Member Info for moneyhawk

Very good point SaintAnthony. If we did get a farmout with Conoco, it'd be hugely significant for us, we'd expect to see a pretty sizable uplift to reflect what it means for us. (not even going to try and guess how big that uplift could be)

But for Conoco, it'd be pretty insignificant, at best it might create a very small gain.

We'd all think it very bizarre if Conoco shareholders looked at our % rise in SP and said they should be getting the same or better % rise.

Sumoskier, we are producing, and have been for a few years now!

Ok, not vanadium (yet), but chrome and PGMs at the moment from 2 plants, now 3 with platcro.

????

We have released it as an RNS! Its just not showing on this website.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/88E/13952776.html

Our update is far more comprehensive than the BMR RNS.

I thought the same BB. So much is coming through now with increased earnings very likely this quarter from Hernic, DCM, Platcro (especially with the platcro chrome acquisition), that it must just be a matter of time before we start to be recognised as undervalued based on revenue and earnings. Then we still have kabwe to come.

But the market doesn't always seem to work rationally. I looked in at BMN yesterday, quarterly results announced with Vanadium price up, revenue up, earnings up, looked reasonably good to me. But the SP fell! Perhaps better results were expected and price in? Perhaps their rise has been overdone?

So at least we're in a position where it looks very unlikely that we're overpriced and could fall on results.

Yes, strange that it's not appearing on LSE. But there definitely has been an 88e RNS today. Its on the London Stock Exchange here:

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/88E/13952776.html

Comparing todays presentation to last January is a very good reminder of just far we have come in 12 months.

First, the 2 biggest issues some have, number of shares and share price:

Number of shares:
Jan 2018 - 4.661B shares + 756M options = 5.417B total possible - SP 1.8p
Jan 2019 - 6.332B shares + 286M options = 6.618B total possible - SP 1.125p
Total change = +36% for issued shares, (+22% for total with options), SP approx. -38%

So there does look to be a rough correlation over the year with the number of shares and SP. But there seems to be a big disconnect with the increased value and potential those extra shares have enabled, with min case estimates up 58% across the 4 projects we now have, and the progress made towards farm outs covering a min 3B barrels of oil, as summarised below.

Cash position
Jan 2018 - $11m
Jan 2019 - $15m
Change = +36%

Total Net Acreage:
Jan 2018 - 301,000
Jan 2019 - 355,000
Change = + 18%

Total estimated net oil:
Jan 2018 - 2.05B to 3.65B barrels
Jan 2019 - 3.244B to 4.444B barrels
Change = +58% (min case) to +22% (max case)

Progress of Projects:

Conventional:
- 3D acquired and processed for approx 25% of the acreage
- New leads and prospects identified, some upgraded to discoveries
- estimates increased from 1.05B to 2.21B (+110%) on the back of 25% 3D coverage
- farm out underway, deal target Q1 2019
- further drills planned for next year

HRZ:
- no flow test result, but technical data gathered and better understanding of the shale formation.
- recoverable estimate reduced to 0.8B - 2B barrels
- farm out underway, deal target H1 2019
- further drill planned for Q3

Yukon Gold:
- 3D acquired
- Initial resource estimate of 90M barrels

Winx:
- New JV deal during the year
- 144M net to 88e
- Drilling starting in 2 weeks

Yes Brom, perhaps this is a rare case of everyone on both sides of the argument being right!

The info we've previously had on the torok formuation puts it at about 9,000+ ft at the Heavenly well, so its surprising that it appears to be much shallower at winx.

Looks very good, further hrz drill planned for q3 as well (subject to farmout).

On the torok formation, could it be that it's not as deep as being assumed? The chart on page 15 suggests about 6,500 ft.

D45, yes hopefully what the targets are will be clarified before the drill.

I assume that you're talking about this RMP presentation?

https://www.youtube.com/watch?v=C0sju7Cr37g&feature=youtu.be

Bandy did make it clear that he wasn't that knowledgeable about the technical aspects, and in the Q&As he also said questions about the drill would have to be referred to 88e, so I'm not sure how accurate we can view his comments as. And while I don't think he said anything about the torok formation not being a viable target, he did say the drill is only to about 6000ft and he doesn't think there's anything below about 8000ft.

Which raises a question about the 400m estimate. Its not all in the Nanushuk, in edisons research note they say 60%, so a fair part of the remaining 40% must be coming from Torok formation.

So either there's potential oil in the Torok formation and Bandy has got it wrong, or the 400m estimate (that Bandy is also pushing), is wrong. It stands to reason that he can't be right on both the depth where oil is and the resource estimate of 400m.

16:21 - So if you have spoken to DW and he gave that answer, I interpret it as meaning he has very politely told you to go away and information will only be disclosed via the official means when appropriate. I don't see how that reply can be interpreted as meaning we're not going to drill to one of the target formations? Maybe we are, maybe we're not, there is some conflicting information coming out about it.

What we do know for certain is that they submitted a plan to drill to 12,000ft, and that has been approved.

lol. I'm a little annoyed I missed the spike, but just glad I got something back from my 'bmr type' experience. I'd completely written it off, hope no one gets too burnt on it now its back!

Didn't know you were in this one troajan. I sold first thing this morning when I saw it back on and have completely missed the rise this afternoon, lol.

Hopefully I'll get the timing right one day!

More than likely an update tomorrow. Updates for the last 2 Thursdays in a row suggests further progress updates to be expected for the next few weeks until something more significant happens.

"Just saying what exactly?"

I think he's letting us know its a long way down?

And that's exactly why there are so many discoveries being made on the north slope in the last few years. It is a long way down to drill if you don't know what's down there. And as I understand it, its only recent developments in seismic that has made it possible to see that deep with the permafrost in the way.

I'm surprised to see this back, I'd been expecting to see it delisted.

Some of it appears positive news and as there has always been. However, I have taken the opportunity to exit at a loss, and consider it lucky that I got something back rather than it being a total loss. There's a couple of things that really concern me.

1st, the new (long awaited) CEO is just an internal appointment, presumably because it became necessary with Lord Razzall Dazzall stepping down as chairman, and they weren't able to attract a new external candidate after a couple of years of searching.

2nd, the £2m payment for the Emex group of companies will never materialise imo. Currently Emex Technologies is in administration, Emex (UK) has no evidence of any activity in their accounts, and Emexconsult is about to be struck off at Companies House. I would imagine that in the next audited accounts, the £2m figure will be reduced to 0.

3rd, the proposed consolidation is only because the SP has dropped below the nominal value of the shares, and a consolidation is therefore necessary in order to carry out more placings to raise funds.

All in my opinion of course, and best of luck to anyone staying or joining, Box has been an interesting company with some good potential if they get it right. It may come good, I just can't see it happening.

That's what I would have thought mikemike. Wouldn't really make sense to stop 2/3 of the way, and the overall 400m barrels will based on all the stacked targets, so surely they will want to test all of them or it'll be a bit of a wasted opportunity.

I'm guessing that the Naushuk will be about 6,500ft, and as the primary target this may be were that drill depth figure is coming from?

Yes, interesting that a depth of 6,500ft is mentioned, and the RMP guy the other day was talking about 8,000ft max depth, both of which suggest to me that we're drilling to test the Nanushuk formation and won't be drilling deeper to the Toruk formation.

However, this Edison note does also say that Winx 1 will target all the formations inc. Torok, and the plan submitted (and approved) is to drill to 12,000ft.

So which is it?

I'm not particularly bothered with placings if it is used to buy/build something that directly grows the company. The platcro deal is a good example, we have some more shares in issue so all our slices of the pie have got smaller. But the pie has also got bigger, with a going concern added to our portfolio currently generating over £4m earnings a year (although we have yet to see it recognised in the Mcap and SP).

I'm a bit more concerned about placings to raise working capital, which is essentially money just to pay salaries and doesn't add anything to the business, and it'll only be a matter of time before the next one.

I guess that a problem with Kabwe is that in many ways it appears too good to be true. Potentially £B's worth of metals at ground level with no risky mining involved to get at them, £10's millions profits to be made each year for many years to come, relatively little cost involved to get going, and we've paid very little for it. So far the only catch has been our involvement with BMR, is that the only catch many will be wondering. I hope that it is!

I also think that we won't be getting much of an update for Kabwe until the deal for Sable is either finalised or abandoned, could be days, weeks or months away for all we know. LCs last interview really gave me the impression that their planning is now focused on getting that plant and refurbishing it, and 'plan b' is taking a back seat for now.

D45 @ 11:48 - I don't agree with that timeline at all or that the conventional farmout has taken 2.5 years so far, and I really don't see how you get those dates from the RNS's. I can't find any reference to a conventional farmout from back then. Indeed the investor presentation from June 2016 hardly mentions conventional at all, only really says that initial 2D results are expected in August 2016. And then it wasn't until the 3D results last year that the sheer scale of the conventional resource became known. As for starting launching the farmout in April 2018, we were told in April that preparations were under way for a formal launch in mid 2018, and that's exactly what happened with the data room being opened in July.

If you are saying that its taken 2.5 years to get to this stage from when we first knew that there could be worthwhile amounts of conventional oil, then I'd agree. But the actual farm out process has only been going on for about 7 months.