SP17 Jul 2018 17:04
Like everyone else who has invested their hard earned here, I am really disappointed about the current price of 1.15p.
There has been so much carp about the HRZ ie duster, plugged and abandoned etc which is not true. This is what the latest RNS said:
The Joint Venture is in the process of engaging with an experienced service provider to provide state of the art analysis and quality control of the existing dataset, undertake additional work and put together an appropriate forward work program to present to potential farminees.
88E Managing Director, Dave Wall, commented: "Ideally the Icewine#2 well would have delivered a stronger hydrocarbon flow rate and it is disappointing that this was not achieved; however, the Joint Venture has many positive takeaways from the well and remains confident about the potential of the HRZ play. Future evaluation of the large potential already identified is planned to be accomplished via farm-out and this process has already commenced.
In essence, and the fact that we are an exploration company, DW took an executive decision not to proceed any further given restraints of time and money. The above statements support a very strong indication that work is being done to timetable a plan of action for a Farminee to take over the project whilst we retain a financial interest. If the data is compelling, we will not have a problem attracting a partner to drill horizontals etc.
The joint project with GB, RMP an Otto was a major coup. Look at the numbers, look at the supporting 3D, look at the Nanushuk and look again at the OSH deal with Armstrong. A similar project which cost OSH $400M, will cost us $6M. Do you guys not see the value. We were in the right place at the right time with operating capability - a tremendous piece of luck in my eyes.
Moving onto our Conventional assets, we were told in February what the plan is "to execute a planned Farm-Out". We have 1B barrels, we will have Preliminary 3D in the next few weeks and possibly at the same time, notification of an FO partner. Drilling permits are already in place for Q1 2019. If you have any issues with success here, then please share your views with the rest of us.
There is talk of action on the YG project in Q4 2018.
I am sure that there are more deals to come via RNS in the next few months.
I have always found DW very prompt with his responses to questions. There is no point in asking him price sensitive questions, as you will get the stock answer "there will be future announcements".
This is either a goer or a dead duck. You choose!
Good luck.
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