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Just a thought on the wording today, have we actually sold some of our WI rather than a farmout deal that normally involves an agreed work program to be completed for the farmee to earn a WI?

"Farm-out deal now subject to:
* execution of closing documents
* standard conditions precedent, mainly related to transfer of working interests"

Condition precedent:
"A condition precedent is an event or state of affairs that is required before something else will occur. In contract law, a condition precedent is an event which must occur, unless its non-occurrence is excused, before performance under a contract becomes due, i.e., before any contractual duty exists"

So if the Farmout is subject to transfer of WI before the farmout is a binding contract, then part of the deal must in effect involve a sale of WI rather than the farmee earning it?

Not sure either that the farmee will gain that much of a positive SP movement when this is announced. All depends on who it is, but if its with a major then it will be a pretty small deal for them, especially in the short term.

COP used as an example, but Shell is another good example. $30b cash capex a year being planned for there, and acquisitions of up to $1B are described as minor:

https://www.shell.com/media/news-and-media-releases/2019/management-day-2019-shell-strongly-positioned-for-the-future-of-energy.html

It also tells as its now a done deal for all intents and purposes. Its a board decision to proceed, and whoever has been given the duty of signing the documents is extremely unlikely to have authority to not follow a board decision.

DWs statement of "the deals not done until its done" no longer applies.

Nice target WAa :)

But may have to wait a while to get there after the details are announced. We've got to wait for all the holders with 2p and 3p targets to exit the building first.

Seems to me that the only 'delay' there has been to the timescales is that DW gave us guidance for a 'fast track' farmout process, which is what they were aiming for at the beginning. That fast track ambition has turned into a pretty standard time frame for a farm out. Most probably the large prospective upgrade at the end of October had a big influence on this, along with the parties we've been dealing with who are used to agreements taking this length of time to negotiate.

Strange take on it stockdale. The 20th March RNS said "The remaining steps are; final decision on approval and documentation of the agreement. Both steps are scheduled to occur in June 2019."

Todays RNS confirms that those steps have happened , exactly as DW said was scheduled to happen in June.

8.49 - Brom, presumably then the announcement must be made before the WI aspects are recorded in Alaska in order to comply with market requirements. Otherwise we could be getting news on who the farmee is and what WI % they now have before the market is officially told.

"Additional details will be provided post signing."

So how long does it take to sign and execute the contract? My thoughts are that it won't happen until next week, or why else release this update today. Although this news would have been written with a slight time lag on actual events happening, so perhaps final decision and agreement was reached on Monday (USA working day on Monday would turn into Tuesday in Australia). Friday could then be very possible, but will this be in time for the news to be announced while the markets are open both here and in Australia?

Steps that they may be going through.
* Documents signed by both companies
* Documents sent to own lawyers
* Signed documents exchanged by lawyers at an agreed date/time
* Funds transferred if applicable
* Receipt of funds and signed contract = farmout announcement to be made

Are the aussies waiting for us to tell them its good news?

Could be, all we know at the moment is that DW is sticking to his word on what events were scheduled to happen in June.

FOMO anyone?

14.03 - Been here 4 years? Can't be that bad then, you must be in profit then on any that you bought 4 years ago so not as though you're trapped in hoping to recoup losses as some often say.

"What have I missed in 10 words or less please ?"

About 40 announcements:

http://88energy.com/announcements/

Why is it disgraceful? We've been told June, we weren't told 1st June or any other date in June, and its still June.

By the way, we weren't told that there would be an announcement in June either, just that the decision and documentation is scheduled to take place in June. Maybe there will be a delay to that, maybe there won't, but as I said last week who's to say we won't get an announcement on Monday 1st July to say everything took place as scheduled in June, and we have a farmout?

I would assume it means the final decision of the farmee. Unless approval has a different meaning to what we're assuming, such as regulatory approval for assigning WI in our leases?

As this thread title says, you've got to laugh... at the effort someone puts into ramping another share on the JLP BB and not on that shares BB. Maybe looking for a better exit price?

TopCatz, think thats a fair summary. Although CB does have a personal shareholding in BMR, a holding through Tiger, and has a seat on their board. Didn't really help them to get a good deal from us.

No reason to believe the same will happen to GLR, but LC doesn't give the impression he'll agree to any deal that isn't in JLPs interests just to protect CBs investments.

Seems relevant to me Bdogg, shows someone else believes there's commercial quantities of oil in close proximity to us. If their acreage is also developed, then there may also be some added benefit to us in terms of sharing infrastructure.

But I think DW was right not to set our stall out in such specific terms as PANR have done. They've spent a lot more than us on conventional so far, as most of our exploration cost has been on unconventional. So if we'd been pursuing only deals involving cash for past costs and a share of drilling costs for future wells then it'd be very unlikely we'd get any more than that. Maybe that's all we'll get, but at least the door is wide open to invite all offers which may go beyond what PANR are looking for.

"Anyone ever wondered what the 'long lead time items' might be?"

Normally means plant that has to be manufactured to the specifications required, i.e. not off the shelf parts. In this case to convert the existing copper plant to process zinc, lead and vanadium.

Bit of a stretch to say that we need ore from GLR. Maybe additional ore will be beneficial for the overall efficiency if the grades are good enough, but GLR don't have the only two zinc deposits in Zambia. If they can't get funding to progress both Star Zinc and Kashitu and get the ore to us, we're not going to be short on other options.

I think the main reason for proceeding with this now is that they had to complete by the 30th June to buy the remaining 15%. (see GLRs RNS from 13th Sep).

But seems to be good for us, another potential source of ore for Sable which may also contain vanadium, and we don't have to fund its development.

Looks like it won't be today, so really only 6 days now. And yes, its a given that we will get an RNS on one of those days.

Could be more time needed, but since we've had guidance given on June, we'll get an update to say that.

No reason to believe it won't happen in June, but if it doesn't, the reason will be more important than the fact of an extension beyond June. Maybe, (and hopefully), if that were to happen we'll get news the decision to approve has been made and the formal documentation of the agreement is being finalised before the details are announced