Member Info for moneyhawk

15:49 - you'd be guessing right. We're no where near the oil at the moment. Best guess is at the moment we've paused at 1,500' for casing and the blow out preventer being installed, which will take about a week. Drilling to resume after that to 6,000'.

10.59 - Yes I had intially thought that 88E shares were being packaged up in units of 10:1, much has been made of this on reddit etc.

But the volumes and prices being quoted do not add up with the 10:1 ratio. Volume on OTC over the last 4 trading days is nearly 3B. That would equate to ~30B shares if they are at a 10:1 ratio.

Yes its thought a sizeable amount is going to end up on the stockmarkets:

"President Biden is set to issue $1400 per person to Americans in direct payments as part of the latest US stimulus plan, and according to a Deutsche Bank survey of online brokerage users, they plan to put 37% of their cheques into betting on equities."

https://www.standard.co.uk/business/ftse-rises-us-biden-covid-stimulus-cheques-stock-market-b924089.html

The thought has occured to me that many of the large round number trades coming through recently are OTC brokers buying up stock to sell. Not entirely certain how the OTC market works, but it sounds like its individual brokers effectively acting as market makers. I'm guessing they will need to buy stock from AIM/ASX in order to do that, until it gets to the point where they have enough people selling on the OTC market to provide the stock they need.

Why would IIs being buying up now and not in the placing last month?

Looks like its making a come back, sequels never seem as good as the origional though

https://www.reddit.com/r/EEENF/comments/m6a5cc/updated_i_did_some_maths/

It is relevant here and is making a difference. Unlike most of the time when this gets said, the USA really is buying a lot of shares here. 2.5B volume in the last 3 trading days on the OTC market.

Some quick sums of the OTC volumes:

Total volume since EEENF appeared on the OTC market on 18th Nov 2020 = 2,642,107,389

Average Volume per day 18th Nov to 2nd March = 59K
Average Volume per day 3rd March to 10th March = 26M
Average Volume per day 11th March to 15th March = 827M

There's a bit more going on here than just the trading on the AIM and ASX markets we're used to. Its a huge amount of shares being bought up very quickly on a new market for us.

It is possible, going by the change in depth in the time between the ASX announcement to the LSE annoucement yesterday, we are probably at 1,500' now. It doesn't need to be announced, but it probably will be based on the track record for updates.

Not saying we'll see the same. We're a different proposition, there's a lot more shares, multiple markets etc.

But people buying into that rise are likely to be watching and/or buying here, which explains the volumes we've been seeing. How far it will go is anyones guess. We might have peaked already, it might just be the start.

17.32 - ordinarily you'd probably be right. But there's a new market for our shares in the US which has a lot of enthusiasm for our shares, and have been buying up billions of shares over the past few days.

If you want to see why so many in the US are buying in the past few days, look at MDM Permian (MDMP). Rose several 1000 % in a few days last week, and people that 'tipped' that happening seem to have latched on to 88e as having much bigger resource targets.

Yes it is, especially since no one knew we had the EEENF ticker code until end of last week.

A lot of shares have been hoovered up across the pond in the past few trading days, volume of over 2.2B since Thursday 11th March. Looks like buying there actually started on 3rd March, but didn't ramp up until the 11th.

https://finance.yahoo.com/quote/EEENF/history?p=EEENF

15:11 - Even jaffas is ramping this now lol

Guzz, I have to agree, it makes no sence. The way its going we might end up with a 100% rise in a day, following fridays 75%. Even the most optimistic among us would have seen that as a decent rise on good news. But here we are, no news, and not even at 1500' of a planned 6000' well.

Who knows where its going. Its a new generation of investor, the skys the limit in some peoples minds when they see the crazy valuations on nasdaq and cryptos as normal.

Showing volume of over 225m on EEENF already, there does appear to be real interest.

We’ve drilled another 100’ since the asx announcement earlier today

I take it you're back in now Phrontist? I seem to remember you saying something quite different not so long ago

I'm sure I won't be the only person thinking about alternative options and exit routes than origionally planned if the SP hits silly levels. Whether we hit oil or not, my thoughts are turning to what what will happen once the masses following the hype realise we're not going to be pumping out 100's millions of barrels overnight, and we won't be getting $60-$70 profit per barrel to share between us.

9.34 - "What target are our expectations if oil is hit??"

If you'd asked that question last thursday, you might have got an answer that's already been passed. Who knows what's going to happen now we've attracted USA interest, and their stimulus cheques are in the post

Speeding ticket already dealt with:

http://clients3.weblink.com.au/pdf/88E/02353633.pdf

We refer to your letter dated 15 March 2021 with respect to the ASX price and volume query and
respond as follows:
1. The Company is not aware of any information concerning it that has not been announced to the market which, if known by someone in the market, could be an explanation for recent trading in the securities of the Company;

2. Not applicable given our response at Question 1;

3. As announced on 11 March 2021, the Company has recently commenced drilling of the Merlin-1 exploration well in the NPR-A region of the North Slope of Alaska. Drilling operations are proceeding according to plan with the well currently drilling ahead at 1,250 feet. Once the well has been deepened to 1,500 feet, casing will be installed and the Blow Out Preventer system tested, which is estimated to be completed by 21st March 2021. The well will then be drilled through the target horizons in the Nanushuk Formation to a maximum total depth of 6,000’. Logging while drilling and mudlogging will provide initial indications as to the prospectivity of the well during this part of the operation, which is expected take three to five days. A sophisticated wireline logging suite will then be run, including sidewall cores and downhole sampling. Wireline logging is expected to take five to seven days. The Company also notes that there is a high impact well, Talitha-A, that is currently being tested on acreage adjacent to its Project Icewine, located on the Central North Slope of Alaska.

4. The Company confirms that it is in compliance with the listing rules and, in particular, listing rule 3.1; and

5. The Company confirms the responses have been approved by the Board.