Member Info for LeMajor

Chrisev1, exactly right. To trade the tax credits it would only happen if the other party was an Alaskan Oil Producer already. CP, Exxon, ENI, and others but the reason I took CP as an example was since the XCD teakeover CP are now our neighbours.

Trading credits could be a non-dilutionary way to pay off our loan. If say C-P were to come in as a FO partner on a £15m drilling programme, they could pay 88e £20m, and take on £5m of our credits. They could contra them against royalties due to the state and we could pay off a chunk of the loan and reduce interest payments which would increase our Market Cap. The bank would not be keen on us spending that cash elsewhere and probably have provisions within the loan contract to cover this. The only loser would be the SOA, whose royalty revenue would be reduced - deservedly so!

Trumpy, as far as I'm aware, Loan Notes of any kind have not figured in 88e's plans - so the fact that you are an expert is of no interest. Neither is the spot price of oil - most here know that the 10 year average is favoured. Back to gardening, watching plants grow is more interesting.

Up to now xcd & 88e wewre operating at different locations with xcd going for the family hatchback market/FO, and 88e for the 4wd Tow car FO with deeper pockets. Of course some partners could have sufficient funds to be interested in either or both of us but the FO will evaluate each project on its own merit. It is not like which AAA torch battery is the cheapest, this is oil exploration in different areas, with different potention deliverable barrels, and with different breakeven cost per barrel. What has CLN got to do with anything, and does either company have them?

Trumpy, if 88E and XCD were in competition for something, please reveal what that is. As I see it, they were operating in different areas, so were not even competing/ bidding for the same leases prior to this opportunstic takeover, which gives us another area to explore. If a Burger King franchise holder in Bristol aquires another franchise in Manchester, it has more to do with expansion than competition.

Richie, that's like setting a wedding date before registering with a dating site. Best get the FO deal sorted first.

Good point. As well as "closed periods", the option terms also constrain any share dumping to the benefit of recipients, and PI detriment. Hopefully we'll get to 8p+ within the year.

The exercise price of 7.5p keeps the recipients locked in until we reach 8-10p. Unfortunately, many PI's will start to divest from 4p and up - so welcome though it is, this is not earth shattering. Patience still required as it would be a bit blatant if the board made such awards and 2 weeks later contract news pushed the price to 8p. More likely we'll get a few letters of intent this autumn (that shouls steady the ship) followed by some hard orders in Q1/Q2 2021. Hold tight!

Rickie, if you need convincing, that suggests you do not like risk - so this is not for you.
Exploration is about looking for oil that can become a commercial enterprise - finding oil is not enough, but that alone is a difficult task.

100 bagger, great. I bought at 38, sold 80% at a loss but 20% of 100 bagger (×20) means still in with a chance of profit.
Perchance to dream.

WAAussie , not surprised. If you've been doing to your own lawn what yoy have threatened to do to DW's, bog is the right word.
As for part time company secretaries, one of my previous employers had a 10-days per month Co Sec, and we had a £200M/year turnover. Currently, the Co.Sec role takes up some of the time of one of the senior accountants - no idea of his time split (50:50; 75:25 ??). It's not unusual.

The thing is, many who top slice will buy back if the price falls - they therefore bloch the falls as much as they block the rises. It could be argued that they stabilise the sp under moderate market conditions. Of course when there is a very serious change, they have less impact as they are swept asside by the force of the tide as was Canute.

Did not take too long to catch up on the goss today.

Fair enough, but whether a CLN applies to a lending outfit rather than PIs is not important, what is significant is that a CLN is another Cash Raising mechanism which can result in discounted share acquisition.
One way or another, only cash keeps the drill turning, without which we have no hope of a return.

As I see it convertable loan notes (CLNs) issued to PI's is a Cash Raise (CR) that is very similar to issuing shares to Sophisticated Investors - both involve issuing shares
at a discount. Sophs, have to commit to a minimum investment (circa £200k-250k). A CLN is likely to be more administratively burdensome with many small "unsophisticated" PI's like me - so unlikely to be adopted. DW already has a network of Sophs. The other way to execute a CR is a Rights Issue or Issue of Options - both have been done, but I doubt we will see them again either. A FO is a form of CR which involves a cash injection, in return for a piece of the pie.
DT's view of a CR (generic term) is a bit too narrow.

I thought it eas 2.4p rather than 4p , but I might be suffering from selective memory syndrome known as Trumpicitis.

Just as PI's should be aware that CEO's will tend to promote the positives, they should also watch out for the disingenuous who denegrate companies and directors whilst looking to buy-in, then ramp up in order to gain a few quid at the expense of those who follow opinion rather than facts. Caveat emptor applies to Directors and Bulletin Board pontificators alike. I'm sure D45 & Guzz agree, even though they may not admit it to their fan base.

"there is no requirement to raise further cash based on the anticipated future".
Guzz, you have been around here long enough to know that the above term "anticipated future" means current plans. As we know, plans change. If 88e decides to drill this year, it will almost certainly involve a FO. Once a deal is struck, planning and funding will be discussed depending on the terms agreed. Until then the status quo persists which is the same as anticipated future. The outcome of any partnership deals is yet undetermined, so is "unanticipated future". If you can shed light on that, then some clever people will be able to work out what it will cost, and how much (if any) 88e will need to raise.

I thought the penguins were really funny.

Try programming a "Key-Edit 8950", built by a Canadian company CCI (c. 1975) - based on a small PDP system max 8 users,but restricted. I did not design the system, I just flew it. A far cry from the 1904S at Uni.