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Phrontist, Brom....to all who are doubting that Phrontist is telling the truth about his conversations with DW and PB, I am not sure what to say....I was there, Phrontist is recounting it as he saw it, as Brom saw it and as I saw it, I was there, BUT, it could all be one conspiracy between the three of us and DW....the truth is, it's a question of faith...read all of our individual posts, you doubters and then decide....However the calculations that Phrontist has made are open to interpretation and that is something for all of us to do our due diligence on.... I too, like Phrontist, am an optimist when it comes to 88E, Phrontist's calculations make sense to me and after these several years of dutifully waiting for a result, I think DW is going to see us through to a wonderful result...whether it be short term and/or long term. Good luck, all.
Hello Brom...just wanted your invaluable opinion...I am thinking of topping up...should I go through the share placing or just buy more now....would my choice of one way or the other affect the eventual dilution of my shares more favourably?
Thank you.
Mr Martini.
Hey Happy Hatter, I am glad my comments were useful, and yes, I was there when Dave was talking about how he made the decision on Winx....I too thought, how astute and ruthless...and as I said previously I thought, he is a winner...
I am in complete agreement with your comments...
I understand some people's frustration at the lack of progress. If you were not at the meeting, if you've not met DW, I understand the frustration, it's born of fear of losing their investment and they are correctly creating opinions in their heads that come from the facts, as they know them. They have not studied DW's attitude, face, words, voice, nor been able to ask themselves whether they trust that he is being honest about his belief in the future of the company and our prospects in Icewine conventional, unconventional hrz, Winx or Yukon Gold. They are unable to make a real on the spot judgement based on their instincts about DW's honesty as to the reason he gave for the failure of the drill this year, we who were there last night, did have this advantage, we who stayed on to avidly question, listen and provoke, did have this advantage and none of the 10 or so people I purposefully sought out for their opinion of the evening, felt that he was lying, hiding or generally trying to justify anything about himself or the company or their plans. Now, unless he is a hidden Ozzie Marlon Brando and all of us have our bullshit radar in a tizzy, then I for one am going with my instincts He's genuine, he really cares about making money for himself and for all of us investors too. This is rare in the corporate world. But putting integrity aside, I came away from the meeting feeling that all the prospects mentioned have a serious shot at making money and better business brains than mine felt the same, will they make money? No one truly knows with 100% certainty but dear God, surely one of them will come good....! Are they all doomed to failure?! if so, then we would be the unluckiest group of investors in history..it's possible they will all go tits up but really? Ya never know, but judging from just the almost 100% positive oil findings from exploration wells around our Winx prospect, well that really would be a bummer! Are there big companies sniffing around for a farm out? I and many there believe him.
As for DW's performance structure....Lazarus on Hotcopper asked if some one would clarify the 2nd and 3rd year tranches and so please correct me if I'm wrong, but I think he will receive his 6.4million share each year for maintaining the sp at that level of 6.2cents for three years and not if he tripled the sp each year, hope this is clear. So, he says he didn't make the decision and that it's the board following good practice, trying to make it a fair pay structure and when Mickey asked him about getting a bonus for taking us back to where we should be anyway, he agreed that it was not an ideal scenario, did he have an input in that decision? We are left to our own feelings of whether we trust the man or not. But here's the most important part, he distinctly said he doesn't 'need the incentive' and he ''ain't gonna resign' if he doesn't get it. He also explained how he deftly negotiated some deals, he's a winner. Good luck all.
Thanks Georgel61! I agree, obviously he can't reveal too much but in the last three meetings I've come away with a much clearer picture of the intent behind the words...Dave has seemed pretty straight and therefore a look can sometimes give away more than he intends, but that of course it's just my opinion.....in any case, let's just ask the questions and see what comes out of his mouth....see you there...
..well, that would depend on how much his existing shares are about to be diluted...then, it would mean for all of us that or shares are worth much less and so should we risk and buy more now...that's why the meeting in London is so important....to gauge where we're heading...
Thanks for that Happy Hatter...Lazarus, is the most interesting poster on HC....for me. I think we should formulate some questions....at the last meeting I was surprised by the lack in depth questions from some of our more notable business brains and experienced investors, not to mention the more experienced in the oil investing field...so if anyone has any cutting questions that would reveal more info from DW about this performance rights scheme, I would be very happy to ask him...I was quite vocal last time and I never am, as I'm not a business man nor a technically minded person...so was forced into asking questions which turned out to be revealing...but purely by luck... so please, let's get the big boys who are qualified asking the good questions from DW if they will be there...and if not, please make suggestions and I will pipe up.....this could be our only opportunity to get an insight, a real feeling about what is being planned in the next year to three....thank you. See you in London...looking forward to seeing some of those, by now familiar faces, over the last few years.....
Hey Banjo, I think you absolutely have the right to use your money as you see fit....and no one should slate you for making intelligent decisions...but again, I think it's down to faith in the person running the outfit, in the mid to long term. Dave is no messiah and I am not for a second talking about blind trust...my question to myself has been, do I trust he has the smarts and determination to see this through to the 'creming the curve' end....and for me, he does. Will it happen, only God and PB knows....Good luck with your future.
Hi stockdale...think we're saying the same thing...the calculated gamble includes being able to get it out of the ground and costs of maintaining the projects long term...but DW does seem to calculate constantly and does so in a shrewd manner....so again, do we believe that he can do it...? I repeat, I, for one, think he can....
Hi SilverTrader...I too have been here since the TPET days and it's been one rollercoaster ride for us all....but I think there's something important in DW's statement that this is a 'significant milestone' for the company....again we are at the crux, for me at least, of the whole reason for people investing and us holding for these last few years, namely; do we trust the man? I personally cannot find any other reason to continue to believe that all these plans, projects, strategies will be worth it, eventually. Why do I believe in him and that he's telling us the truth? Because, when I have met him on several occasions, he seems a decent bloke, yep smart, yep knowledgeable and but not so smart that he hasn't on occasion, let his guard down over a pint and it's on those occasions that I and others, Mickey Masters etc...have seen and got a feeling that the man is trying to do the best he can with a calculated gamble, which this is....I think he's gonna pull it off, eventually ( due to the good odds on the several chances we're involved with, Yukon, Conventional, Unconventional etc and now the involvement of other companies and the constant mention of farm ins and farm outs)...but how far in the future will he 'cream the curve' for us?...I can't predict, but I'm holding on until the end...what else can I do? But I will hold on with real belief in his honesty and with quite a bit of excitement....come on Dave and the team and PB, if you're listening...send us some love. Good luck all.
Hey garrym79....thank you for all your incredibly detailed info. Such a useful calming and logical contribution. As for the farm in or farm out...I posted a couple of days ago my memory of DW's statement when he referred to the farm out deal they were confident of getting and he DID say that it would mean ( at least at that moment in the London meeting ) that the whole package would be conventional and unconventional and when I pressed him for clarity on the kind of deal, percentages we would have to give away, he said that we would end up with 1/3rd of both and the 'industry standard' would be about 2/3rds to them....and when we all were a bit silent (I for one was quite surprised by the fact we would be giving away so much), he said that retaining a third of potentially a few billion barrels would be well worth it...this is my memory of that conversation, Brom didn't remember it that way, but I'm absolutely clear that this was the nature of our conversation....Thanks again for your generosity.
Just wanted to get confirmation, from those present at the last meeting in London, that I heard and remember correctly; Did DW say that if we get a farm out deal, that it a) 'usually means it's positive for the sp' and b) that any deal would mean that 'we would give away 2/3rds and retain 1/3 of ALL our assets, conventional AND unconventional' and that this was an ' industry standard figure' and that this would in that event, be a good deal, given the 'potential billions of barrels' we could be dealing with...?
Thank you to those who reply.
I, for one, will NOT sell until DW does.....I and others who have been here since the beginning or for years, cannot just walk away, too much time, money and hope invested for too long, to just give up...cummon 88e and....yep, cummon England!