Member Info for LeMajor

Things are not so black and white. In my view 2 good commercial results from the 7 targets will send the so skyward. Less than that and DW will have his work cut out to set up another conventional deal, IF PMO pull away. Similarly it will be very dillutive to fund our share of any HRZ future projects. We still have Yukon and Winx to either exploit or to leverage in some way. We are not a binary outfit. With 1/2 M acres to drill, why would anyone think that we are on a precipice.
Having said that my Sipp is very sad, and I long to see it smile.

Ben, the drill is not funded by PMO. It has been funded by the sale of 60% of our Western leases. Payment from those leases has given US the funds to pay for the Charlie1 project. Who is 'US'? ..... the joint venture, 88e+BEX+PMO.

BoomBoom, my understanding is that a bagger is a gain of 100% (i.e. 0.7p +0.7p becomes 1.4p).
A ten bagger is a gain of 1000% ( 0.7p +7p = 7.7p) it is not a ten fold value but a ten fold gain in value.
Thus if 1p was the baseline a nine bagger would give a share value of 1p +9p gain = 10p. It is an accademic point as I'd rip someone's arm off for either a niner or tenner.

Meant to add, this will mean sellers with a loose grip will become rare so daily volumes will get smaller as sellers hold out for bigger margins and buyers will need to pay more to persuade them to loosten their grip. The roller coaster ride will start soon, get your tickets early. I would not be surprised if Ice Road construction starts within 2-3 weeks too.

Indeed 10p plus (or 9 bagger if you prefer).
They've caught up with price and volume down under and looks like the 10 -20% players are now cashing in - which will mean that most remaining shares will be held by LTH's looking for a much bigger margin (200% minimum in most cases).

For anyone playing the brinkmanship game, just be aware that when this takes off, typically you will only be able to buy small packets (50k-250K shares), and on a rising market, that can be expensive. Many will arrive at the station after the train had departed. Obviously this does not apply to shorters, just to those prepared to invest for 6-12 months by when I'm hoping to see double figures. The trick is not to mind waiting, and not to invest at all if you have a nervous disposition - there is always the chance it could go the other way, though unlikely (IMHO).

With DW due to touch down in Blighty next week (wait for it....) who'd want to be out of this over the weekend?

That'll be FOMO, washes away all unpleasant odours, ogres & trolls, with added blue bits.

I would not be surprised to see several FOMO-based surges on the path to spudding. This being the first. Hopefully, the retrace that usually follows will not be so severe as to gobble up the gain - just do not panic, as the underlying trend will be up.

least = leased (must sort out this predictive text thingy).

L-T-I, I think it is 88e who are running the drilling project (via our man in Alaska). PMO have bought 60% of the action (assuming our least area goes into production. For this privilege they are paying us $23M, which we are using to fund our drilling programme. I am not saying that PMO have not participated in the process - having spent millions (probably) on performing due diligence over the past year or so, I'm sure they have had their say. Alter all 88E, BEx and PMO are all chasing the same pot of gold.

note=none

Disagree, this is not a "last chance" anything. There are multiple projects on the go. This is merely the "first chance" in respect of the conventional oil within the western section of our leases. It is potentially the largest of the three areas, but note have been fully evaluated yet. As I understand it, every time we "puncture" a stacked reservoir, we can send out an acoustic signal (like a fishfinder on a boat) to determine where the boundaries of the field are. At the end of this mapping exercise we will have a better idea of the volume of oil down there, plus of course, we will get oil samples and pressure data (flows) at each instance. Again, as I understand it the flows may or may not be indicative of the "optimum" flow rates as some of these puncture points are not in the best location for each target, some are on the periphery (bur suppose we get a commercial flow rate on the edge of the field, then think of when we go for the "sweet-spot" and use of the word "gusher" (maybe). We have had a couple of disappointments, and by keeping both feet on the ground we should be prepared for a couple of "lacklustre" results out of the 7 plays - but as I said, this is the "first chance" salon, not the last chance. Not being certain of the accuracy of the animated video regarding the three Torok fields, but at least 2 of them looked to be piercing quite a thick layer - over which PMO will be salivating, even now. Some "investors" will start piling-in when the Ice Roads start to be laid (I wonder if they will start when DW is in London?) others will wait for the sp to start accelerating, closer to spud - but when the stampede starts, shares will be as rare as hens teeth. Over the last 12 months I've noted a number of posters who average around 2.5p (as do I) so, I am looking and expecting to see that part of my portfolio hit 5-8p before selling, and then only sell sufficient to see the balance run as a free ride. We may be running behind my aspirational schedule, but I feel that I will be in a forgiving mood before Q2 ends. LTH's just need to lay back and enjoy the ride, and remember the HRZ, Yukon & Winx projects are simmering on the back burner as well as the other two conventional exploration areas.... Last Chance, I think not!

Good turnover on HC, enough to hold price.

Milo is one of the few who value 88e on the strength of it's bank balance. We were asset rich and cash poor before the CR. Since then our contingency fund at the bank became healthy (currently $10m). The funding for Charlie1 has been covered by the sale of about 10% of our oily assets, and if it overruns we can dip into the contingency.
We have 7 targets in our cross-hairs, and as long as 2 of them deliver the goods, we will probably be able to fund the future programme by borrowing against a then proven asset. I very much doubt we will see 0.5p again.

In order to drill Charlie1, 88e (&Bex) had to raise funds. That meant either going to the market for more money (the sp indicated that the market would not bee keen) or sell off a portion of assets. Various companies wanted to buy-in to our venture, as they could all smell the oil. PMO was the favoured suitor.
Some people on this BB seem to think PMO have "rescued" us. That is not the case. We have a mutually beneficial business arrangement from which we will all make money, and 88e will gain a lot of kudos in the markets as a bye-product.
On the assumption that all those suitors were there to get a slice of our oily cake, it is not just PMO who believes we have some very valuable leases. I think the prospect of going back to 0.7p per share is now defunct- Viva Charlie1 !

PMO are not paying for the well. 88e have raised funds by selling a 60% interest in our Western leases. The money raised plus the $10m in the bank already, will cover the cost of Charlie1. PMO have options on additional leases, but we (Bex & 88e) do not know if the options will be taken up.

The real change in sentiment will hit soon after the ice road construction starts. I would have thought post-christmas BUT the temperature is dropping fast so the rush could kick in before.
The wise are accumulating early.

I think all fraccing should be banned, and stay that way for as long as the "special relationship" between BoJo and Trump continues to flourish, then next year when reality strikes home we can un-ban it. When the greens find they can no longer afford to buy Saudi or USA fuel to heat their homes or travel for picket duty, or use solvent based markers to write on their waterproof plastic based placards, they may have a change of heart. I noticed they had a wood-burner to keep warm and provide hot soup on the picket line - where are the smoke-free zone protesters when you need them?

Maybe December will be the transformational month - Ice Roads, Refunds, Loan Discharge.
A time to clear the decks.