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Hey Brom. It's quite ironic we now consider a 20% drop (1.50 -> 1.20) in 3 weeks and a daily drop of 2-3% 'firm' for this stock. I am guilty of the same, but when we're used to the swings this thing usually takes, I guess anything above 1p with the slow dwindle down is 'stable' . Hard to believe we were up at 4p just 6 weeks ago !!! Why oh why didn't I sell then..... Its because I ...
Yep Bev. Welcome to the 88 doldrums. Hoping to get a little bump when the results confirm that we just capped off a well with "multiple pay zones" great potential "" slugging sounds of vast oil reserves " etc. (yawn.. those old chestnuts) then I'll sell up and weather the inevitable dwindle down to sub p, then come back in just before the next hole. Seems the only way to make any money on this, having lost loads on paper, waiting for the elusive gusher for 6 yrs + Timing is key... ..
You are right Brom. I am frustrated, having come in on the 'Great HRZ discovery' and waiting for the billions of barrels to come pouring forth and the 'hundred bagger' spoken about by DW at the first Globe meet-up. Missing opportunities at ~ 4p,........twice (shame on me, but they were only 3 baggers, not the 100) !! I see nothing wrong with being frustrated, but I just can't get the logic of paying 10's of millions for a drill, allegedly getting all the way to the 'slugging' of liquids, then running away because of a 'series of unfortunate events'. Why do we leave it so late in the season so we have no time to fix the co*k ups ? Bad planning in my book, and damn frustrating.
So yes, I have eventually become tainted. However, my predictions look like they may well come true based on the trend this week, and I see nothing wrong with pulling back, waiting till this dwindle hits bottom, and coming back in with double the number of shares for the same cost. That's for me to decide, and based on 7 years of watching and cursing the rinse repeat cycle.
A year to wait with no drilling, no flow tests, maybe some lab results telling us we just capped off yet another 'potential' reservoir, (but volumes and flow rates need to be tested), CR dilution, another billion shares issued.... sigh............
Don't worry, I'll be back.... . I still have hope. We are still on the slope as you say and we have to hit something sooner or later. We are getting closer. We just need to plan better and not abort potential successes so quickly. I'm just venting. I'll keep an eye on this and pop back when the time is right.
All the best and good luck.
donotpanic, you're obviously new here. Don't you know good news sends our SP down :-) !! Plus, it won't be anything we don't know. Once again we have a sample from a capped off, unproven reservoir. Useless and of no value unless we get a hole in and PROVE there's commercial amounts and flow rates. We had lovely beakers of super sweet crude from IW too, don't forget, and where did that get us. Drill, log, hype, cap, leave , raise more cash & repeat. Its our business model, for goodness sake. Down 24% from Monday high. Sub 1p, here we f**ing come again..... mark my words...
Hope floats ! It's the only thing that keeps 88e going. Not a drop of oil in 7 years (+ all the rest before it became 88e). We all hope for the gusher, but we just keep making holes, logging how much 'potential' there is, then capping off and moving on to the next hole. Then the inevitable cash raise and dilution (we now have enough shares in circulation that everyone in the world, plus all the dogs and cats , can have a share).
I would wait (and I am waiting, having just pulled out for a break , at 1.3p) till this inevitably dwindles down to low sub 1p levels (might even go lower than before given dilution), as it always does when we have a whole year to wait for the next bit of hope.
You have 2 options on this. Wait, get in much lower than current SP and hope, (with monk-like patience) like the rest of us for the big 'un (when I bought 7 years ago, there were only 2 bill shares about). Or trade on the froth that precedes each new drill and take a 2-3 bagger each time. The only way we're going to have a successful drill is literally if the oil gushes out of its own volition on the very first try. Anything else and we seem to run away and find excuses not to find oil....
Same here. Could have scarpered with double my avg, but got caught, yet again, by the hype that this was 'the one'. Seriously, Armageddon's (the movie where Bruce Willis is the oil drilling hero) scriptwriters could learn a thing from us... . "Well, we got right down into the oil, we even heard it slugging away. Then you won't believe it, but just then, the power failed, so we had to pull the drill out. Then, when we went back down the hole broke and suddenly the oil was gone, so we tried the next level up, but then the drill got stuck, so we bravely just threw away our opportunity and millions of dollars in drill costs, capped the well and we'll try somewhere else next year". What a crock of cr*p. I've bailed for now and bought Coinbase, as my missus has made a killing on Bitcoin. When, (not if) this dwindles back to 0.5p I will come back in and sell on the inevitable froth of the next drill. Seems we find the oil, get data, then cap and go. Pity we can't sell data.... Dusty Davies been keeping me on a string for years, but it's just got cut. Yes, I could have traded this and made a few bucks, but always hoped for the longer term biggie. Big sense of relief taking a break, it's amazing. Seeing it dwindle is pleading in a way, as it just confirms what I am slowly learning. The only way to make money in this is to buy a month before a drill, then sell a day before results. All IMHO (tainted through frustration at not taking opportunities through pointless hope and greed).
That's the trouble with 88e. They can't seem to finish anything. They scrabble away and get to within a yard of the tryline, then always pull a hamstring, drop the ball or fumble it. There are now a bunch of capped off wells that have provided us 'lovely data', 'great potential' , amazing logs and good prognoses plus all the other hype.
Funny we never go back and open them back up or try a 'bit to the left' with another hole, if they were so good. We just move on to the next one which may have nothing...
We can't sell data, but that's we all we ever seem to get out the damn holes, and its not even definitive , despite have a sensor so close/ in the reservoir.
So.... another one capped off, and we'll have to pay again to get the rig back in a year's time, if we even pursue this one. Sounds like p*ss poor management to me, paying twice for the same hole. Cmon guys, allow enough time for a c*ck up with the drill, even its a day or two extra. It costs a fortune to get the rig, BOP etc set up, then we leave it till the 11th hour with no room for error, and then plug up and run away at the slightest hiccup. Oh and then CR some more money for the great data we acquired, that isn't proven or going to be flowed.
Rubbish..... anyone would think there's scullduggery at the crossroads...
We need Bruce Willis, not Dusty Well !!
Should have sold up at 4p (missed again, greedy & hopeful, just like the last drills).
I truly will -
Brom, starting to wish I had adopted that strategy. reckon I could have 10 bagged over the previous previous pre-drill frothings and predictable dwindles down to the actual drill results. It is like a rerun every time.
But, I don't have the cajones, and am at such a paper loss, I fear losing my last embers. I don't see anything wrong with riding this on a 'trading' basis. I'm just jealous I could never bring myself to do it, as I got in too early and too high. Hats off the 'em I say. Clever.
Yawn...... Here we are again. Big spike just before a drill result, then the inevitable downward drift until the results actually surface. Totally counter-intuitive. I am hoping against all hope that the rest of my deja vu is different from the last 3 , and we get more than just ' valuable data' and a capped off hot spring.
Every time it does this spiking , I say to myself, 'Sell now !!, this is the spike, its going to dwindle' , but do I ?? Hell no !! then I would have to change my BB name :-)
In it too long now. Bring forth the black gloop !!
Transport of any form accounts for around 25% of global oil consumption. Shipping, trains, big trucks and aviation are around 55% of that (and there isn't an electric solution for those in the pipeline, yet, maybe hydrogen , one day..), so cars account for around 10% of global oil consumption. So you can reckon on 80% + of today's consumption to be the norm for many a year to come (10+ ??) . Add in that many of the renewables' materials are made of plastic (oil) and if manufacture of these wind/solar' whatever is to increase, so will demand.
Think we're safe for a while, until we get a real replacement for oil, not just windmills and PVs . We will realise this slowly once the big EV hype is over and everyone's made their fortunes pumping a rubbish technology (lithium is nasty !!). Oil is dirty and horrible, but we can't shut if off that quickly...
bigPhilly, been in 6 yrs + & I at times have also wondered the same thing, is 88e a big farce, but then thought that as far a farce or even a scam goes, this would have be among the worst in history. Why bother drilling at all if all you wanted to do was froth it up a bit, make a few nice fake seismics, CR a few mill and scarper. You don't spend the suckers' money if you're running a farce, you run away with all of it. This crowd has been seismicking & poking some very deep holes for more than a decade, and using our money to do it, sure, but that's why they're an exploration company. We pay, they explore. We hope they hit a big one in our lifetime. If you want a producer, try BP or Shell, etc etc
Is Dave Wall up there with Bezos, Gates etc, or is he just in the 'comfortable' bracket with a few 100K or maybe a mill in the bank ?
Hell of a lot of effort for the relatively piddly kind of money he's made over many many years, I reckon. Any decent management job or a much simpler farce would earn him similar or quicker money.
'Slow', 'useless', 'overhyped', 'jinxed', 'couldn't hit a 'roo in the bum with a didgeridoo' (as I once posted in anger) , even 'silver tongued' perhaps.....'Farce', 'scam', 'sham' ....... Hmmm, probably not, methinks.
If and hopefully when they ever get a decent flow of oil going, all nastiness will quickly be forgotten and we'll be singing praises (even if its only at the 10p and not the £1 party) . Otherwise, if we make too many more dry, deep holes, Alaska might tear off like a postage stamp, in a stiff breeze. Holding and hoping ....
Ddraig, are you surprised ? We have been here too many times, seismics, surveys and 'potential' resources and yada yada yada,.. then nada, and so a hint of caution is being applied. The only way this will spike now is when we see see some actual g*ddam oil. A cupful would be nice (as long as it shot skyward under its own pressure and with a few trillion more behind it) . Too many disappointments have made people a tad sceptical, to say the least . Please, ye oil gods, give your dedicated faithful and new recruits some glimmer, for now is the perfect time...
Guzz, I do remember. I was all hyped up for £1 party aIong with Phron, Brom, Jiddy, Island, leMajor and the rest of the Globe drinking crew. I think that was a typo and they meant a multi billion SHARE company, enough in issue now for every person in the world (plus all the animal) to have a share. Yep, be lucky to get 20p if all the ducks line up and every current prospect AND the HRZ gush sweet clear amber at x10000's bpd.
Deja Vu indeed. Here we go again. Frothy frothy, pricey risey, drilly drilly, and then ..... ??? We've had gorgeous independent resource reports before...billions of bbls at 90% probability etc etc etc.
Half of me says wait till the day before drill hits the ground and sell, then buy back in on the dust-storm, but as the name suggests, I never learn and so I hope for the cries of 'thar she blows', so will just wait it out and probably miss an opportunity to double my shares for free to compensate for the next CR, but hey ho, whatever I bet on, the opposite will come true. Any offers for me to sell up ??
This time Dave, this time.... Somethings got to go right FFS. Its only been 7 yrs since I bought in and have 10 bagged - down !! :-)
To all my fellow 88e LTS's (long term sufferers) and new lucky ones who snuck in recently at rock bottom prices. Hope you all have a great 2021, and if we hit a duster ( ye gods forbid) may it uncover hitherto unknown record deposits of gold, platinum, lithium and diamonds instead so we can have our fabled £1 party.
Holding everything crossed for a good one this year .....
Uscita, could be ...could be. I too have a touch of cynicism, having seent he same cycle you describe 4 times at least now. Of course, I went and sold up a week before they shot up, didn't I, thinking we were in for a long sleep, and had to jump to get back in before the big rise. In that week, my severely reduced 88e pot went into gold producers and turned some profit that way, so swings and roundabouts. Damn gold etf things took for ever to execute the sell, so watched 88e shoot up with no cash to get back in earlier than .44. Damn . I still believe if I hadn't sold we'd still be stuck at .27 (trust me, I have a track record of causing trend reversals on any share, when I buy, they go down, when I sell ...wheeee, its uncanny, so you all owe me a beer)
If you're confident about a rinse repeat cycle, why not sell at say .7p and you could have almost 3 bagged from a few days. Beats sitting there and streesing about it. A few cycles like that and you'll be a 10 bagger.........if you're that sure. Roulette it is, my friend, could be froth.. I just don't know any more. I now need 2.5p to break even after my stupid sell off last week (was around 1.6p, but have made some on gold withn 88e pot etc, so probably 2p would do nicely).
Yep. Won't go past 0.30. In fact its already heading south...Been up to .30 a few times during this lull (I use the term lightly, as in the lull a desert experiences between rainstorms)
Typically though, it hits .3 just after I sold up 1mill shares yesterday after 6 years and a 75% loss, (as I'm getting tired of sponsoring a tinpot bunch that drills on average 1 hole every 2 years and can't find diddly, despite external reports saying there is oil, core samples showing beautiful light crude saturation from IW (read the RNS 29 FEB 16)etc, and am now waiting for the inevitable CR to drop the price again. Then I'll climb back in and pray that someone will see value in the HRZ (unless the RNS re the evaluation was BS) and jump in on a FO, otherwise we really are dust...
If they'd stuck to the PB plan of horizontally drilling IW1 after the (allegedly) great core sample and analysis, we'd probably/maybe be sitting pretty now, but no.... let's go waste money and re-drill some old crappy holes long abandoned by far bigger and better companies, maybe we'll find something they didn't. Sheeshhh....
Hi all. I haven't been on here for a while as I'm just waiting (got used to that word with 88e !!). But i think one thing about DW is that he is a stickler (or a sucker for punishment. If you look at his (disastrous) track record, it doesn't make good reading, but at least he picks himself up and gets back on the horse. I probably would have quit a long time ago and developed a serious allergy to dust, but no, he keeps trying. If he was truly trying to scam a quick few million/ billion for himself, this long drawn out process with huge expense isn't indocative of this. there are much less labour and cost intensive ways of conning people.
I don't think he's the luckiest driller in the world, but maybe the pluckiest.
Shouldn't we be getting some more lab results on the Heavenly/ Torko/ Seabee whatever data about now (as in , 88 time= upcoming weeks is actually 'next coupla months'. All news just seems to be XCD... Now we have it what will we do with it ?? DW, let us have some ideas of your next steps mate ..
We need something more than shares to sell. Some actual oil would be nice.
Or we could rig up a few Covid clinics on our extensive 'sweet spot' ( for ice, dust, mud and water, yes) acreage and rent them out & make a killing (bad choice of word). Shoulda, coulda, woulda sold at 4p, but was hoping for the £1 party. Come back 1p, all is forgiven...