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I have been praying for a full buy-out for some considerable time, having been here for five years. My personal circumstances (regulars will be aware) mean I need it, having very little income due to a combination of redundancy and ill health, and this share forms a major part of my financial hopes. However, that admittedly selfish wish I think is unlikely to be met soon as we have not proven sufficient to merit a full takeover..by anyone. However, would it be possible to sell off our assets as each is confirmed (if they are)? For example, if we do indeed have 480mbs from Charlie-1, then sell it at $3-4 a barrel in the ground. And so on...HRZ, Yukon etc. That would see a gradual SP increase over the piece which coud possibly accumulate the sum we've been hoping for for years -but not in one go. Also it would be no surprise if not every target is successful. But if some speculating company says in April/May/June they'd offer 60p a share (a throwaway DW remark from 2016) I would grab them by the rowlocks (a rowing term of course ).
Enjoy tonight folks. I was at one in 2016, had a great time and learned a lot. Had the pleasure of meeting DW and the fantastic PB. Also met fellow investors at the Globe. Sadly finances mean I can't make the trip from Scotland this time but I'm sure it will go well. I know DW can't say anything that isn't in the public domain but hopefully he can instill some confidence for the drill ahead. Does anyone know if the presentation is being filmed?
I agree it's dispiriting to see the sp bounce about at low levels but we have events to look foward to, including news on the HRZ, the enigmatic monetisation of Yukon and the drill in early 2020 which could define the destiny of 88e. But the peurile and immature sniping by some here is cringeworthy. Shock, horror..our CEO earns a salary! (not the drivel often quoted here, but comparable to or less than counterparts). We appoint another employee..and guess what, we'll pay him too. Disgraceful, sack the board! And further outrage...someone here who contributes much to this bb makes money by selling when the sp rises. How dare he? And now there are no takers at 0.7p. Really? Thought we'd recently raised millions of dollars by people doing just that? Everyone is entitled to voice their opinion, of course, but what twisted satisfaction do they get from vitriolic, spiteful and frequently wrong outpourings of tripe?
Greetings, Mr Islandgirl. I understand the despond here..no CR is welcome, even though it's obviously required to keep the company functioning. I can't see a consolidation, but could be entirely wrong. However, if we get even a billion barrels across all our acreage (no gaurantee of that, of course) and we get the equivalent of a dollar a barrel, then even with over 7bn shares, everyone invested would make a decent return. The problem is we don't really know how Yukon, HRZ etc will add value, if they do at all. The next year will tell all, boom or bust. But I remain hopeful that this will come through big time..eventually. I have faith in it...but not blind faith (good name for a band!).
Cheers Bromb. I do sometimes wonder if the loudest shouters have any investment at all. I got a rather vicious response a while back when I reminded people I had invested due to 88e's initial 'prove up and sell off quick' strategy. I was rather nastily told by this guy that he was getting fed up hearing this - I paraphrase - then he later admits he'd sold..if he were invested in the first place. He still posts, oddly enough. Wonder why?
Sorry, have been out of contact for a few days. Just catching up by skimming through the last few pages. Seems as if people think there might be a CR coming but I can't see an RNS saying so. Or is it in a fresh investor presentation that I can't seem to locate either? Or is it merely 'expert' speculation? Last time I looked, we had more than $6m in the bank and are awaiting news on the HRZ farm-out and an update on the monetisation of Yukon. So while no one can rule out a CR (better that than running out of cash and going bust altogether) I can't see the point in worrying about something that might never happen.
Mixed reaction to today's news. Lots of sales - apparently - but someone has just paid around 69,000 quid on 7,000,000 shares. So someone is encouraged. It can be looked at in two ways. 1) Premier Oil isn't BP or Shell and they haven't given us cash up front. 2) They are an established company since 1948, have agreed to pay the costs for a well and possibly more and their estimation - not ours - is that there are 1bn barrels of oil on a small part of our leases. The market doesn't like it but the drop of almost 15% is now 'only' around 10%. I am a bit disappointed as I was expecting 'transformational/ news. But we are still going, have a drill arranged in the foreseeable future and we wait announcements on the shale and more, possibly soon.
2p? I admit I am repeating my earlier posts, but how can a 2p sp equate to Wall's 'transformational for shareholders ' statement within 9 months of October 2018? Particularly so when the sp was in excess of 2p when he made it? I appeciate we are now outwith that timeframe but farmouts seem to be complex arrangements and timescales can slip. I think David had a figure in mind when he made that statement and I don't think it was one less than the sp at the time.
I see speculation about what we might receive in cash terms in the expected farm out deal. None of us can predict with any accuracy. However, I read with alarm a prediction that as a result, the sp might reach 1.5p. If this is the 'transformational' outcome Wall said would happen in 'the next nine months' last October, then to say I would be disappointed would be a massive understatement. Surely he would not have said that if he was not confident of such an outcome, as he might be accused of misleading shareholders, with the possible ASX repercussions? I do not believe Wall would mislead, but of course that was said before the Winx drill so perhaps we could accept a reajustment in expectations, as Winx will be revisited. But 1.5p when at the time of David's statement the sp was in excess of 2p. Surely not?
Thanks Moneyhawk. What the Sun did was report what a senior police officer told them. The police were the official source of information on that occasion and the Sun trusted the cop and reported what they were told. I honestly despise the Sun, but they were quoting the official source. If you can't trust the police, then who?
Morning AIM4. Good point, but in journalism the word allegedly has to used very carefully. If the use of the term even suggests doubt (ie, suggesting that no deal has been done when it has) then even the suggestion can under certain circumstances be actionable. And I see someone suggesting the Sun tells lies. While I admit the Sun is sensationalist and I never read it, can anyone tell me a lie it has told?
Fair point about the chattering classes, Bromb. Unfortunately the BBC thinks it's incumbent upon them to give them air time in the interests of 'balance' but in doing so they fill programmes with aimless wittering.
I see various allegations about spin and manipulation in the media. I worked as a journalist/news editor/producer in the media for over 40 years, in local and national newspapers, then in broadcasting, including Sky and the BBC. ( I never worked for a tabloid). In all these years, I was never told or asked to tell a lie or spin a story in a particular way and when I ran newsrooms, I never instructed any staff to manipulate or spin. What would anyone gain by doing so? People think you can say anything by hiding behind the word 'allegedly' ...nonsense. In a legal case you might say 'the attack allegedly happened on Sunday', but that's about it. Papers are allowed to take differing political stances depending on which party they support, viz the Mirror (Labour) and the Telegraph (Tory) and will report accordingly. It's totally forbidden in broadcasting. While the Sun can be shamefully sensationalist, the vast majority of media journalists are responsible. The idea that journalists are inky-fingered, nosey lying gits is wrong. Most are highly-educated, intelligent, decent human beings who just want to do a their job and then go home to their families. Via the pub, of course.
I see it suggested that the deal has been signed off 'allegedly '. Does that imply the company is lying? I think 88e would be ln deep legal trouble if they told a deliberate lie and under the various stock market rules, potentially the 'liar' could, in extremis, go to jail. I doubt very much Wall would be do such a thing and having met him, albeit briefly as part of a group, I have no doubts or concern about his honesty. It must also be remembered that making such an allegation in a public forum is potentially actionable. I lecture in journalism law and often have to tell my students that there has to be basis in fact for anything they write or broadcast. One said he could make any allegation he liked, as long as he said 'in my opinion'. I said 'see you in court, pal'.
Thanks Moneyhawk. I did say 'at a decent price' and in the unlikely event of a buyout offer, I think it would have to be far in excess of the current sp to satisfy many shareholders here. The only reason I speculated at all about a possible buyout is that the sign-off seems to be taking some time, although this of course could merely be a feature of FO deals. I wondered though if the FO talks had gone beyond that and could have evolved into either a full or partial buy-out as more data became available. But my main point is that it would be good to know either way.
MW93, I too have been wondering, given the length of time the final sign-off is taking, if this deal is more than 'just' a farmout. I've been hoping for a total buyout for some while, being an old timer here, but I wonder if we have so far done enough to persuade a major to buy 88e in its entirety? I'm not sure. But if Wall has done such a deal at a decent price, then I'm sure many here would be happy to sell out. Others may see more value in hanging on for another few years to seek a higher return. But could that be guaranteed? And not all of us have the luxury of time. I for one want David to keep to his word of delivering 'transformational ' news to shareholders within 9 months from last October. If that comes in the form of a buyout, so be it. But I hope we know one way or the other very soon.