Member Info for happy_hatter

Chi-x up 21.1%

88E Total Conventional Net Mean Prospective Oil Resource - 2,445 MBO

The article from earlier said ''When it comes to prospective conventional resources, 88E’s 2.2 billion net gross mean prospective resource is more than any other ASX listed company that we could come across''.

Looks like we have only gone and increased it! 2,445 MBO now. Time to edit that article!

I also think you have done the calculation on total conventional 2B barrels and not 2.2B barrels as per recent update.

So I believe our conventional resource is currently only valued at 0.027p a barrel.

Calculations does not include:
* HRZ 1-3.6B barrels
* WINX 400M barrels - 30% share
* Yukon Gold

128064 - or even what it will do for 88E market cap at $1 a barrel prospective resource? It is transformational.

''When it comes to prospective conventional resources, 88E’s 2.2 billion net gross mean prospective resource is more than any other ASX listed company that we could come across''.

I have not stopped thinking about that sentence from the article all afternoon. If that does not get us and the Aussies excited, what will? All that for a market cap of just over £60m!

When you read this sentence from the article it really hits home as to just how big 88E potential is. Excellent article.

''When it comes to prospective conventional resources, 88E’s 2.2 billion net gross mean prospective resource is more than any other ASX listed company that we could come across''.

Sorry supposed to read '12,500 share buy = £25,630 has just taken out 205 pence'.

£12,500 buy has just taken out 205 pence. Momentum slowly building here and thats before the herd arrive!

Latest buy to go through 204.999

Strong volume today too!

Last few available at sub 200p now whoever wants them.

Black gold :D

RNS 3/10/1018 said the Rights Issue is 'Designed to allow existing shareholders exposure to potentially transformational activity over the next 9 months'.

Well now one month has passed.

Eight months to go.....

Money flowing back in for whatever reason.

Exclusivity Deal - Repost from last month

Bahamas Petroleum Company plc (BPC). We can maybe draw some close comparisons to their exclusivity deal with a major oil company (which eventually fell through) to perhaps how the 88E farm-out with a tier one major will unfold. I must admit it has got me quite excited.

Here is a timeline of events with share price reaction for BPC:

1) 3rd May 2018 - RNS announcement of 'Confidentiality and Exclusivity Agreement with a major international oil company'. Three month exclusivity agreement with option to extend for another three months. Non-refundable cash payment of US$250,000 for each month of talks.
>>>Share price rises intraday 190% from 1.05p to 3.15p<<<

2) 26th July 2018 - RNS to confirm that the initial three month period has expired and the exclusivity period is extended by one month. US$750,000 received to date for exclusivity talks with additional US$250,000 to come.
>>>Share price continues to make strong gains, now up 395% from 1.05p to 5.20p<<<

3) 6th August 2018 - The CEO proposed substantial changes to his compensation package to dramatically reduce cash costs to shareholders
>>>Share price is now 6.6p. Up 528% since confidentiality agreement signed 3 months ago<<<

4) 9th August 2018 - Share price peak reached
>>>Share price at its peak of 7.15p. Up 580% since confidentiality agreement signed 3 and a bit months ago<<<

5) 24th August 2018. No deal. RNS to confirm 'Cessation of Exclusivity Agreement'
>>>Share price falls 6.35p to 1.98p, intraday drop of 68%<<<

In short, some spectacular gains (580%) in a short time frame of 4 months just on a 'Confidentiality and Exclusivity Agreement with a major international oil company'. Ultimately, no deal was secured for BPC and that is obviously something we do not want to happen with 88E. But it does give an idea of what might happen here short term.

Remember, we have now entered Q4 and as per the presentation DW aims to have the Icewine conventional farm out concluded by the end of this quarter. But if a major wants extra time he will give it, similar story to the BPC case which had a one month extension. We are now in that time period for a similar deal to be announced.

I am expecting an exclusivity deal with a major oil company to be announced very soon.

If a tier one wants first refusal then they will need to pay us for it.

chi-x is now 2c

Up 11.1%

The Open Offer was perhaps one last sweetener to shareholders. Have your fill at 1 pence, take it or leave it.

Dave will know by now what the rough financial terms of any deal is looking like and how likely he is going to achieve it by X timeframe. The X being year end 2018.

If it turns out the farm out deal is good enough and we are due a large sum of cash our way then DW will obviously not choose to place the remainder shares.

We all should be happy as we have 500m shares of less dilution at 1 pence and that alone should give a small premium to an already depressed share price.

DW has said before, if he can get more value from industry than from the market he will go down that line. With increased activity on the north slope and majors posting profits, its looking more and more likely an industry deal will happen that value generative for us shareholders.

Saying all this, I really wouldn't mind our farm out partner taking up the remainder shares outstanding. At least we will have a solid holder and not someone who will sell back to market.

Finally it looks like we are coming out of this 'trough' in share price as DW referred to it.

Will our 1m covert buyer take up a load of extra shares from the shortfall? Looking forward to see who does.

MR 1M

14:44:01
1.00p
1,000,000 shares
Buy

RNS - "The Company is grateful for the support shown by existing shareholders, despite the recent volatility in the broader market, and the take-up under the offer has exceeded internal projections"

OK so what I have been saying all along may prove to be correct.

DW and the team have done their internal projections on the rights issue take up.

In the mean time DW has had plenty time to find a home for their projected shortfall. This has been planned pre-presentation in September.

My gut tells me they have arranged for XYZ party to take any shortfall at 1p

XYZ could be an institution or potential farm out partner. More likely an institution. We will find out either way as the shortfall is over 3% notifiable threshold. Assuming it all goes to one party of course.