Member Info for E_AL

guzzler1962, my post wasn't about ramping or questioning the company, try to read it again but with an open mind this time..........

P.S: Sorry about a couple of spelling and grammar mistakes in that post. Tiny touch screen & autocorrect jumped to conclusions lol

OK, I know I will be eaten alive for saying this but I really can't understand all the negativity and non-stop attack from so called "long term holders" towards anyone who tries to see the half or even quarter full glass here??

I understand your frustration for losing lots of money here (believe me I've there before) but IF YOU really think this is a train wreck happening in slow motion then could anyone long term holder explain to me why they are still here holding tightly burning cards?

IF YOU are certain that there is no hope here & what the company has in Alaska worth absolutely nothing to anyone or non-commercial/ only water/non-worthy gas/etc. then >>>>would it make sense for anyone in such position & with half a brain to salvage whatever left of his investment (even if it was 20%, 10% or even 5% of his initial investment) rather than losing it all (100%)?!

Unless of course you want to cash out on this possible opportunity with as less loss as possible but believe me you are not doing yourself any favour by posting doom and gloom and spreading negativity 24/7 here and ****ging off every single aspect of the company and trying desperately to stop people from investing here?

As for the non-holders who seems to be obsesses with 88 energy & obviously much more active than old/new PIs, would it make more sense if you have invested the hundreds of hours which you "wasted"on this board trading, investing or researching companies which you think are doing well and worth investing in??

Dreamer67,

Private investors (especially the long term holders) who lost substantial amounts of money here earlier this month has the right to be upset about losing their hard earned savings and sadly it will take them quite a time and alot of luck to break even! If I was in their position and do not want to average down to break even/small loss asap then I will put 88e in the bottom drawer & forget about them till the lab results, otherwise I would cash out and try to make my losses somewhere else.

However, I think new holders have a good chance to make some decent profit here either from a technical chart bounce or on more follow up updates from the company confirming:

"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," Dave explained.

Managing Director Dave Well is most pleased with the results from Seabee.

"The significance of these observations in Charlie-1 will be confirmed by lab results in the near term,"

https://themarketherald.com.au/88-energy-asx88e-confirms-pay-in-torok-and-seabee-2020-04-20/

I was just looking at the technical chart of 88e and I've noticed that since the initial drop back on the 7th of April, the share price touched 0.20 only at the opening then bounced back up to 0.25 and above. It kissed 0.24 on a couple of sells since then (09/04 3:10 & 14/04 08:34) but 0.25 has been the support. We had a great RNS two days ago (confirming pay zone) so in my opinion this week's share price drop has been related to the oil price crash(similar to all other O&G listed companies).

FTSE is doing well since the early morning & oil prices have been showing some recovery too. I think its only a matter of time before we see some meaningful recovery in the share price.

It followed London’s drop, 0.005 ASX : 0.026 LSE.

@Spinefx,

Courtesy of Jimbeaux from Hotcopper ,

"The following is worth including in the mix as to why PMO didn't, couldn't follow through.
Once again Here is an article by Aaron Fronda that sheds light on what external pressures Premier Oil has.

The stock hit an all-time low of 12p in mid-March after the hedge fund Asian Research & Capital Management (ARCM) – one of Premier Oil’s major creditors – warned the oil and gas company risked running out money amid the slump in demand due to Covid-19.‘Premier Oil should be focusing on its cash flow position and protecting the balance sheet as a matter of priority,’ ARCM said last month.

https://www.ig.com/uk/news-and-trade-ideas/premier-oil-rallies-10--on-prospect-of-opec--supply-cuts-200406

And as well from Jamie Ashcroft 9 Mar 20 on Proactive well before TD at Charley and headlined as follows:

https://www.*.co.uk/companies/news/914586/why-has-premier-oil-been-hit-harder-than-its-peers-amid-crude-price-crisis-914586.html

As far as big operators walking out prematurely on potential is concerned, the classic is Shell and Rajasthan. Ask Cairn Energy.
https://www.theguardian.com/business/2004/jan/20/india.oilandpetrol"

Tuesday 01:05 AM GMT

CNBC: Stock futures rise slightly as oil prices stabilize

Stock futures bounced slightly in overnight trading on Monday as oil prices bounced off their lows following an unprecedented wipeout.

Futures on the Dow Jones Industrial Average rose about 70 points. S&P 500 futures added 0.2%.

The slight gains came as the more actively-traded June oil contract rebounded by 2%. The May contract, which triggered Monday’s stock sell-off with a bizarre move below zero into negative prices, remained in negative territory.

I just read this article on CNBC about today’s WTI drop,

*This oil price crash isn’t as bad as it seems — here’s why

Something that’s never happened in the oil market is happening today: negative prices on an oil contract.

While many people may see this and think the overall price of oil is negative, there’s nuance. The short answer is that no, not all oil is free.

The picture in the market is not as bleak as this eye-popping headline would suggest.

Futures contracts are tied to a specific delivery date. Toward the end of a contract’s expiration date, the price typically converges with the physical price of oil as the final buyers of these contracts are entities like refineries or airlines that are going to take actual physical delivery of the oil.

Futures contracts ultimately are contracts for physical delivery of the underlying commodity or security. While some people in the market speculate on the contracts, others are buying and selling because they have use for the commodity itself. Near the contract’s expiration, traders just start buying the next month’s futures contract. Those who stay in the position to the final day are typically buying the physical commodity, such as a refiner.

The West Texas Intermediate crude contract that fell more than 100% on Monday is for May delivery, and it expires Tuesday. With the coronavirus pandemic leading to unprecedented demand loss, and with storage tanks quickly filling up, there is no demand for this oil contract expiring Tuesday.

That’s why it turned negative, meaning producers would pay to get this oil off their hands because there is no one that needs that crude this week with the country shutdown.

Trading volume was also relatively thin in the May contract. According to data from the CME Group, volume stood at roughly 126,400. By comparison volume for the June contract was nearly 800,000.

Futures contracts trade by the month. The contract for June delivery was 16% lower at $21.04 per barrel.

So after the May contract expires on Tuesday, oil could be back above $20.

Source: https://www.cnbc.com/2020/04/20/this-oil-price-crash-isnt-as-bad-as-it-seems-heres-why.html

@Phrontist

RNS 20 April 2020- Petrophysical Interpretation Confirms Pay

"Third party petrophysical interpretation of the logs in the recently drilled Charlie-1 well has confirmed hydrocarbon pay in the Torok, Seabee and Kuparuk formations. "

If you don't like what you see then no one is forcing you to invest here...........Simple !

"The Charlie-1 well was capped and abandoned with no prospect of doing an oil flow test on any of 7 layers."

*Plugged and abandoned as per the permitting requirements from the State Government bodies.·

PMO have walked away from $23m investment on basis there is no commercial oil after high tech examination.
What has changed with this RNS?
Are BoD suggesting Lab Work can reverse this field work?
And make PMO look like biggest idiots in oil industry?

*Different companies, different targets and PMO made it clear right from the beginning what they were after in this project..........

"This scheduled line of RNS's can lead to only one certainly in 2020 - another Capital Raise from loyal shareholders."

*RNS- Quarterly Report
Q\Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: No, there is no requirement to raise further cash based on the anticipated future expenditure as noted in 8.8 (1).

Many traders who bought the drop two weeks ago have sold first at the opening and now less selling pressure on the BID, today's RNS is good and promising so we'll see sp recovery from this level.

Double the average volume has been traded in less than 30 minutes on ASX!

Buys vs Sells : 33.33M / 1.79M

I must say this is a promising RNS and I find it quite optimistic. Exciting weeks ahead!

Shaa, that part in the RNS has caught my attention too :)

It looks to me that they made a decision, the case status has changed to: Draft Circulating :)

https://appellate-records.courts.alaska.gov/CMSPublic/Search/CaseNumber?CaseNumber=s-17377&TrialCourtNumber=

So we didn't get another update yet from the company about the recent mobile hydrocarbons discovery but some reason & out of the blue another wave of negativity, doom & gloom just hit this board ha

.....Lovely!

Spikeyj & Rabito79, I wasn’t referring to olderwiser, in fact I found his reply very informative .. however depending on the analysis results and how large & commercial is the condensate gas discovery in the Torok formation I still think there should be a way for 88e to benefit from the gas facility at Point Thomson.

What about this dude and the 7 other members who liked/agreed with his post:

“ I couldn't be bothered to write a new heading.
The article is about 88e.
How relevant is it?
Probably more relevant than your references to the mad twitter chartist and her butterfly formations”

I agree Chartmanreborn ..As you can tell I wasn’t defending the company at all, in fact I was trying to be helpful & discuss possible scenarios moving forward but it looks like some long term holders who ‘unfortunately’ suffered from substantial losses after the recent sp drop arent interested or happy for others to do so.. apparently this board should only be about spreading negativity, doom & gloom and self-pity....

I am a mechanical engineer & I have some knowledge in the O&G sector .. I was happy to offer my experience to this board but they just put me off .. sorry but from now on I will only comment on other people’s posts but will not initiate any technical discussions on this board.

Wish you all best of luck

Rabito79,

1- there is no gas pipeline

A\ The Trans-Alaska Pipeline System includes a gas pipeline which supplies natural gas to the four northern-most pump stations. This gas pipeline extends south from Prudhoe Bay to Pump Station Four a distance of approximately 238 kilometers.

http://pubs.aina.ucalgary.ca/cpc/CPC5-389.pdf

The North Slope basin is surrounded by several other large oilfields, having together produced over 17 billion barrels of oil since 1977 through the Trans Alaska Pipeline System.

Dual listed 88 Energy (ASX:88E | AIM:88E) has four active exploration projects in the Alaskan North Slope: Project Icewine (Conventional), Project Icewine (Unconventional HRZ shale), Yukon Acreage, Western Blocks.

These projects are across 486,000 contiguous acres, totalling 250,000 net acres, each with access to the TransAlaska Pipeline.

https://www.oedigital.com/news/473112-88-energy-s-north-slope-well-could-be-one-of-the-biggest-in-2020

2-Trans Alaska pipeline flows away from Point Thomson.

A\ An insulated pipeline measuring 22 miles in length and 12 inches in diameter conveys the gas condensate from the field to the existing Badami common carrier pipeline, which connects to the Trans-Alaska pipeline system (TAPS).

https://www.hydrocarbons-technology.com/projects/point-thomson-project-north-slope-alaska/

guzzler1962, you mind me asking how your link relates to the Trans-Alaska pipeline/ Point Thomson, the subject which I am interested to discuss with other shareholders?

I just read the Petroleum News article and I must say I found this part very interesting:

"Thomson condensate production rising

Perhaps Point Thomson can help to mitigate some of the future decline from ConocoPhillips operated fields.

According to a Petroleum News source close to ExxonMobil “two trains are now operating” at the company’s eastern North Slope Point Thomson unit. The company, he said, will soon see an increase in daily production of condensate from around 5,000 barrels per day to 10,000, as each train is supposed to be capable of 5,000-6,000 bpd.

Since the term train is usually associated with future LNG production from Point Thomson, it likely means the company is keeping two compressors working - over the years ExxonMobil has told the state that production has been impacted by gas injection compressor availability and reliability.

Each compressor allows the field to produce 5,000-6,000 barrels a day. In its most recent plan of development for Point Thomson, ExxonMobil told the state that it is addressing issues in its gas injection equipment, has begun installing upgraded components and expects to receive and install the remaining equipment during the 2020-21 period.

The source also said much of that equipment “has been installed and is running really well.”

https://bit.ly/2VGSjSp

Now to Exxonmobil website:

"* What Point Thomson means for Alaska

Point Thomson is opening up a new area of the North Slope. Our work with our Alaskan partners made Point Thomson possible. ExxonMobil Alaska has invested about $4 billion in Point Thomson — more than 70% of that in Alaska. We’ve built production facilities designed to produce up to 10,000 barrels of natural gas condensate per day. Those facilities are connected to the Trans Alaska Pipeline System (TAPS) and, since commencing production operations in April 2016, have brought new resources into TAPS.

*Future opportunity

Point Thomson marks a new era both for ExxonMobil in Alaska and the North Slope. The investments will open the eastern North Slope to development and lead to increased production into the Trans Alaska Pipeline System.

With our Alaskan partners, the ongoing work and investments in Point Thomson are also laying the foundation for future gas development. Alaska has the opportunity to become a global natural gas leader. We are excited to be contributing to the next chapter in Alaska’s energy legacy."

https://exxonmobil.co/3cjZOoW

**Knowing Project Icewine is strategically located on a year-round operational access road, only 35 miles south of Pump Station 1 where Prudhoe Bay Feeds into the Trans-Alaska Pipeline System which is connected to Point Thomson. If the analysis results confirm a large & commercial condensate gas discovery in the Torok formation then the company can use the Trans-Alaska Pipeline to export the condensate gas via Point Thomson!

TodayIsTheDay , just post the content of the mail without including your name and his email's signature :)