The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Hysteria has now got a grip of the world. Of course it's unpleasant to see our sp plummet and it's shocking that the oil price disintegrates because if a spat between the Saudis and the Russians. Also coronavirus exacerbates an already fraught situation. But these things are cyclical. The virus is not as bad (although it could mutate into something nastier) as some make out. It sadly affects older folk with existing issues(I'm one - I'm 65 today and have Crohn's disease and asthma!) and I realise I could be one. But I'll take my chances in the reality that this is not the bubonic plague, the Russians and the Saudis will eventually work it out, the oil price will rebound gradually and we are involved in a massive drill in a well proven to contain oil. So sorry to see one of our best guys W Aussie leave us (and we've still got RichT/Smals/Miloh or whatever he calls himself this week).. but guys and gals, there will come another day. :)
But Miloh/RichT etc....you promised 0.5 weeks ago! So...you can't claim credit for recent events. And you still haven't explained the reasons for the vitriol, or your many IDs. Want to tell us? Or lose any credibility you might have?
Friend Miloh/RichT/Smals/ Lady whatever you call yourself this week.. you predicted we'd be at 0.5p LONG before the coronavirus struck. Now panic might make it drop to that level if markets continue to atrophy (look it up, mate) but there was no chance of that happening before this 'crisis' arose. So you can't claim credit for predicting the sp would go down. But true to form, we know you will and are doing so. But I wonder why you bother to load the bb with negative/personally insulting/ crude comments? In the interests of harmony, could you please explain? And if you reply to in the same manner as previously, you will merely confirm opinions of your contributions. Lighten up, mate.:)
No need to apologise, BB, but many thanks anyway. I am sure you'll understand why many long termers here will no doubt be bitterly disappointed to see it will be at least another two years before DW's famous cream is curved. I know some here will start bleating 'oil exploration doesn't happen overnight' like so many sheep from George Orwell's 1984. But many here invested (I know I did) on Paul Basinski's reputation as a genuis and shale expert and his forecast that Icewine HRZ was likely to contain several billion barrels of oil. That, coupled, with DW's pledge that it was never our intention to produce or spend millions of dollars on wells, and the promise that 'we won't be here' for that, encouraged me to think we would be in and out in four to five years - which is a long enough time to tie up any cash. I know the HRZ didn't live up to expectations but I think if Paul had still been with us, that might not have been the case and 88e would be a completely different animal to what it is now. Having said that, I think DW has been intuitive in securing conventional potential which may yet take us to success. The prospect of waiting another two or three years is not good for some people in situations like my own - very little income and a strong hope that 88e would have been successful by this time. However, I am hopeful that good news along the way will see a decent rise in the sp and the ability to sell some at a reasonable profit along the way. After all, some of us might not have three years left! Everyone, after me...'Always look on the bright side of life.....' : )
Why the need to 'quell' the suggestions about selling up after Charlie 1? It's a perfectly legitimate tview to have that might happen, or might have happened. ...aren't we all entitled to have our views, particularly after Wall himself said several times it was the intention of the company to prove up and sell up as soon as possible, to the benefit of shareholders? If this does take another two or three years, then so be it. But for those of us who have have been five years - many of us longer than that - then please don't tell us our thoughts have no right to be heard. I used to this this was a democratic board. Apparently not. Or should this post be 'quelled' too?
Could be, TD. But seriously...I didn't think Wall was in the habit of making sp predictions, given all the uncertainties. So if we manage to find the 480mbs, sell that in the ground, and then unlock the secrets of the HRZ and sell that as contingent, then the best we could hope for is either 3.6 or 10.8p?
Has DW said 3.6p is the expectation after a successful Charlie-1? Or he expects 10.8p in two or three years time? Or that 88e would still be here in 2-3 years' time? I'm not saying he didn't. But if he did, my memory is failing (which at my age is entirely possible) or I missed that RNS.
For goodness sake, has punctuation been banned on this board? I had to read that about five times before I could make any sense of it. And before people start bleating about the grammar police, the only people who complain about that are people who don't understand how to write properly. English is not the first language for several on here but the rest of us have been speaking and writing since we were five! Lots of informed posts on here go unrecognised because of endless sentences run together without a break, 'too' is often confused with 'to' and why do people write 'should of' instead of ' should have'? Drives me mental. Come on, guys, we can do better! Rant over...and it's good to see a rise in the sp today. For once, I'm in small profit.:)
TD...thanks for your reply. But with respect, 88e never set out to be a producer. The whole tenor of the company was to prove up sell up as soon as possible, for the benefit of shareholders. We not have the resources to produce and it was never intended that we should. So any talk of us being here in four or five years time is disingenuous. And majors are paying an average of $3.1 for oil in the ground...so why would that happen for other explorers and not happen for 88e? (should we have any commercial oil at all).However, your opinion is just as valid as mine or anyone else's and I thank you for the debate...always stimulating!
If some people truly believe the sp will only ever rise to 2/4p, why have they tied up their cash here for so long? Rather than believe the views of the uninformed guessers, I put my trust in the genius of the sadly-missed Paul Basinski. His research suggested that there are 3.6bn barrels of oil recoverable in the HRZ alone. That is why I and no doubt many others are invested here. Add on potential conventional resources and multiply it by the $3.1 average paid for oil in the ground and then our value would surpass the cmv of PMO. If folk can do the sums, why are they saying it's not possible? Even if we only recover commercial oil in quantities of a fifth of what we hope for, the sp will be many, many times what it is now. Of course, I accept we might have no commercial oil whatsoever. But if people truly believe that, why are they invested at all?(Many of the detractors are of course not shareholders but seem to get a bitter and twisted satisfaction from taunting those who are invested). I am hopeful, indeed confident, this will come good. But if we are lucky, and people can count, why do they say the sp will rise to 2/4p at peak? It defies logic and I wonder why they do it. And if people start to bleat about being realistic, then please read the above carefully.
That's not true, Miloh...there's always the bunnahabhain.....
And Desmond, I note your point abour PMO saying first oil will be a few years away. But why would that matter to us? According to Wall, we'll be gone (sold) by then.
Hi SeaHawk...as far as I'm aware, that was always the plan. Prove up and sell up quick, whatever resource we can, on the grounds that we don't have the cash to drill lots of wells. Production is not our thing, to paraphrase Wall. I don't care if we sell bit by bit to finance the next phase. Five years is a long time to hang on, and I'm happy to wait until next year if I must. But I just hope it's done expeditiously...some of us might not have another five years!
Desmond, with respect, it was Wall who said a flow rate of 100bpd would-be sufficient to establish commercial oil. And I do recognise that a small exploration company needs to raise cash but not year after tedious year. The long term shareholders have put their hands in their pockets on many occasions.. Wall said some time back it was prove up and sell up. I am just asking that he adheres to that.
I must admit to being baffled. I see references today about next year, the year after that..and so on. I thought the whole idea of Charlie 1 was to prove up the conventional and sell it in the ground at the going rate. We would also garner more info on the viability of the HRZ with a view to a farm out. Then we look at Yukon etc. The whole original ethos of this company was to prove up and sell up at the earliest opportunity to the benefit of shareholders, which is why I and many others invested. I simply don't recognise talk of yet more year on year CRs and production. DW said something about we won't be cutting cheques for millions of dollars, we'll be gone by then. It was not the intention to become a producer in any serious way, according to him. If I thought the share price was to be 4p after this drill, after five years here, I would be bitterly disappointed. But what do I know?