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Need to look at it in terms of MCap as well as the SP. Mcap now looks fairly steady around £55m, which is well up on the £30m level we were at before all the news on Kabwe/Sable.

SP hasn't risen as much in comparison, and unfortunately that's the effect of dilution. In this case though the dilution looks to be worth it, its already added more value than its cost us and there's still a lot more to come, just a matter of time now.

Could be Bdogg. DW did not say 'targeted' or 'by the end of June' etc, he said 'scheduled to occur in June', implying that there may now be a fixed date. Its anyone's guess just when that may be, but only 20 working days in June to choose from.

Not long at all to find out just what the industry thinks of our work and analysis that's resulted in a potential 2.2B net to us being identified so far.

Maybe we'll get some news soon that DW has deplaned in Texas.

Its their insistence that they wear their pants on the outside of their shorts that irritates me the most. Its no wonder superman was so confused when he crash-landed and ended up picking a silly costume, lol :)

More Americanisms in the news today, and more relevant to 88e. Natural gas has now been re-branded "Freedom Gas" and "molecules of freedom" in a bid to promote clean energy. Facepalm.

https://www.bbc.co.uk/news/world-us-canada-48454674

Yes I know what you mean Sumo, but going by the last update I'm now working on the basis that there will be less news coming out of JLP going forward. Financial figures on 6 monthly periods probably means interim's and audited annual accounts only (March and November), unless they also release trading statements at the end of each 6 monthly period.

In addition to that they've said "a more frequent project update", which I've come to the conclusion they mean 'more frequent' than 1 every 6 months, as opposed to more frequent than has previously been seen. No idea what they intend to put in those updates, maybe just significant milestones, maybe a bit more detail on whats happening.

So we could be in line for a bit of a quiet period on the news front for a while, unless they get that copper/cobalt project sorted out, which LC did seem confident on.

I'd rather see the sable purchase being finalised and Platcro PGMs starting before an off take agreement with GLR. Working on the assumption that there's no great rush for the additional ore, we've got enough material to keep the plant going for at least 10 years without any extra. And if it really is beneficial for JLP, I can't see CB going out of his way to do a deal with someone else over us. But if there's a delay in getting the competition commission approval for Sable then there's a worry it will cause delays with the plant being ready by the end of the year, which has a knock on effect on the earnings forecasts.

I'm not sure what I'm looking forward to the most now, the farmout, or S4K confronting the bashers for their lack of research ;)

Well not long to find out, start of June is just a few days away now. Hopefully the decision is scheduled for nearer the beginning of the month than the end of the month.

The American market didn't fair too well on Thursday, and oil stocks in general were down, (e.g exxon and chevron also had steep falls). Probably more to do with concerns about the us-china trade dispute than any leaks about us.

Speaking of which, could be worth watching for any info coming from exxons agm on Wednesday, may give some clues on their future plans on the north slope. Could be very relevant to Yukon, if not icewine.

Lemajor, the RNS does say "the Franklin Bluffs location (where both Icewine wells were drilled) is considered to be just outside the fairway." Not sure how anyone can come to a definitive view from that statement that there could be part of FB that's on the fairway or it could be reached from a side track. With the size of our acreage 'just outside' could be anything from meters to miles.

Keefy, not sure on the point you were trying to make there?

Wasn't suggesting for one moment that we don't leave this to the experts. Several views are being put across that we should still be trying again at franklin bluffs, I'm just saying that I don't agree with those views having been told that the location is now considered to be outside of the fairway. Perhaps its still possible there, and until a new plan becomes known (probably after the HRZ farmout), no one can really be certain on where further drills are going to take place.

I don't doubt that the decision on where to drill Icewine2 was based on the best information at the time, and combined with it being a convenient location with a gravel pad it made sense. But its exploration, not everything is going to be a complete success. However, now with more data and a better understanding of the HRZ, the next attempt will hopefully yield some positive results, wherever that may be on our acreage.

After what we've learnt about the HRZ fairway this week I'd be rather disappointing to see anymore money being spent on drilling at FB, whether that's a horizontal drill at Icewine2 or a new hole somewhere else on the pad.

Granted we don't know how far off the fairway we are, but it'd seem a reasonable assumption that even if we could reach it from a horizontal drill at FB, we'd only be touching the edges.

It'd make much more sense to me to move location to somewhere the new working theory says is on the fairway, and it seems that will only happen now with the HRZ farmout.

Well we should find out soon for the conventional farmout one way or another. Final decision scheduled for June sounds a lot more certain than ‘targeted’ by the end of the quarter/year.

13:15 - Perhaps I've missed something here, but you do know that there's two farmouts being talked about don't you? 1st the conventional, where we're now expecting a decision in June, and 2nd the unconventional where we're expecting the 'formal' process to start later in the year. Spinefx's post looks fairly clear that its the later being referred to and the 'informal' process DW mentioned in the RNS

I've been wondering what a soft farm out means. Could be saying that we're not quite ready to deal on it and are not in a desperate rush, but are willing to show the data and listen to offers, and if its good enough we'll take it. We already know that DW expects a much smaller group of companies to be able to tackle the HRZ. So if one of them were put in a good offer then what would be the point of going through a formal farmout and bidding process when there's no guarantee anyone else would make an offer?

That seems to be what the RNS is saying. What they've found is that bitumen is forming at a lower thermal maturity window than is normally seen in other shale plays, but we're told that also means that porosity/connectivity will be improved.

So does that mean that when do find the fairway, the oil will flow easier/better than had previously been expected?

Its difficult to really come to an informed opinion on what it all means. To a non-expert it can quite easily be seen as bad news, but on the other hand it can also be read as good news, especially when we're told "This analysis has confirmed that the HRZ is an excellent source rock with good potential as an economic shale play."

The HRZ fairway covering 50%+ of our acreage is unrelated to the conventional farmout of 2.2b, that remains unchanged.

Worth remembering that the HRZ estimate was based on 271,000 gross acres, and wasn't updated with the additional acreage added after that estimate. Gross acres now stands at 528,000 acres, and the previous resource estimates were't based on the entire acreage being prospective.

See page 11 of the June 2016 presentation below. Estimates are based on between 114k and 176k acres being prospective out of 271k (42% to 64%). The latest data says over 50%, so once the final results are in and we have a revised estimate we may not be seeing any decrease at all from previous estimates, despite the set back with the drilling location.

http://clients3.weblink.com.au/pdf/88E/01749597.pdf

Bdogg, I'm assuming that this means final decision by the farmee. Ifs often the case that the larger the organisation, the more bureaucratic decision making becomes.

"final decision on approval" reads to me that the decision has all but been made and now needs just the final sign off, with a date set sometime in June for that to happen. I'd also assume that the person/people that will be making that final decision will have limited direct knowledge of all the data and terms involved, and will be relying on a report from their subordinates to guide the decision.

But then again, it may mean something completely different, its just my guess :)

Just wondering if DW has dropped a slight hint in the RNS that he is expecting to have some cash soon to do something.

Re Yukon: "Discussions have been initiated by the Company with nearby lease owners to optimise the monetisation strategy for existing discovered resources located in the vicinity of the Yukon Leases"

This reads a little differently to "subject to farmout" that was in the AGM presentation for Yukon. If we're initiating the discussions, it may suggest that we're bringing something to the table.

Gives us a few answers to some of the speculation.

Seems to rule out the possibility that this is now a combined conventional/HRZ farmout.

Final decision and approval for the farmout scheduled for June - implies that an internal date is now fixed, perhaps related to a meeting taking place at the preferred bidder?

Franklin Bluffs was not the best location for drilling for the HRZ, so the way I read it a horizontal drill at the same location isn't the answer. It needs drilling at a different location. So the decision to limit costs with a vertical drill looks to have been the right call afterall.