Member Info for Desmond45

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.

Handspring guy,

Tell me how it flowed at 50 barrels of oil per day, yet they only recovered 4 barrels of oil in 16 hours?

Egg on chin

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!

Sharebel, shas, ayecurumba

Egg on the chin!

Handspring guy, redbeard, neversatisfied, mystic Meg to name just a few

Huge amounts of egg on their chins this morning. Shameful dishonest ramping which has been exposed.

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

And there you have it - +11% pump initially and down 12% after the pumpers sell off.

I imagine there are going to be a fair few naive punters left holding an expensive baby today. Really poor result of FOUR barrels of oil over 16 hours using N2 lift, which has been extrapolated into a fantasy figure. The rampers are out in force. Most likely an initial sp pump before the traders sell out and the inevitable cash raise follows after testing delays and cost overruns have left the bank balance critically low. Hopefully newcomers have read the unbiased comments and read the appendix of the RNS. Good luck all

Result so brilliant the SP is down 16% in Oz. Anyways, G’night

As anticipated, testing and costs ($14.5m yikes) overran. Minimal oil recovered (only 4 stk barrels - average 4% oil cut) and the well is now plugged and abandoned. Can put as much lipstick on it as you want but this is another disaster unfortunately.

Redirons - the company have NOT confirmed a commercial flow rate in Alaska - read the RNS and stop spreading misinformation!

Another bad day at the office here! Wonder how many got spiked after the last week. Crazy when there’s companies like Afentra pumping 7k bopd and generating $60m+ fcf per year at a similar market cap to 88E.

Anyway, Boom or (likely) bust on the next RNS, good luck to long suffering shareholders who are risking it. There’s certainly a few here who deserve a win after all this time.

As expected, minimal oil and a bit of lipstick.

Naive punters getting spiked ahead of the next round of dilution.

This well isn’t a producer. They’d also need horizontal data to prove commerciality anyway, which looks highly unlikely in any case given the meagre rates produced on test. Average of 42 bopd, going as low as 11 bopd, and only 15% oil cut!

What’s next? A horizontal well next year? Where will the cash for that come from?

I love the idea here but the current financial climate for small pre revenue biotech companies is extremely tough.

ANIC needs considerably more cash to continue investing in follow on funding rounds, even to maintain current equity positions in portfolio CO’s, and exploring new investments.

With the share price miserably low a large raise risks huge dilution to holders, and would negatively skew/inflate the mcap. Instead, the company appears to be sitting on its hands hoping the tide turns, losing out on vital %s as these early portfolio companies make progress.

Catch22! Waiting until they improve their balance sheet before taking a sizeable position AIMO

Absolutely staggering, FTSE 100 calibre salaries being paid out for employees. Really puts it into perspective when the chart confirms the company is over 92% down from 2021 highs, with obscene salaries paid for by annual shareholder dilution as the company generates very little revenue.

Flabbergasted - no wonder the SP is tanking, and that’s without the drill results!

Looks like the bottom is in from a TA perspective

Could go out the window with a bad RNS but a potential solid entry for those with knackers the size of space hoppers.

4p would be a £1bn market cap. Mystic max on the coolaid again