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13.08 - The well isn't abandoned. The RNS only says plugged, and possibility remains to do a side track to retry
Its worth pointing out PANR have had very similar problems at their drill. But they were ahead of us on the drilling schedule and had time to sort it out (although testing still on going). We've run out of time, so will have to go back next year if further analysis supports it.
Regretting not selling everything on thursday, but yesterday I was regretting selling what I did during the rise. God bless america, they gave the opportunity to derisk at a decent level before the results came in. But always knew the risk, and was prepared that what I kept I might be holding until the next drill.
The US is still a big unknown though on how they will react both short term and longer term. The results are partly promising, and by no means a complete fail. All to play for next year, could be a chance coming up to get a decent price for that.
I'm assuming that N18 and N20 are the ones that are less prospective, while N14 is the lowest zone where we got communciation with the reservoir before problems. Sounds like it might be N15 at Harrier that is the unexpected one at Merlin.
I wonder what the reddit expert thinks about it now? He wasn't at all concerned about the lower gas shows than the willow wells and thought it was a good sign, turns out that was probably because there's less oil in those comparable zones.
I think it might be the result of panr holders setting up a Reddit group and getting their otc ticker on stocktwits, and trying to set in motion a similar 88e ramp.
Had a look at some of the posts. One seems to be trying to compare panr oil in place estimates to 88e recoverable estimates, to say panr has more oil so is the better bet. Can’t complain really, no less reliable than many of the posts about us!
19.12 - no one knows. It’s assumed we may get results from wireline logging tonight/tomorrow/soon. But all this will really tell us is if we have something worth proceeding to flow testing or not. Flow testing, which would give us more meaningful results, will be weeks away from a result.
11.07 - Its a difficult one to predict, OTC it seems to be a largely unregulated market and at the mercy of the brokers.
Now supposing when we do get news its not what the US punters want to hear, do those brokers have an obligation to buy back all those OTC shares they've sold? Could they just stop trading eeenf leaving their punters (and the shares) in limbo? Reading up on the OTC markets, it does seem to be one of the risks that you might buy something that becomes difficult to sell.
And then do the AIM market makers have an obligation to take back those shares from OTC? Could the MMs just say we don't want to take those shares back?
May be silly questions, all rather uncharted territory for me with this OTC market for our shares springing out of nowhere.
10.17 - It would be interesting to know just how many shares have ended up on the OTC market in the past few weeks. I'm thinking must be in the billions to cater for the volume we've seen there, might even be more than held on ASX by now. But not sure it'd be possible to find out without inside knowledge from the brokers involved.
Maybe the next update on the share register will give a clue, if the OTC brokers get represented in the same way as the nominee accounts are?
https://www.reddit.com/r/pennystocks/comments/mkenjb/daily_plays_april_05_2021/
Only an hour in to the daily play thread, and US still sleeping, but looking like eeenf is going to be their main topic again today
20.22 - Dazzle, no I’m sure there have been, and are currently, many more stocks discussed on reddit with higher numbers. E.g the well known one of gamestop, which was mainly the wallstreetbets group. What I gather is that group will not allow penny stocks to be discussed there, has to be something with a sp over $1 or something like that.
In terms of the pennystocks group, I don’t know. But the growth of the discussion about us overall on Reddit across different groups seems to be accelerating. 2 weeks ago we were listed number 4 on pennystocks most discussed with 212 mentions, last week number 1 with 351 mentions, this week number 1 again with 703 mentions.
Eeenf by far the most discussed stock on the Reddit pennystocks group last week:
https://www.reddit.com/r/pennystocks/comments/mjvdop/most_discussed_stocks_in_pennystocks_last_week/
Main page here, 1.5m followers:
https://www.reddit.com/r/pennystocks/
11.42 - Yes I agree, facts are not the most important thing at the moment. For the time being, its all about hype and how many people want to buy.
I started trading crypto currencies to a limited extent last year to diversify my portfoilio. I know very little about most of the ones I'm trading, just following the hype and trading the peaks and toughs. All the youtube videos and 'due diligence' being posted up about 88e are very similar. I don't look into any of the crypto ones at all, most of it is nonsence, I just trade the hype, and have done fairly well not knowing much about what I'm trading. More often than not, the hype becomes true to a certain extent solely because so many people buy on the back of it the price rises. I suspect many of the OTC people are working on that basis, and don't really look into the detail very much.
Sageman, I don't disagree. But success or failure with this drill, things are looking up here. The huge and sudden interest in the US has made the impossible seem almost probable to happen now. Also it's made fund raising for the next drill (should it be required) seem much more possible than it was a few weeks ago. Start of last month it felt like we might be in the last chance saloon, doesn't feel that way anymore.
Looking at deals that have been done on the north slope, I think $1 a barrel max would be more realasitic for the stage we're at. Yes oil search paid the headline figure of $3, but only based on what had been proved with multiple wells. Going by Armstrongs estimates on what was still be proved, the deal was worth more like $1. Other deals such as COPs purchase of Nuna in 2019 were also around the $1 mark.
So that'd give us a few hundred million if we can sell it on, and assuming we are on a commerical discovery. That'd be enough do quite a few wells on Icewine with no dilution or farmouts, and possibly prove up the bigger prize of the HRZ, maybe even make some progress with yukon as well.
3 weeks ago that would've been seen as crazy ramping talk, and now it sounds negative. How times have changed, lol
16.51 - Yes big deals do get made, but that one isn't really that comparable to our situtation. Dragon were producing quite a substaintial amount per day, and ENOC were already the majority shareholder.
10.54 - No doubt this will shoot up if its a commercial discovery. The only question marks are how far it will go and how long it will last. Could be anywhere from hours to months, the pump going on is a big unknown. Never seen it on this scale on a stock like this. Some of the people buying might be buying to hold or beleiving the imminent buyout stories, but you can be absolutely certain that the orchestrators of it won't be, they'll be selling up long before any of the multiple $ price targets