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Yes smiffy, we don't know that they are referring to Horseshoe as the comparable drilling data. It could be any of the successful wells you've helpfully pointed out.

However, the January presentation made several references to Horseshoe, including this:

"Winx prospect - delineated on Nanuq 3D seismic with similar amplitude signature to that seen at Horseshoe 1/1A – and only 4 miles East"

This would imply that they do have some data for Horseshoe that they can compare against.

That is the recoverable Solstace. They don't need to mislead investors by only reporting oil in place.

RMP fell about 67% on Friday, I think they're still well behind where they finished Thursday.

Its likely to be the case for both that there are now lots of Fridays cheap shares being sold for a quick profit.

I suspect that they will play it safe, and the 'best' zone will be treated as the Nanushuk if the data is comparable to other successful Nanushuk wells, even if the Torok ends up looking the better zone from drilling data.

But flow test planned end of the month, so not long to find out. And it does look from the drilling schedule they may be running slightly ahead of plan.

ST, yes more information is needed before we know if its a success. However, a key indicator on the likelihood is this line:

"Data obtained by the Joint Venture consortium from a nearby successful third party Nanushuk well has proven comparable to that observed in Winx-1 over the same topset features"

Presumably they're talking about Horseshoe:

https://www.ogj.com/articles/2017/03/horseshoe-discovery-extends-alaska-north-slope-play.html

I wonder how much of the ASX/Chi volume was set by people that put sell orders in over the weekend and then couldn't stop them in the morning following the 2nd announcement?

No complaints from me either.

There are countless companies out there who constantly leave their investors in the dark. 88e is certainly not one of them, and DW clearly understands that his main investor base wants to know the progress being made, no matter how small each step is.

The fault lies with traders who over-react to news they don't understand, not with DW, imo

Sounds like we'll be at TD today, if they were at 6052' yesterday.

Also confirmation that the primary target was the deeper Nanushuk formation, and the secondary target is the Torok.

Could it be possible that what was found above is significant, not because its borderline commercial in the top zone, but because it wasn't expected to have any level of commercially viable oil? In which case its a bonus to the primary and secondary targets, not a negative at all.

Looks good to me,

I think likely smokin88.

Not sure about excited, nervous maybe! Next news will confirm if Fridays RNS was an initial warning that it's not looking good, or was an initial indication that we've found the top of the oily zone and it's going to be good from here.

Don't expect we'll ever get to know to the real reason for the announcement timings, but maybe something for a q&a session if anyone's still bothered about it by the time of the next one.

Perhaps they were just being overly cautious about a false report being taken as reliable news by investors, or were worried it could be taken as info being leaked. It would seem at the time of the tweet its highly improbable that they would have had the oil shows data that was in the RNS. Tweet around 2pm GMT on 28th, which would be 5am Alaskan time. The RNS refers to the initial results from drilling on the 28th. Would they be rushing to do analysis before 5am in the morning? I doubt it.

Brom, I didn't take a screen shot of the twitter post and it seems to have completely disappeared everywhere now, but Happy Hatter did post the contents up on Thursday at 14:56, which is also what I recall the tweet saying.

It said:

@alaskaoilandgas
Winx-1 in Alaska shows early signs of commercial discovery as drill goes deeper

The RMP sp did rise over 7% after this tweet. It is conceivable that the trading halt and RNS is a result, and they felt the need to release information before they really wanted to, and before they've got results from deeper zones.

Yes I've read the announcement, have you read page 2?

Because the request for a trading halt said "The trading halt has been requested pending the release of drilling results"

I am hopeful of the same JofH, and there could be some mightily upset traders on Monday who bailed out thinking it was only going to be bad news from here.

However, good or bad results from winx isn't going to determine where we go from here. Farmout is still the biggest issue for us imo. Positive results would be much better and give more confidence in the company. But the volumes traded yesterday rather says it all in terms of the importance of winx, less than 3% of our shares traded, 33% of RMPs shares traded. The SP falll looks to be a huge overreaction to news that didn't say either way if its going to be success or failure at winx, was just letting us know whats been found so far.

I suspect that oz will get a further announcement pre market open on Monday. Nanushuk 5 findings today were based on drilling yesterday, very quick turn around. Likely that the drill has gone into Nanushuk 4 by now, so plenty of time for preliminary analysis and the next announcement to be written up.

Trading volumes for all 3 winx partners today:

88e - 168m shares out of 6.33B = approx 2.6% of all shares and 23% fall
PANR - 14m shares out of 454m = approx 3% and 24% fall
RMP - 175m shares out of 525m - approx 33% and 65% fall

Increased volume here today and maybe late trades to be reported, but in comparison to RMP hardly a massive sell off.

It could be to do with that tweet. It referenced RMP, 88E and PANR, all listed in London. But the tweet didn't refer to Otto (OEL), listed on ASX only. OEL didn't ask for a trading halt and haven't released the news, only RMP and 88e did.

The RNS today is a bit like the one that told us the Ice road is nearly complete. A little pointless in a way, an unfinished road is no good, likewise an unfinished well doesn't give us the answers we need.

We don't really have enough information at the moment to know whats going to be deeper.

The RNS did specify the zone at 4,460' and 4,530'. Checking against the depth maps from the Jan 19 presentation (page 13), this is Nanushuk 5. Nanushuk 4 is deeper at 4,610'

http://clients3.weblink.com.au/pdf/88E/02070754.pdf

Seems likely that we'll be getting to Nanushuk 4 today and will find out on Monday what that holds. Just possible this may still turn out good. Although I still can't work out why they released it today without getting to all the zones first. Otto haven't released the news.

Seahawk, news was based on what they found yesterday (28th Feb), so its not several days old, its about as quick as possible. Probably drilling through the next zone in the Nanushuk today, and if it wasn't for a weekend we'd likely find out tomorrow what that zone is like. Looks like we'll have to wait until Monday (or maybe Sunday night on ASX)