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Given that Wall Street is an American site, could it just be that they’ve not properly understood how UK currency is designated and have simply put the decimal point in the wrong place? That would put their estimate at 29.3p, roughly complying with WHI’s forecast of 29p. As someone with a small holding (ooo-er missus) in I3e, I would love the sp to be £2.93, but think it’s either very unlikely or a long way off.
Given that Wall Street is an American site, isn’t it possible they’ve misunderstood the UK currency signage and where to put decimal points, and that they really mean 29p, which would coincide with WH Ireland’s forecast? As someone with a small holding (ooh-er missus) in I3e, I would love the sp to be £2.90…but think it unlikely.
Hi Phron. Best wishes to you too. The few paragraphs I posted earlier are a direct lift from today's RNS, as Bromb says. I put it up because I know not everyone has the time - or sometimes the inclination - to wade through the detail of these things. I also felt that the message from Wall had been somewhat lost in the noise on the board today and the drop in sp. Of course, we have no way of knowing which way the wind will blow on this and are now in the hands of the local decision makers who seem to have been given the final say on whether we get the go ahead. My feeling is that it would be draconian in the extreme to halt this drill, given that the permitting process is well in train and therefore not a new application. I don't think they'll care or take into account that we have already begun operations by making snow roads as that was an internal 88e decision. At best, we get the nod and proceed. At worst, we're told the drill is prohibited. I hope we get at least we get a quick, positive decision that means this season's drilling programme doesn't have to be abandoned, which would have a detrimental effect on company value and share price.
88 Energy is in close communication with the Bureau of Land Management ("BLM") as they determine how the 60 day suspension will be interpreted and implemented. The BLM has indicated that it will continue to process the permit to drill in anticipation of receiving a signature on or before 12th February. There is cause for optimism due to the advanced nature of the existing operations (which is one of the carve outs for the suspension).
I too am puzzled by the acquisition of this company and apart from the obvious figure of a further potential 1.6bn barrels, I see no clear benefit. But I'm only a layman. DW makes reference to the fact that under similar circumstances, 88e went to a certain capital value through uplift. But he makes no reference to a timetable for drilling etc, so is that his ambition, to take us to a certain value? To be honest, I doubt that. But if this TO is successful, we need a clear statement of intent from Wall and plans for progress, source of funding (not us again, surely?), farmouts, seismic testing..and so on. And we need that as soon as/if this TO is ever completed. (Briefly, if I may, on a personal note, I was very grateful for the many good wishes I received here on my recent admission to hospital for a potentially serious - non covid - condition. It goes to show that while there might be carping between us, there are many kind and compassionate posters here and I thank all who wished me well. If I was grateful to the NHS before, I am even more so now. It's not going too far to say that at a time of duress for them, their care, skill and dedication rescued me from a highly-precarious situation and allowed me to go home to my family).
I agree with MikeMike. The HRZ which attracted many of us initially could still be the game changer. Off topic, guys, if I may for a moment. I was admitted to hospital late last night with suspected internal bleeding. I've had it before and it's potentially very serious. The treatment I've had from all the NHS staff dealing with me has been utterly amazing at a time when these guys aree under extreme pressure. Compassionate, professional in the extreme, calm and reassuring at a time of worry. Hope you don't mind me giving them a bit of recognition and sorry if it's annoyed anyone.
Basinski led us to the HRZ and his research suggested there were 3.6,bn barrels therein. An independent company confirmed a large scale oil presence, but pitched it at around 1bn. There was no mention of conventional oil for 88e at that point. Eagle Ford took around 100 attempts to make their HRZ flow. We've so far only tickled Icewine. Nothing about the shale has changed. We're in discussions about a farmout. It was the HRZ that led many LTHs to invest. It's not gone away.
I invested here more than five years ago because of Basinski's reputation and the fact that he had been heavily involved in the success of Eagle Ford. He reckoned there are 3.6bn barrels of oil to be had from the Icewind HRZ. When we first tried to crack it, after his sad passing, it didn't work. DW in the meantime secured leases with potential conventional oil, but so far that hasn't been fruitful. But the shale has gone nowhere and that is is still a possibility. It' s not just Basinski who said the HRZ contained oil, an independent company also said so, albeit at a lower figure. These are facts..the issue is how to get it out. So how is mentioning the shale a ramp?
Many thanks, Never satisfied. I genuinely believe this will prove up and our patience and faith will be rewarded. And you're absolutely right..the health and well-being of our families are the most important thing, much more than material wealth (of course that would be great). Dunno if any of you know Edinburgh, but my family took me out for my 65th on Saturday for lunch to The Witchery, just down the Royal Mile from the castle. Put it this way...88e will need to come in soon to pay for it! Then a trawl through some of Edinburgh's amazing 17th century pubs...it doesn't get better and when we do hit the jackpot, you and our pals here will be my guests. Malts all round..even for friend Miloh!