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Johnwick
You mean the multiple large sells that have been reported after hours? Those 'buys'?
Mmmm hmmm.
Looks like gerbils here still saying it will go up.
Chief gerbil, Sharebel (sharegerbil?), keeps buying (or pretending to).
All time lows SP after a 5m capital raise and more to come.
Theres the Markets answer to this 'oil discovery'... dilution and more dilution.
See you at 0.1p soon enough.
Sharebel, final free bit of advice to make some gains (rather than losing it on 88e)... buy a few PANR before the end of this week. Aphun LK report due, including commerciality assessment.
Up to you.
Or... you could stick to 88e placings and dribble down stock price here and lose out yet again.
Ssccss
So many warnings but none as blind as those who will not see, I guess.
Keep buying, Sharebel.
Next placing will be after Summer most likely. The Sp will dwindle down to the 0 1's. But it doesnt matter to 88e as they can keep placing all the way down to the 0.000001s as long as there are Sharebels out there to participate.
Sharebel: 99% down... "Its MM manipulation! Buy!!!"
Also Sharebel: 99% down over all and 3% up on the day... "whooohoooo its going to the MOON!!"
Also Sharebel: 99.999% down... "MM manipulation!! Buy!!!"
Classic AIM gerbil.
Anyway. Think the point here is well proven.
See you again at 0.1p
From Placing RNS:
"Following completion of the proposed Placing, the Company will have sufficient cash to fund its ongoing working capital requirements and GENERAL AND ADMINISTRATIVE OVERHEADS for at least 12 months"
In essence this raise is to pay bod salaries for the next year and keep the lights on. Notice how the amount was at the upper limit of shareholder voting requirements... Another few placings will come also. This is a 99.999% certainty.
You couldnt even make this stuff up.
And after G&A raise, then more raises for all of the going-nowhere projects...
Yawn.
Its over.
PANR are about to release Aphun resource upgrade. Would make sense to pick up some shares there to make back 88e losses...
Lol! Sharebel, 88 just took your money right out of your hand. You practically opened your wallet and just let them have your cash the last few weeks. The bod are simply laughing at folk such as yourself. Fodder for placings.
Investing isnt for you my friend. My advice - stick to slot machines.
Bid now 0.15p
As predicted. Right on cue.
RIP 88e.
Sharebel, I have some 2p coins I am selling for 50p each. Would you like some? And if so how many? Thanks.
Well there you have it.
I predicted 0.15p this week and a 30-50% discount via a placing.
Thank you Scot & Older for your steadfast truth on 88e.
Stas, Brom, Sharebel and the rest of the turnips who ramped this dumpster fire of a stock - have you read the rns?
Everyone was repeatedly warned. Over and over.
Here is the worst part - 88e almost certainly will try to raise much more IF this raise is successful. A big IF, if you ask me. £5m is for G&A at best. There will be consolidation and then more raises throughout 2024.
£5m will keep the lights on and prevent insolvency after Hickory is paid by end of Summer. But then what...?
The SP here will rapidly go below 0.10p by end of May.
Its basically over.
No oil. Shareholders bled dry on the back of three rns released to keep the SP up into the placing... forward sold.
Brutal. But 100% expected.
Probably best for anyone thats lost out here to buy some PANR stock before they rerate on funding and Aphun reports.
Well, there we have it.
So then.... how much will they try for? $15-25m??
So then... at what price? 30-50% discount to closing?? Cant see any higher, personally.
As stated numerous times, this was always coming. But no one listened.
Dilution dilution dilution
Consolidation consolidation consolidation.
40-50 BILLION shares soon?
'Fully funded'. Mmmm hmmmm. Lol.
**BUY PANR BEFORE THEIR NEXT APHUN UPDATE COMES OUT TO MAKE BACK YOUR 88e LOSSES???**
Older,
Remember MysticMeg and his predictions? The same predictions that Stas and Brom and the rest cheered on with zeal? Here it is, just for prosperity -
"MysticMacOffcl
Pennyland
Today 13:31 6th April
I'm gonna laugh so hard when this goes above a penny (or 2) this month. Especially knowing Older and Scott spent years trying to tell us otherwise..."
I said to be careful as clearly the rns was as plain as day stating 4 barrels per day, and that in fact by end of April the SP would be 0.2 or lower, and by end of May 0.1p or lower.
Well... 0.185p today. Way ahead of schedule. Speaks for itself.
Next stop 0.15p likely this week.
Everyone was warned by Older and Scot and others *repeatedly*, but as usual no one listened.
Not any surprise this is now sub 0.2p
As predicted this now in 0.1x bid range
Soon it will be headed to 0.10 and then the 0.09p range and below. And that is even *before* the almighty capital raise that likely is needed after they are out of money by mid summer. Costs for Hickory will zero the cash balance, and still wont be enough to cover the remaining 25% Hickory costs.
Where will the money to avoid insolvency come from...? Yes, a capital raise. This is how 88 operate, as can be seen from their operational history.
Everyone was forewarned multiple times.
Poor geology meets promotional whitewashing rns. Geology wins every time.
Would anyone here like to buy some 10p coins for 50p each? I have lots and thought Id ask 88e investors first as shareholders here seem to have a keen eye for great deals.
Or you might want to wait until next week as I might be selling 5p coins for 50p by then, so a much better deal of course.
In other news the SP is exactly where I predicted but a few weeks ago.
QED.
When a company has to put out three rns and one of them being a follow up rns to try and explain-O-pump away the previous one and even that doesn't move the needle you know its game over.
It was already clearly game over on the first reading. Its still game over now in my opinion. Nothing has changed. 4 barrels of oil is still 4 barrels of oil, even if its a calculated flow. If the test was good at early cut they would simply have carried on but even late into the cut there was really nothing except a few slugs, a very low % cut of oil. That much is clear. Never seen any flow test reported in such a way. The market saw right through it. Price is all time lows. Ask yoursepf why... exactly.
What would be very vexing is if yet more people who just wish to make some gains decide to invest in this company based on the ramblings of a few posters who appear intent on misleading with their stance that the flow rates here have been anything less than disastrous and disappointing, at best.
The inevitable placing (not Farm out) will be the icing on the cake and even then the promotes here will be saying its a good thing there are 50... 60... 70 billion shares in circulation.
Wait until May, June, July... Money is needed and it is overwhelmingly likely to come from equity dilution. Anyone thinking this will be farmed into really doesnt understand the industry.
My opinion. Discuss and offer a counter argument.
...sorely disappointed.
I see 88 have tried to re-whitewash the results back to the market and all that has happened is a wider spread and more gullible investors getting stung.
A reworking of the 88e situation:
I played basketball a month ago after spending huge amounts of money that I was given on the first phase of my training. During the game I played in total I was on the court for 10 mins during the 4hrs, although I really hoped I would be on the court for 4hrs. I scored 3 points and took 10 shots at the ring, haphazardly. Seems good. I have now stated publically that I am seeking the NBA to come and recruit me. So far they havent contacted me, but I am needing money to support my dreams, so I will ask friends and family to give me money so I can continue trying to become an NBA star. I have stated my intentions three times now. If I keep stating that I truly am a basketball future star then it must be the case.
Mmmmmmm...
A placing will arrive. Because this is the only way 88 will get any money, and folk reading this mornings rns and thinking its some kind of slam dunk are going to be
Scot,
Please continue to post your excellent content, which is as you say very accurate and factual.
As an example of the lengths disgruntled investors here will go to remove content they feel shows up their poor understanding and poor investment choice in 88e, there was an effort to have my post detailing the P&A of Hickory 1 well removed. The post was indeed removed. It was claimed this was 'FUD' and there was 'no evidence'.
Not only was the P&A detailed in the recent rns, but also was well documented on other sources/websites, including the rig move and temporary closure of the Dalton.
The SP is EXACTLY as I forecast in my posts from just a few weeks ago. I highlight the 4 barrels of oil produced AS EVIDENCED by the same rns as a reason for the SP decline. That as well as the facts of 88e's cash position and liabilities meaning that a capital raise is *extremely* likely, and very soon.
Yet this is seen as somehow 'FUD'.
I repeat - the investment case here has no legs. The SP will bob around here and then decline as the inevitable capital raise approaches in order for 88e to remain solvent into and beyond Summer.
I predict a SP of 0.1p by end of May, probably earlier, and certainly lower still after a capital raise by the company. On this basis I continue to state 88e is a Strong Sell, as I have (correctly) called for many weeks now.
Challenge/discuss.
End.
Not positive in the slightest. How will they pay for the drilling costs accrued.... exactly, a capital raise. 88 are ostensibly broke. And a 'formal farm out process' means nothing at this stage. Just more smoke and mirrors and jam tomorrow rns writing. Hence no movement in sp. Proofs right there. SP lowest point in last few years...
The mother of all placings is coming here. And as expected, down it will go, and it wont be pretty.
If folk will not listen to the data and the wisdom of Olderwiser and Scot then there is no helping you.
4 barrels over 16hrs is not a successful flow test, so a massive placing needed to fund any further development, and 88 will be insolvent long before that if they dont get their skates on and raise capital... which they will almost certainly now try and do.
Oh, question... do any of the directors own shares or did any participate directly in recent capital raise? The answer is no. How curious.
Ahhhh Stas, still here trying to keep the 88 sp afloat in the face of overwhelming evidence from the market that it sees straight through the ramp and nonsense. This is going to 0.1p and then even lower when they try and raise capital, which they will, over and over and over. Rinse repeat ad nauseum.
What did I say 2 weeks ago - see you at 0.20-0.25p and here we are, almost as if by magic. And then on to 0.1p by the end end of May as the major sell off in anticipation of placing drives home.
Do the right thing and stop trying to ramp 88s rns. It was as muddy as a swamp. Once the market picked out the detail it sold it off heavily. There's your answer. No way back now unfortunately.
Would have preferred a better flow, but panr have the data so no loss to us except a bit of collateral damage by proxy.
Do yourselves a favour... time to buy PANR ahead of their next IER (due imminently).
AIMHO.
According to Neversatisfied...
"they were not there to produce oil, they were there to check the flow. That figure of 4 would not have even been in the report but for the rules of asx reporting. As it wasn't a goal of the flow test."
Flowing oil wasn't a goal of the flow test. Incredible. A no oil flow test hoping for no oil. They were certainly successful, then.
Now I've heard it all. I'll leave it to the market and SP to keep doing the talking on this 88 disaster story.
Market has spoken. 0.2p bid has landed.
Q.E.D.
Unfortunately it doesnt end there. Dilution likely. With market aware --> 0.1. Or forward sold --> 0.05p
This has hallmarks of echo energy all over it.
AIMHO