Member Info for LeMajor

Anyone on this board getting close to 167M shares in 88e should read up on this subject - be prepared!

Aim Rule 17:A holding of 3% or more in any class of AIM security (excluding treasury shares) and any increase or decrease in such holding through any single percentage point.

In my experience window cleaners often have a different perspective. :-)
I think the presentation had something of a comforting "ReadyBrek Glow" about it.
I also got a vibe that whilst not feeling comfortable about the incentive scheme, DW is not about to look a gift horse in the mouth.
One thing that would set him a challenge is if the market started buying just before the GM, instead of waiting for the JV to be announced - if we got to 3p before the GM, I think most would be quite happy.
What if Bex sold half of their interest to C-P? That would set the cat amongst the pigeons!.

Not THAT old chestnut. Galp has been discussed ad nauseam.
DW said it is not an issue, some years ago - and we are now 3 year further along. I think the organisation has disbanded in any case so the beneficiaries are no longer in place. Although I cannot remember exact numbers, I believe we already surpassed the target MCAP somewhere around 4p (though it needed a dollar equivalent) a couple of years back - so we probably had to be above the target level for a sustained period. Although the MCAP has fallen since then, I suspect the deal has "timed-out" by now. I did wonder whether the formation on Accumulate Energy was to mitigate against the GALP deal, but it's academic by now - besides by the time we get beyond 4p next time, the penalty (whenever it may be due) will only amount to petty cash, if there is any liability at all.

Sounds very plausible,J-H.

128K, as far as I know they did not take core samples from Ice2V, so if the section of core to which you refer was an issue, I suspect they would have - so we can conclude it was not significant.

As for Ice2V's purpose, the company has always said "experimental" - one element of which was the flow test. I am no expert, but pressure, temperature, brittleness, elasticity, deliquescence, HC components, mineral content and a whole host of other factors would have been on the check-list. Take a look at the wiki for more detail, I've forgotten more than I remember - but I'm aware that some have not even looked.

Exactly. First there are theories, then experiments to prove/disprove the theories, then it's about repeating the success enough times that it becomes accepted practise. We are still so close to the beginning of the experimental phase that theories are still being formulated. Once we get to the "proven theories", the price tag goes ballistic - but we have multiple projects, so they will all reach the proven stage at different times.
As we are acutely aware every stage needs funding, so that too is a vital requirement, and like with the other stages, comes one chunk at a time. As we pass each station, some passengers will get off, others will get on but the ticket price will tend to rise the closer we get to the end of the journey.

Brom, it's a point grasped by the few. Ice2V as we know was meant to gather data so that we could more accurately design an oil producing horizontal. Far from being a failure it has provided good data that will help to home-in on a commercially viable approach. There may still be unknowns, but Ice2V has reduced them.
I can't see Mr Wall changing his mind on the 50:50 COS, as he is trying to manage expectations, and would not want to dismiss the risk - but as for me, I thing it's a good 'un. If we have a major player that's asking for more time, I'm guessing they to think it's a good 'un. Once the GM is done and dusted, we might find out.

Hexy, I think you'll be laughing on the other side of your face next spring when we get the operational reports (ahead of Y/E). My most expensive tranche came in at 7.41p over 4 years ago - averaged down a bit since then - but the message and vision is now heading into profit, so expecting the SP to rise steadily for the next 5/6 months. News from USA motor bikers, German manufactures, International sea and air freighters, agri-industry on 3 Continents, the inertia is building.
Investment takes time to blossom, generally 3-6 years so we are just about at the summit and will soon be coasting downhill. As has been said, we need to be selective to ensure we do not oversell or over-commit to supply. Keep 'em hungry, but don't keep 'em waiting too long it's about balance and get rich steady, not get rich quick.

Bel, it's a situation similar to the motorist who asked a farmer " what's the best way to get to Llanybydder?". He replied "well, if I was you, I would not start from here!".
I do not disagree with the principle or method of reward, but I think that the trigger to start it off should be a bit higher than the current sp (especially if it does not escalate over the next 3 years).

Is there an echo :-)
Dave Winge? witty ! Too many empty vessels, too much noise, too many words.
I liked the article (11:43 post) especially the closing comments...." With such large neighbours just over the fence, a single discovery in this most lucrative of regions could remake this ASX listed junior. " and "Plenty of activity to come in the next few months".
Still dreaming of a Black Christmas.

If this GM is being called solely to approve an incentive package for employees, then I tend to think it is a little premature. If the sp had already returned to a range of 2.5-4p (we were in that range last year) then I would have no concerns - but I'd like to see us recover from our current slump first. With a tier 1 company lurking in the shadows, I suspect we will touch the midpoint of that range (c.3.25p) within a couple of weeks of a positive FO announcement.
I still have hopes of that happening before Christmas - what a great stocking filler! (DW take note).
Should the Chairman introduce a trigger for the incentive scheme (such as "above 3.25p for 30 days") I for one would have no reservations.
One thing I'm not clear about is that the scheme appears not to be constrained to Dave Wall - other employees (such as Erik) making a significant contribution to the business, would also benefit. Please correct me if I've got that wrong.

128k, only a recent member, but you seem to have quite a lot of knowledge of 88e over the years gone by.

The "negatories" & critics know they would be met with "if you felt that way, why did you not attend the Forge?". They just poke with a stick - from a safe distance.

The fall in the sp is no more the fault of our BoD as it is the "market's" inability to exercise patience. It may yet take several attempts to flow the oil from our unique shale play, only patience, and cash will get us there.
The conventional opportunities reduce risk and may even lift the sp once a partner comes on board.

Agree with Spinefx, timing is not the best. I'd be ok if the bar was raised. If the scheme was triggered by 60 days at 3p(6c) say. We have fallen so low that the only way is up, and we have already achieved 4.3p before dropping back. I don't think it will take more than a few months to get to 3p - just announcing a deal with a "major" player (not me) could do it, and might be on the cards for Q4 anyway - so not long for DW to wait, especially as many have been waiting for 3p well over a year already.

Phrontist, I think your income estimates are a tad optimistic.
We can drill on the tundra in winter because the ground has to be frozen to accommodate heavy vehicles, rigs and tankers - by May (when you propose extracting oil) the tundra is a peat bog.
As DW has repeated, ad nauseam, we are only intending to produce oil to sufficiently convince a buyer that it is commercially viable. this is typical of an exploration company such as 88e.
We will sell to a company that has deep pockets, sufficient to install infrastructure to extract and deliver oil into a TAPS pumping station/depot. That is not to say we will not take royalties, but my guess would be we'd sooner take cash up-front so as to pursue the main chance (the HRZ). We could take a bit of both of course - but that is what horse-trading is all about.

well, 128k, I'll reserve judgement until Friday.
Too late to jump ship now, in any case.

Nice to know, Spinefx - that explains the more "up-market" location - also augurs well for a positive RNS.
:-)

far-out = farm-out, though on 2nd thoughts.....?