Member Info for LeMajor

Remember when looking at drilling schedule Alaska are as far behind us as we are behind Perth - so the calendar as only just flipped over for them today.

No point bleating about failure when in 5 ~6 weeks we will have an answer on the Winx project. Of course there are a few other projects simmering in the backgound too - if all fail it will compound our problems, but if all succeed (even 2 out of 4) many will be able to retire early.
We have lots of oil, we just need time and money to develop an extraction strategy for each of the plays. Each attempt gets us closer to one that is commercially acceptable, whether it is 1 step or 10 steps away, I do not know - but I do believe we will get there eventually. Meanwhile accept that this is the exploration game - without perseverance there is no success, so take a chill pill.

Sagey, forgive me for pointing out the obvious, but if DW has got you hooked by owning 12m shares, he can't be that much of a failure.

Highlights: Winx-1

o Spud on schedule for 15(th) February (AK time) - final preparations underway

Western Leases - Winx-1 Exploration Well

The Nordic Rig#3 arrived on location, as planned, on the 7(th) February (AK time). Rig up activities have proceeded smoothly and final preparations for spud are now underway. The call to "crew-up" was made at 0530 14(th) February (AK time), which usually indicates spud will occur within 24 hours. Regular updates will be made during the drilling operations.

The Nordic Rig#3 on location, ready to spud, and a map of the Winx-1 Well Location and Regional Nanushuk/Torok Discovery Wells can be viewed at the link below:

http://www.rns-pdf.londonstockexchange.com/rns/1915Q_1-2019-2-15.pdf

Winx-1 is located 4 miles east of the Horseshoe-1/1A well that significantly extended the highly successful Nanushuk play fairway to the south. Winx-1 will target gross best estimate prospective oil resource of 400 million barrels of oil (144 million barrels net to 88E) across multiple stacked objectives, including the Nanushuk Formation, which is the primary target of the well.

Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

Media and Investor Relations:

88 Energy Ltd

Dave Wall, Managing Director Tel: +61 8 9485 0990
Email: admin@88energy.com

FoolsG, there is no lack of interest - 88e has a mature investor base so we (as a whole) do not cry over every grazed knee. As for lack of volume, unless someone has a credit card to pay off why would they sell at this level when the sp will be much higher by the end of next month - news due on several fronts (not going into it, DYOR).
As for Ice2 "failure", it was our second exploratory well - exploratory wells are to collect data. Sometimes they discover something that works, sometimes they discover what does not work, but mostly they discover things you never knew before - a failure would be would mean we discovered nothing, which is patently not the case as the Tier1 companies who have paid for the privilege of peeking into our data room, are not as naive as some of our posters.
We often get itinerant posters when news is due but rarely do they affect the sp -we are not easily spooked.

Cost of 1 Red Herring = 1.1p (plus £9.95 p&p)

Saudi can always balance the books by selling off a few hundred vehicles from the Royal Fleet to "We Buy Any Armoured Cars .Com"

This is more likely to be a slow build up as the 2 big items still have 3+ weeks to go.

Meant to say "confirmation tonight on ASX"

Suspect it is either a Red Herring or confirmation that Spud is planted. Could we then see a steady climb over next 2-3 weeks ..... don't expect a spike until flow news or the FO (maybe a dual news RNS) from mid-March.
Anyone wanting to board should do so soon.

Not the consolidation tripe again. Apart from any other opinion, DW has ruled it out, so why keep regurgitating.

Spotted this on the web as a good reason to avoid such:
"These are usually done in order to continue to meet exchange listing requirements. If a stock is trading so low that it has to do a reverse split then it is a financially troubled company. Increasing share price artificially via the split does not change the financial picture and that's why such companies tend to lose share value".

88e is not financially troubled so no need to consolidate.
Some of our PI's are financially troubled and think consolidation is a way out for them - but why should the rest of us be penalised with a drop in value by 10-15% ? Why don't they ask our 18th largest investor directly why he (DW) does not favour consolidation (or look it up in our wiki archives).

The thing is one has to factor in the trades that would have taken place by investors who may not have taken up the RI.
It's a "how long is a piece of string" question.

Definitely a few "new kids on the block" - the top 20 has got some new Southern hemisphere II's in there and DW himself moved from #20 to #19. HL seems to still be holding about 20%, which suggests to me that many PI's (like me & you) took up the RI shares, else they'd maybe have slipped to 18-19%. Not looked into the new names but I think one pension fund previously in the top20, has slipped down.
Today would be a good day for them to address that situation as from Wednesday, I think our watch spring will be fully wound.

The known, is a reason to invest.
We know that we are sitting on top of many billions of barrels of oil.
We know that even if the company experts have over estimated by 100%, we still have many billions of barrels of oil.
We know quite a lot about the geology (from 3D and Ice1), and after drilling a second test well (Ice2) we improved that knowledge and will modify the next test well making use of that improved knowledge base.
We know that within the week spudding is scheduled to happen (+/- a couple of days).
We know that the 6-8 weeks following the spud, at least two major events are going to be announced which could significantly affect the valuation of the company.
We know that there are three factors to monitor (IMO) - the Winx flow significance; the cash injection; the revelation of our exploration sugar daddy (if all 3 find favour with "the market", BOOM !
Beyond that plans and timescales are understandably vague - but we do know the longer term intentions are to prove up the remaining conventional, unconventional and gas prospect, probably in that order but because exploration in Alaska is "season dependent" once the first plate starts spinning, it may not be very long before the second plate gains momentum.

What we don't know is how long we will have to wait before we cash-in. Some will get out at 10p, others at 30p, 50p, 90p or £1+. Staying to "the end" will not be an option for many - unless they are only ambitions for the wealth of their kids. I hope to spend most of my kids inheritance, but I'll leave them some loose change for their pension pots.
Of course 88e might not have an end this century, but what does it matter whether we sell out or the company gets bought out - as long as our investment makes a decent return.
Many will bail out between 5-10p and among them most of the wailers and whiners (I hope) - so the sooner we get there the better pleased I'll be (surely it is on the cards by summer !?).
I wouldn't want to be out of this after the weekend. :-)

A few points to bear in mind.
1. DW sees little point in consolidation - it tends to devalue the sp by 12-15% and cosrs money to administer.
2. We are a multi-company group - and we may develop yet more subsidiaries. DW could sell off Accumulate or keep it and sell off 88e. He may sell off our yet to be formed Gas Div to an LNG exporter, Yukon project to Exxon, Winx to RMP, the Alpha conventional to Jade, Icewine conventional to Oil Search and all our unconventional HRZ to COP. Whether we sell off these "bits" this year, next year or the year after depends on whether DW believes he has added sufficient value yet.
3. No company will give us cash based on our sp - they will pay us on whatever basis they evaluate the assets they desire from us. When someone buys a house, they do not value it based on the colour of the walpaper - and at the end of the day the owner can reject any offer on which he/she believes to be unjustly valued.
4 There are many ways to skin a cat, let alone a dog, and we have a horse of different colours too. I don't think this has ever been mentioned on this BB previously, but " we don't know what we don't know " and just looking at todays posts, not only is it evident that we have many "don't knowers" ( myself included) but we also have more than our fair share of " clueless tunnel visionaries ", to boot.
HTH

I thought DNR had to sit on that stuff for 10 years before releasing - probably reduced to 5 if we applied for those "virtual credits" we did not get.

It is the equivakent Ann from our partner, RMP. Nice to know what they say about the joint project.

Because the Flow test and the FO period end could coincide, there might be a case for delaying by a few days to produce a "Blockbuster Press Release" but that would only happen if the FO went to the wire (unlikely, but not impossible).

Where better to develop an autonomous vehicle than Alaska - the crew are probably in the 3rd floor bistro admiring the scenery as the rig meanders down the track,with Arctic Foxes gambol about on the Tundra, and David Attenborough and crew throwing snowballs at them while singing Inuit folk songs around their campfire.
Thanks for the "cellar" explanation GM, so it is a sump to retain spills & waste so that it can be carted off as appropriate.

North Pole moving - mark my words, Trump will be behind it - and I bet he's not even got planning permission. (Speaking of which, why do we need a cellar? I thought booze is verboten.)