Member Info for LeMajor

FAFHome, thank you for the appology, and admission of liability. My invoice is in the post. :-)
Seriously, we all know the risks, and how much to invest. We have half a million acres and drilled only 2 evalustion wells, and the final results for the second still has almost 3 months to go. There is also a side project at Yukon Gold. We have not had our socks blown off from area A, but there are condensates to be evaluated and the HRZ findings will add value to data already filed. Only 350 thousand acres to go (could take a few extra weeks).
Our main problem is funding. It will either come from PI's or from the oil industry (via farmout). Whichever it is, our slice of the cake gets smsller. Had we blown the doors off, PMO would be in for 60% but because we did not get the quality or volume they needed to realise a pre-determined rate of return, they decided to pull out and save ongoing service charges on the leases. Now that our share of leases has risen from 30% to 70%, it could make follow on action viable - we will find out in July. Also, this summer we should hesr more about thr HRZ farm out and Yukon - we may be down, but not out. Future deals are likely to be nearer the Dalton Highway too (cheaper ice roads). Rome was not built in a day, neither is it built on the Tundra.

Exactly. PMO is under the cosh for too much debt, but with them leaving the arena (whatever their reason) we have hot Light Oil in vapour form (what we craved from the HRZ in Icewine 2). This light oil is also craved by the owners of TAPs (BP/Exxon) as it thins out the heavy oil and stops the tube clogging. Not bad news at all - we still need to know how much we have, so the analysis cannot come fast enough. Only 4% rise today, when it gets to 24% we will know other PI's are starting to get the picture too.

Arabian, do you have any knowledge of the condensates mentionrf in the RNS. With the TAPs being clogged with heavy oil, the ethanol rich condensates are worth a premium as they help the flow. Obviously we will get an official analysis in a few weeks but if you have an earlier interpretation, we can get in or out sooner..

Many are jumping ship becausse they expected a diesel pump to be fitted on the surface and vehicles starting to line up over the weekend. We may not have liquid oil (a mix of hydrocarbons) but we do have condensates (a mix of gasses and vapourised oil). Until we have a laboratory tests on those and the HRZ content, I would not expect news until mid-year. We actually want and expect hydrocarbons in the HRZ to present in vapour form, as that far down in the earths crust the temperature is above 120c or hotter. To soon to make decisions unless you are here for the short term.

The data we now have as a result of this project, proves that the original data suggested valuable reservoirs, but lots of risk. This has now reduced the rrisk, but left us looking at a smaller pool of resources.

The fact is our data was worth $23m to PMO . Data is valuable.

This project for PMO was like our Winx venture. They wanted a big splash on success to pacify their creditors, they were not interested in a mediocre result. The result was too small a scale to be of interest to them and they only had 60% anyway. Now that we have 100% (with Bex) if this has modest commercial prospects we might yet trade those for another core of the HRZ. We do have other projects also, not dead and burried by any means.

This project for PMO was like our Winx venture. They wanted a big splash on success to pacify their creditors, they were not interested in a mediocre result. The result was too small a scale to be of interest to them and they only had 60% anyway. Now that we have 100% (with Bex) if this has modest commercial prospects we might yet trade those for another core of the HRZ. We do have other projects also, not dead and burried by any mrans.

About 200M shares Traded on ASX so far - that's more like I'd expect, unfortunately it has been going the wrong way.
Definitely not one for the faint hearted.
Although not quite as "Transformational" as I'd hoped at this stage, but there is a lot more data to analyse yet. Both the condensate and HRZ analyses are yet to come, and there is always a market for North Slope Mineral Water, for those hot and sticky summer months. As has already been said, with PMO walking away (they have their own problems), all rights revert back to 88E & BEX.
We still have 75% of our land mass to explore, so roll on the HRZ FO.
Sometime around June/July we should get some idea as to the HC content of the HRZ, which should be much better than the bitumen we encountered on the edge of the prospect at Icewine#2.

Asx open 1am-7am uk time.

Shaa, it has been 12 midnight this last week , since we went to BST.

Aussies turn the clocks back for winter this weekend so whatever the news, we'll get it earlier than some will think - an hour earlier. My guess would be Tuesday too, but pi's are the last to know what side up that coin lands.

They don't want toget caught by the spike next week -bumper volume down under.

Fomo visits ASX ?

Yes thanks.

This goes with DW's theme of "Let's fail fast" - that is as soon as we know this is not going to work for us, let's stop spending.
Garrym's words are his own, but I took that to mean "so far so good", and that our first hurdle confirms this is worth pursuing to the next hurdle. I suspect we will get some feedback on that a day or two before the AGM, which is mid-next week.
No point in selling out now as in a week, we will be much higher, and hopefully will get some idea of what is likely to happen in other areas (FO's) at the AGM as well as some indication as to when the flowtesting started, and when to expect results.
April is synonymous with Transformational.

PMO have agreed to let 88E manage the drilling project. That includes 88E playing by ASX rules. PMO will still be consulted before 88E releases news and will have an influence on its content.

We should be at TD within 24 hours if still working to schedule. Probably going through HRZ at present - news Friday, perhaps. Not expecting details until after flow tests, but maybe first impressions if good, within next 3-8 days depending on who/how many approvals required.

Jiddy, last time we drilled it was called Bottom Hole, so either TD interpretation is a touch more savoury. I stand corrected, time for my first cuppa of the day.

I should have added, TD is at the HRZ, so to get there by next weekend, we will have drilled through all 3 Stellar targets by mid-week.