Member Info for muscat

At least by next year you will be able to buy a proper car , after getting scrap value for the Tesla- if you are lucky. Watch out for the winter months as the cold affects the batteries and therefore performance. Stay on the inside lane as you will need to use the hard shoulder. My friend just got rid of his new one as it had so many problems and would no touch one again.

Was no real surprise as we were low on funds and share price action over last week or so was telling you. The offer kept on around 7 and every time it ticked up went down again. The MM new a raising was on as they would have been told before to find out where the price should be set and what demand they expected. If relisted quick then means placing done, if overhang of shares could take some time before any major up moves. We need a good solid placement with some investor as I can't see this being filled by current holders.

They could not care about stop losses. They are trading from flat positions and non of them will be carrying larger amounts of stock as it means using up capital. No head trader would be allowed to carry big long positions in this stock. That's how the markets works. This is a sub 1p stock-- get real.

they are lowing the bid to stop sellers. They know many are long and higher up who probably will just hold on. Also hedging their bets in case of share placement which would have to come at discount to current price. If it goes down any further then we would be facing a fund raise as they would be the first to get wind. So watch the sp. Maybe DW will catch them on the hop and not raise any monies but highly unlikely as he can't afford to upset the mm's

peanuts, many private investors hold more shares than these do.

Its always the same plenty of pretty pictures in the presentations but never any comments on funding. We do not have sufficient funds to carry us through until feb next year and the market knows that . Hence the sp going south. Hope he has something positive on this soon. Perhaps hoping the pretty pictures can get exhibited at the Tate Modern and can sell a few limited additions , prints. tea shirts etc to raise a few dollars.

who is 89 energy?

88e has pin pointed , drilled twice and come up with nothing. Perhaps they are drilling in the wrong place. Need another view otherwise this will keep happens until they run out of drill sites or money.

Shame they don't use Zebra Sciences . Would have saved 88E millions as they are able to pin point the best place to drill and find the oil. No one else has the technology so advanced as they do. That's why a large oil company asked them to run a data room last year . They are lean and mean and therefore can do the job at a fraction of the cost.

Forget Ferraris buy bikes, that's what its looking like currently.

the key word is "soft" which means to me very little cash up front but funds to drill as and when. So the sp may not rally as much as we think until we actually see oil, and that appears months away. If a well know company gets involved then the sp could push a bit higher on expectations.

I invested in Woodfords funds at the beginning and got out with profits. What concerned me a couple of years ago was his movement into bio tech and unlisted stocks. Remember he listed his positions for all to see ( great idea but can work against you as has happen now) so you should have followed his funds move closely to see the problems building up. I was concerned that HL were so ho gun on these funds and they failed to see the potential problems. Perhaps it was the fees they received that made them look the other way. - now appears the case as mentioned in the papers today. HL has run a great platform with excellent dealing and admin services but this will no doubt make clients think twice about jumping in on their recommendations and new launches in the future. His has damaged HL reputation , however they will come through it but at a cost for future business.The danger is that the large institutional share holders take legal action against HL for what ever reason ( they love class actions) and his leaves the sp venerable to set back.

the share holding between several friends is not that many per person. Also the opportunities to trade these around over the last few years have provided profits for all of us so the real cost has been derisked. Also you can hold shares and heged the positions by going short , that again gives opportunities for profits. Finally the arbitrage between uk and aus quotes allow for currency plays again enables opportunities. buying/selling shares, hedging positions and currency plays all give trading opportunities. You just need the experience and knowledge to trade. Finally you can think what you like I don't really care.

preferred bidder for the farm out!!!

WE only know what we know.
So gets get to grips with this FO. My view. It does not surprise me that it is taking much longer than expected. We have the FO partner, 88e and BEX so three way negotiations each with different views of valuations. Across two/ three continents (depending upon origin of FO partner) with different time zones. Also different legal systems ie drawing up contracts etc. and finally the currency play. US$, AUS $. Obviously most expenses will be in US$ so I expect 88e hold dollar accounts. Also they probably have to account in AUS dollars for their accounts at home. A So all these factors must have a play on the time taking for agreements to be finalised. That’s apart from the back and forwards on the data supplied as I expect many questions are being asked. As DW has said in the past they are a small company and don’t have massive personnel resources to focus just on one aspect of the business. They have a lot going on which must take some organising and prioritize. So if they need another few weeks/ months does it really matter as long as they get it over the line.

Just bored today so thought I would wind some of you up. ALways good to see the response. I will come clean. For those who don't know the background. Having been involved in this since Tangier days and the time DW took over. DW was the second choice as the first choice turned it down. ( he was already running a large oil company) DW came on board during the Morocco drilling ( was not his deal but inherited) Upon failure of the well the company had no further exploration deals and with limited cash was close to the end. DW came to london and where i first meet him. I together with some friends raised some finance and at the same time DW put money in and has done so ever since.I have together with my friends have taken part in all the placing since then .DW new the company needed some direction and with his contacts took on the ALaska project. The rest is history. We continue to support DW and the company as what you see is what you get. DW is very straight forward keen to keep the investors undated as and when he can- subject to regulatory requirements. We feel he has a good regard to the investors as without them the company would not be where it is today. My oil contacts hold him in high regard as well. Having followed 88 very closely and taken advice from oil participants my friends and I now hold well in excess of 100m shares. We have of course traded millions around to take profits but still retain a large bulk which we have every intention of retaining for the final outcome. The problem we have had is of funding as the company has relied upon PI's as the funds cannot invest in such a company. Several people I know are watching this closely but hands are tied for now.We will come out the other end and although very frustrating currently I firmly believe this will be one of the best plays we have seen in a long time. Keep the faith and just sit back and let it take its course.

You are correct I forgot that. Anyway if they were paying US1.5m approx in interest to BofA be interesting to know how much they are paying in interest to the other party, or just rolling up the payments.

So a loan is not a debt. Also the loan has had to be rolled over to 2022 as they do not know if and when the rebate will be paid. Also don't they still owe monies to Galp.

Debt Refinancing:
On 23 March 2018, the Company refinanced the outstanding US$16.5 million loan with Bank of America, on substantively similar terms to the original agreement with the maturity date extended from 30 June 2018 to 30 December 2022. The exact terms of the agreement remain confidential for commercial reasons.

so the accounts statement is incorrect. Well if that's the case we are all legged over.

rebates are to repay loan to Bof A or have you forgotten that debt.