Member Info for moneyhawk

I'm surprised the annual accounts haven't been published yet. But as others have said, the accounts are not late, they have until end of November. Its more a case that reporting has been earlier than required in previous years.

I don't think II's will have an issue with CB and LC share dealings during the year, it was all disclosed at the time and won't create any surprises in the accounts. Yes they were cashing in on a rising SP, but the SP did go from about 3p to over 20p during the year. My view is that IIs will be more concerned with how much revenues and profits have risen and the progression to further growth.

Reason for the accounts being later than usual could be anything. Could just be that its taking longer because the business has expanded so much and the auditor is scrutinising the increased figures in detail.

One way or another we're going to have to get funding for the next drill(s) and next years costs, thats the way it is with explorers. Funding could be by a farmout or placing, either way it means our piece of the pie gets a bit smaller. But with the current Mcap a placing for around $20m would make more sence to me than farming out for a 50%+ share of the project. Unless we can get an exceptional deal that gives us a free carry plus extra cash on top.

The OTC market don't seem to care. All they'll take from todays news is oil found and theres 1.6 barrels, most of the punters won't look into the details.

Don't really take much notice of what that guy says, its mostly pretty blatant ramping without any substance.

But interesting connection with Jade he's picked up. He's referring to the half year report which lists an investment in Jade on p.15 as a non-current asset to June 2021. Had a quick check, and the amount shown to Dec 2020 ($389,509) matches the annual report, but in the annual report it is described as "investments in subsidiaries" (p.66)

Not really sure just what it means or why Jade would be classed as a subsidiary though. Are we perhaps partly funding Jade to work the Yukon leases more into their planning of development options?

I certainly didn't expect this to be happening outside of the drilling season, but very nice to see.

Can't help but think how different things would have been if our American friends had bought into Icewine a few years ago. Could have raised the cash to go it alone without PMO and put the drill in the right place.

Seems a pretty positive move. Been a bit uncertain where we’re heading following DWs departure, and one of the criticisms levied at the previous board was that there wasn’t enough technical expertise.

3 appointments, 2 are petroleum engineers and 1 a petroleum geologist.

I’d hope that this signals the next phase really is going to about proving up what we already have, and not hunting for new deals on additional acres.

I can see this is just the kind of move the Americans will love.

Not watched the webcast, but the baker huges summary they've published looks encouraging with the previous comments made that several of the Talitha A targets may extend into Icewine.

Just shows how tricky exploration can be, even proceeding to flow testing still means the results can disappoint. But all adds to our understanding of whats under Icewine, and no doubt we can feed in to our plans for where to drill and what is more likely to be successful.

18.37 - I doubt very much that the table represents ii holdings. At a guess, I’d say it is the sum of transactions going through brokers. The volume strikes me as odd, doesn’t tally with the volumes reported any market, so it may also represent the movement of shares between markets. As to does the total value of sells being equal to the total value of buys.

18.05 - I did see that a few days ago, but uncertain what it means, or even what market it is for.

The only thing I can really draw from it is that there has been a very high volume of shares moving around, which we already know.

Interesting response from Otto yesterday to an ASX price/volume query. (Otto being one of our former partners on Winx and holding an interest in PANR next door to Icewine)

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02361995-6A1027817?access_token=83ff96335c2d45a094df02a206a39ff4

Acknowledging the increase of social media posts as an explanation for a price increase in recent days.

16.05 - I am guessing the unexpected zone at Merlin is the N15 target that is expected to be at Harrier, but wasn't expected at Merlin. However, no details have been given yet to say what it is. It is possible its another target that wasn't thought to be of interest in the origional analysis at either Merlin or Harrier.

9.00 - It does when the american retail investors on reddit/stocktwits start buying up billions of shares. Nothing to do with insider trading, leaks or anything else underhand, just weight of demand from a big market who want to buy shares, imo.

17.00 "sells still seem to be much higher than buys"

Does a 35% rise indicate that sells are much higher than buys?

15.22 Dazzle, the 1:10 stuff about the OTC shares isn't what's being traded. A bit of digging, and it relates to an old ADR listing for 88e of TNGRY (originally set up for Tangiers) and that doesn't seem to be traded anymore. Last trades on it were in 2018, and there very little volume before then

The current ticker for EEENF isn't an ADR listing and is trading on a 1:1 basis.

https://www.investing.com/equities/88-energy-adr-historical-data

15.06 - Quite a few shorts do appear to have been closed yesterday

https://www.otcshortreport.com/company/EEENF

Short volume:
5th April - 385m
6th April - 195m

8.55 - Depends when the instruction went in to convert the options and how long it took to execute. Could be whoever held those options sent the instruction late on Thursday, so it got executed the next trading day on Tuesday. They gambled the price would be much higher by the time the options got converted. If we'd had better news they would have got a bargin price, as it is they paid more than they needed to.

17.18 - Don't believe eveything you read on the internet. There's no indication that anyone is even interested in taking us over at the moment, let alone being sold to the highest bidder.

The intention has always been to prove up and sell on. We've not completed the first stage of the yet, and only when we do that we will be in a position to negotiate a decent value for the oil under our leases.

The large trades that have been going through for weeks now are much more likely explained by the emergence of the OTC market. They had no shares a month ago, and are now trading on a volume of about 2B by midday today.

Its very difficult cashing in profits when they are there and you believe the sp will go up further, takes a lot of discipline. But some people just can't accept responsibility for their own decisions on when to buy and sell. Its always easier to blame someone else when they think they've lost out.

15.32 - take otc out the equation and its safe to say we would not be at this level now. Before the US started buying we were bumping along at around 0.5p. While I'm sure we all had many different expectations, I didn't think coming into this drill we'd be above 1p on failure to reach the flow test stage. And of course this is all the result of a project we didn't even have 12 months ago.

DWs comment surprised me a little - "Merlin-1 has delivered by far the best outcome of any of the 5 wells drilled by 88 Energy in Alaska over the last 6 years". Very early in the day to be saying that kind of thing. Will be interesting to see what news comes out over the next few months once more analysis is done.

14.49 - I would say drilling in general is expensive. As for the reasons and forward plan, I can only go on what the RNS says, which is "The well may be re-entered in the future, if warranted, in order to drill a side track and conduct a flow test."

I've mentioned the PANR drill because of very similar issues, and I'd point to their RNS on 2nd March, which said:
"However, because of equipment failures and technical issues, the formation started to become damaged in its current location...... Accordingly, the Company has made the decision to drill a new modestly angled sidetrack into the Kuparuk. "

They had the time to the do the side track and still flow test, we don't. But going on one of the most comparable examples we have to look at, these issues do occur and are not neccessarily fatal to the opperation, so no reason to doubt our RNS at present when it raises the prospect of a side track.