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I'm all for positivity from 'those in the know' but his purchase of just over 1,500,000 shares represents an investment of £4,750! Looks like a token gesture to me or he's as skint as the rest of us :-)
Good find Denzal, as you mentioned it's a 2020 article and states that the onitor will be available Summer 2017! Not sure how relevant this is to the current situation. The link is wrong, it should be https://www.information-age.com/future-tech-healthcare-5265/
Sourced from Amit Ben-Haim is CEO of CloudTag, a company that brings data and performance monitoring to the health, wellbeing and fitness markets. Its Onitor Track device and health platform is set to launch in summer 2017
I'm a LTH too and really hope this turns out to be genuine. I cannot see why you would be so obtuse Denzal, surely if you do have news (especially good) then why not post it? Otherwise, what's the point in posting here? Surely, it's not just about the BS moronic us v them posts that flood this board?
I've read the statement on the website but obviously still very, very sceptical. Is this genuine?
You couldn't make this up. operational issues and a power outage! The one time that a bit of clarity and positivity was required and this foggy, dithery, could be, but isn't quite RNS is issued. Fundamentals haven't changed but the sentiment has flipped 180, more patience for realistic return but the short term opportunity for riding the wave has left the f'n building, gutted!
I've been in this since 2016, not traded but gone from healthy profit to being spiked with heavy paper loss, bought low on the dips and now back in profit. Top sliced recently and now happily sat on 4m free carry. Hoping for positive news in the coming days, god know the LTH's deserve it, we've had more than our fair share of negative news! Still a binary play with Merlin but a positive result could springboard us into other plays and the golden nugget HRZ! Good luck all :-)
Not sure why you would expect the PMO news (quoted below) to have any material affect on the 88e share price?
"(PMO) were trading 16.23% higher after revealing plans to buy two major UK North Sea assets from BP in a $625m deal."
Following the issue of the New Ordinary Shares, the Company will have 6,871,540,324 ordinary shares in issue, all of which have voting rights. The figure of 6,871,540,324 ordinary shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change their interest in, the Company.
RNS Number : 1537M
88 Energy Limited
12 September 2019
12th September 2019
88 Energy Limited
Placement to Raise A$6.75 million
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to advise that it has successfully completed a bookbuild to domestic and international institutional and sophisticated investors to raise up to A$6.75 million (the "Placement") through the issue of up to 540 million ordinary shares (the "New Ordinary Shares") at A$0.0125 (equivalent to £0.007) per New Ordinary Share (the "Placement Price").
Funds raised pursuant to the Placement, together with the Company's existing cash reserves (A$6.5 million as at 30 June 2019), will be used to fund the ongoing evaluation of the conventional and unconventional prospectivity of the Company's existing assets, including any potential costs in respect of the Charlie-1 well which is due to be drilled in Q1 CY2020, and to enable it to identify and exploit new opportunities on the North Slope of Alaska.
This will include strengthening the Company's balance sheet and to provide the Company with sufficient capital to:
· fund potential costs of the Charlie-1 above the Premier Oil carry;
· fund lease rental payments due on Alaskan acreage;
· fund interest payments due on the Company's debt facility;
· fund new venture opportunities; and
· finance the Company's ongoing working capital requirements and general and administrative overheads.
Commenting on the Placement, Dave Wall, Managing Director of 88 Energy, stated:
"Completion of this placement positions the Company strongly as preparations continue for the drilling of the Charlie-1 (Malguk-1 appraisal) well, which will test multiple stacked conventional targets, as well as the HRZ shale, in Q1 CY2020. Charlie-1 will be funded up to US$23m by Premier Oil Plc, a highly credentialled partner that has recently farmed in.
Drilling the Charlie-1 well will be a pivotal moment for the Company as it seeks to unlock the large potential of the conventional plays on the acreage.
We would like to thank our advisers and shareholders for their continued support as we enter into this critical phase."
Hartleys Limited acted as Sole Lead Manager and Sole Bookrunner to the Placement in Australia. Cenkos Securities plc acted as the Company's Nominated Adviser and Sole Broker to the Placement in the United Kingdom.
The issue of the New Ordinary Shares is not subject to shareholder approval as the issuance will fall within the Company's placement capacity pursuant to ASX Listing Rule 7.1A and is conditional only on admission of the New Ordinary Shares to trading on both the ASX and AIM ("Admission"). A total of 540,000,000 shares will be issued pursuant to 7.1A. The New Ordinary Shares, which will rank pari passu with the existing ordinary shares in the Company, with Admission and settlement scheduled for Friday, 20 September 2019.
Might be a silly question this but I have a query on how we fund ongoing development of Area A. I know PMO have bought in at up to $23m to fund the first appraisal well. I know they will retain 60%, 88e get 30% and Bex 10%. Assuming the appraisal is successful what happens next? I'm guessing we'd need more wells, dozens, possibly more to develop the area fully and extract 1 Billion barrels! How will that be financed, what happens to our 30% WI, is that set in stone?
Having read the article it’s certainly up beat, here’s hoping for a succesfull appreaisal well early next year. Mistake in the text though or this deal is a bigger giveaway than I feared :-
Premier also has the option to acquire 50% of Area B and Area C, the Central and Eastern fairways respectively, by spending USD$15 million if the Charlie-1 well is successful.
So PMO market capital up just under £30M and our SP has fallen. Looks like I’m not the only one that thinks PMO has got the better deal here. Let’s hope for better news over the next few weeks on our other plays, otherwise it’s going to be a long autumn/winter!