Member Info for lebugue-addick

that is the IG index opinion

...only to raise funds!

it was meant as a bit of light relief - not really a serious proposition. We don't know anything as DW necessarily employs mushroom management. We are trusting him to do the right thing.

WA - as you're closest to Dave Wall (Level 2, 5 Ord Street, West Perth) you are hereby designated to pop in for a quiet chat and a coffee - put a bomb under him please lol!!

"The Company is seeking to attract a farminee to fund and participate in the exploration and appraisal drilling of the significant prospectivity delineated on the Western Play Fairway and to further the exploration effort on the Central and Eastern Leases".

Come on Dave - push the accelerator pedal

nice buy - 550,000 shares from ML

WA - were you at the Optus Stadium to witness highest ever score against the All Blacks? Some result eh?

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OSG - you will excuse me for having a laugh though I do enjoy your optimism

"Further details will be provided in due course" - come on Dave, give us a sneaky snippet

Secret Love Brom?

BB - Sunday Night at the London Palladium with Bruce Forsyth?

Commiserations jiddy; it is tough going through all that - I lost my 3 remaining parents/parents-in-law in the last 12 months and am executor to all 3. In a strange way doing the administration of their Estates helped the grieving process. They were in their 90s so they all led good lives.

BB - now you're just being silly, we all know we're not going to Moniesville - that station was closed under the Beeching cuts.

"There are currently no open short positions in 88 Energy" according to the LSE website.

good point spike - it was just the wording of the RNS that makes me think it was 88e making the condition: "Exclusivity granted by the JV Parties until 31 August 2019". But I agree it is unclear as we await the "further information" promised in the signed RNS (the words of which were omitted from our RNS).

spike 6pm post - why would DW put a 31 August deadline on the deal if we need farmout partner as much as we need them. I would argue we need them more than they need us if in deed it is a good quality or tier 1 company. Seems illogical to try and force their hand.

Good spot cd66. 88e website shows:

6th August 2019
88 Energy Limited
Project Icewine Conventional Farmout Update
88 Energy Limited (ASX: 88E) (“88 Energy” or the “Company”) provides the following update related
to the farmout process for its conventional prospect portfolio at Project Icewine, located on the Central
North Slope, Alaska.
Highlights
? Exclusivity agreement executed by 88 Energy and Burgundy Xploration, LLC (together, the “JV
Parties”) with preferred bidder to facilitate near term operational activity whilst final terms are
agreed on the proposed farmout agreement:
o Exclusivity granted by the JV Parties until 31st August 2019, with customary exclusivity
undertakings;
o US$500,000 payment (the “Exclusivity Fee”) by the preferred bidder to the JV Parties to
facilitate incurring of initial agreed costs associated with the 2020 drilling program;
o Exclusivity Fee non-refundable unless the farmout agreement is not finalised owing to an
act or omission of the JV Parties.
Further details will be provided in due course.
Yours faithfully

Dave Wall
Managing Director
88 Energy Ltd

Bits in pieces yet again

Thought I would refresh my knowledge on what an exclusivity period means. What DW appears to be saying to farminee is "you have until 31 August latest, so no dragging of heels ". So perhaps it is stuck with farminee lawyers and DW now wants to see some tangible progress. Just imho of course.

Divestopedia explains Exclusivity Period

"This period is necessary for the buyers because they need time to complete the formalities of making a quality purchase. Things like drafting the purchase documents, debt-financing documents, etc., can prove to be time-consuming. With exclusivity, buyers can complete this work without feeling rushed. However, because a letter of intent does not bind the buyer to close the deal, the seller will often try to restrict this period. If it falls through, he or she will be forced to start the process again. Although this process can be an annoyance, the buyer and seller agree to the period because the costs related to closing a transaction are too high not to justify exclusion".