Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.
Ta much LeMajor. The quote I was thinking of was from Sept 2016. DW:''It would make sense for us to take something. Say it was 50p or 60p but we're now giving all the risk to someone else, and we can achieve that in 9 months rather than trying to hang on for longer to get a higher target. There’s a whole bunch of things to consider.''. That's what stuck in my mind. However, it has to be taken into context and he says something just before that about that would depend upon us having a successful drill etc, which we haven't quite yet. So it's not really fair to hold him to that. My bad!
I agree in some measure as to what LeMajor says. But the current situation flies in the face of the original purpose of this company, whose stated aim was to prove up and sell up as soon as possible. That, and the reputation of Paul Basinksi, is what made me invest in the first place. I was at the 2016 presentation when Wall said - I paraphrase - it won't be us cutting cheques for millions of dollars or drilling, we'll be gone by then. I based my 88e investment strategy on that and to be in the position four years on with the sp where it is, and with the prospect of still negotiating with a farm out partner plus possibly several years more before we see a return, is vastly disappointing. I know things have changed dramatically since 2016 and we are where we are. I have been criticised for pointing this out before, with one person, who features here but says he's not invested, was 'sick of it'. Fine, all opinions valid. If you're still working and earning a decent salary, this investment might be important but not crucial. Some LTHs are not in that position and for them, this is a decent part of their financial forward planning, and the lack of progress towards the original stated aim is a big let-down. Personally, having come this far, I have little option but to stick with it. And before it starts, of course I could sell up but I would lose money I can ill afford. So I'm hanging in.
I'm with you,Topofoz. Many people have been here for four years and probably don't have the stomach for holding on another two or more years in the hope of something eventually proving up. That might more dilution, and in the light of the disappointments we've already had, the latest being Winx, it might make sense to sell the lot for a decent offer. I think it highly unlikely that will happen, as we still have much to prove, but it would be good to have the option. Someone said DW would have have told us if the lot was up for sale, but he couldn't do that unless there was a buyout offer, and none seems to be there at the moment. I'm not looking for an argument as I know others are ready to hang on the two years plus already mentioned here today, this is just the wish of someone sho's already been invested for a considerable period.
Many thanks BB32. I wasn't really thinking about a takeover in connection with any farm out but was suggesting a total
acquisition of 88e . Sorry if I didn't make that clear. But news of a farm in the short term would be good!
I agree with Kev. I think many people here, like me, who have been invested for four years, would welcome a full takeover soon rather than have another two years of hoping to cream the curve. It's always spurious to estimate a price if that happened, but let's look at one possible scenario (hopeful but not overly so). Say across our area we can recover a billion barrels. Say we sell it for a dollar a barrel, giving away much of its worth in exchange for drilling, equipment, expertise etc we currently don' t have. If you divide that billion dollars by the number of shares in circulation, every investor would make money. Some would make lots. And of course I admit we might not get a farmout at all, or find recoverable oil and might end up with zero.
It looks as if the market is reacting to the release of the Icewine 1 data. My HL account was showing the SP down almost 9% at one point. But surely if this is price sensitive, 88e would have to have put on an RNS? The data certaily doesn't look good to my untrained eye..but is it directly relevant to IW2? If so, surely it would have a detrimental effect on FO talks? People seem to think so, judging by the number of sells since the data came out. That's if they are sells, of course. But I could be completely wrong. All thoughts appreciated.
Some strange sells today, two culminating in sums of less than a fiver and just over a tenner. Surely these cost more in terms of transaction fees than they bring in? Anyone any idea if this is a technical issue or whatever? Incidentaly I don't subscribe to these being MM signals to the market. Just wondered...
Cheers Des. I agree things have been a bit dismal..but as you say, surely we can't draw four blanks in a row? It's not only us who know - or think - we have lots of oil in Icewine but also an independent consultant. But the conundrum is...how the heck do we get it oot? And if it all comes right, we can look back at the current SP and chill.
Des, with respect, that's a reasonable rate. A mate of mine with more than 40 years' oil industry experience got offered a gig writing and updating safety manuals, as a consultant. When he got to around 55, he told the boss he wanted to retire. He tried it several times, but they just kept offering him a higher daily rate he would be daft to refuse, eventually well in excess of a grand a day. So SS' s daily rate doesn't seem too bad and I don't think we can blame him in any way for disappointing results at Winx. I'm sure he proves his worth. I do occasional consultancy work in my field and depending on who's paying, I can get £750 a day. I think that's outrageous, but I'll take it! One day a week would do me, but I usually get one day a month. If I'm lucky.
You're right, Bromb. It's against the rules, if I can call them that. No producer or interviewer would agree to it and the interviewees know that when they agree to the interview. It's standard industry practice and any interviewee who asks 'what will the questions be' is told that doesn't happen .
Good shout, Newanda. Maybe bids had to be submitted by a certain date, with time allowed to the end of the month for the company to consider and decide. Who knows? There might be no bids at all. And Islandgirl, we do deserve it. Some of us have been here for a very long time!
Sorry if it's been suggested already but is it possible that the end of this month is an agreed deadline for interested companies - if there are any - to submit bids and DW is constrained by business confidentiality not to say anything until bids haven opened and the best one chosen? I too am nervous, like many others. But I feel that under Asx rules, DW could end up in trouble if he has deliberately mislead investors by talking about 'bid-ready' parties and impending deals. It's one thing saying there were promising oil shows at Winx, which there were. But it's entirely another to say there are interested companies if there are none.
Bloomin' heck. I think we're not too far from good news but was alarmed when I saw someone saying it would take several years to generate a sale of $3 barrel from Winx. Surely not? And if so, how long for the rest of our leases? The initial idea of 88e was find, prove and sell up. I know we have grown in resources since then, but that was why I invested. If it's going to take many more years, I'm done. But hey ho, if that's the case, amen. Some don't have years. A wee clue...in 10 minutes' time, I'll be asking my family 'Will you still need me, will you still feed me..?'. Best of luck to us all.