser for stating solid contrarian opinions?
And as expected here we have the next wave of rampers, all usernames who are new to the board who have bought in for their 5-10%.
88E appear to have a hole in the ground that flowed 4 barrels of oil over 16 hours from its latest test, before being plugged and abandoned. No further production will come out of Hickory 1, and not enough funds at present to do any further drilling or testing.
It took TWO drilling campaigns to get 16 hours worth of oil production data from the primary target, which yielded 4 stk barrels of oil. When you factor in the costs for both drilling campaigns and subsequent testing + G&A, I imagine costs weren’t far off $40-$50m. Staggering.
The share price is down 30% in the last month alone. Hovering around 5 year lows. All while you and the merry rampers have waxed lyrical about how the flow tests are the best thing since sliced bread. Have some shame, you have egg on your chin!
Next phase is likely a new wave of bottom feeding traders/rampers entering who claim this is oversold / the MMs are rigging it / it’s netanyahus fault/ chemtrails etc, get their 5-10% bounce and bail.
TheWetBandits
“They have flowed light oil on 2 sites. It will be commercialised or sold.”
Err, or given the testing information provided to date its pointing towards being deemed uncommercial and therefore would not be sold, hence why the share price is in the gutter?
Only way to find out further information is to drill a horizontal well which the company has no cash to do presently. We all know what that means.
Stas, tell that to the naive punters spiked at .44p who are now nursing huge losses while mystic Meg and co were shouting about 2p!
I took pelters on this board for voicing my opinion- check my posting history my prediction was 100% accurate. As have the likes of older wiser and Scot who are vindicated today. Of course, just an opinion and all users should do their own research.
Humble pie for quite a few rampers today, or rather not as they’ll have sold first thing and never be seen again
Indeed, it cost $14.5m to drill one and test a tiny 20ft vertical interval. The cost for drilling a horizontal would be significantly more, this equates to many billions of shares in dilution terms. Could this result be the end of 88E?
Mystic Meg sure is quiet today