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The Accountant 08:17
I would agree with you, I have had the same thought all day. I think the timing of the release, possibly re-release is telling....
I don't think it tells us they have guaranteed, positive news, but I think it tells us there is so far no catastrophically negative news.
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Thursday 09/03/2023 390
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Monday 13/03/2023 1950
Tuesday 14/03/2023 2340
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Thursday 09/03/2023 390
Friday 10/03/2023 780
Saturday 11/03/2023 1170
Sunday 12/03/2023 1560
Monday 13/03/2023 1950
Tuesday 14/03/2023 2340
Wednesday 15/03/2023 2730
Thursday 16/03/2023 3120
Friday 17/03/2023 3510
Saturday 18/03/2023 3900
Sunday 19/03/2023 4290
Monday 20/03/2023 4680
Tuesday 21/03/2023 5070
Wednesday 22/03/2023 5460
Thursday 23/03/2023 5850
Friday 24/03/2023 6240
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Sunday 26/03/2023 7020
Monday 27/03/2023 7410
Tuesday 28/03/2023 7800
Wednesday 29/03/2023 8190
Thursday 30/03/2023 8580
Friday 31/03/2023 8970
Saturday 01/04/2023 9360
Sunday 02/04/2023 9750
Monday 03/04/2023 10140
Tuesday 04/04/2023 10530
Wednesday 05/04/2023 10920
Thursday 06/04/2023 11310
Friday 07/04/2023 11700
Saturday 08/04/2023 12090
Sunday 09/04/2023 12480
So here we are 7 days into the current estimated 2 week phase taking us from 2,005 feet to 8,000 ft TD....
so we should be at c. 5,000 ft.' ish.....
and we've been told... "The Company will provide further updates subsequent to Merlin-2 achieving TD." ....
we must be very close to some news.
09:50
ASX ANNOUNCEMENT
17 March 2022
www.88energy.com
Ground Floor, 516 Hay Street, Subiaco WA 6008 PO Box 352, Subiaco WA 6904 Australia Phone +61 8 9485 0990
ABN 80 072 964 179
This announcement contains inside information
88 Energy Limited
Merlin-2 Drilling Ahead
Highlights
• Merlin-2 surface hole successfully drilled to 2,005 feet, cased and BOP system tested.
• Operations progressing as planned with the Arctic Fox rig scheduled to commence drilling ahead
to the reservoir targets imminently.
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to report
that the Merlin-2 surface hole was successfully drilled to 2,005 feet, the surface casing installed and
cemented, and the Blow Out Preventer (BOP) system tested.
Operations are progressing as planned with the Arctic Fox rig scheduled to commence drilling ahead to
the reservoir targets imminently. The Company anticipates all target zones to be intersected prior to
reaching the permitted Total Depth (TD) of approximately 8,000 feet, with drilling to TD at Merlin-2
expected to take up to two weeks from this point.
Based on above, TD should be reached approx. 30th / 31st March.
The above announcement went on the say....
" The Company will provide further updates subsequent to
Merlin-2 achieving TD. "
16:47
2021 depth was 5,276 feet, this year 8,000 feet.
Total drill time i think in 2021 was approx. 21 days, so an average of 251 ft/day in 2021, at the same rate that would equate to c. 32 days of drill time this year.
My interpretation of what we're been told so far this year is a total 5 weeks to reach total depth and complete wireline.
I'm working on reaching TD approx. 3rd April, and wireline through to 10th April.
17:28
I said it earlier, buy happy to repeat myself... my wife tells me that's the only thing I'm any good at...
we peaked at c. 4.5p on March 29th 2021, on news of 'oils shows and progressing to flow testing' .....
I would argue that we are picking up where we left off.
LSEtrader 09:45
Your comment on stops limits prompts me this morning to think about something I have thought about often.
I got caught out on setting a stop loss on 88e in 2017 or 2018, cant remember which. I got nothing like my Stop/Loss figure.
That said, the SP continued to fall, and I bought in at a lower level, so the immediate pain was mitigated a little.
What's happens in the other direction when the SP is rising? If a sale is set on a limit, but the SP rises beyond whatever SP price has been set, what is a seller likely to get?
09:43
On 29th March 2021 the SP sat at c. 2.8p, and following RNS on 30th March mentioning ‘oil shows’ and progressing to wireline we closed on 30th March at c. 4p, but during that day I think we peaked at c. 4.5p.
We are in theory in a stronger position this year. Balance sheet is stronger and with the benefit of the results from 2021 we have now chosen a theoretically better drill location. The trajectory on share price between spud and reaching target depth is what we want to follow for those who want to de-risk and take profit prior to the final results of the drill.
We drilled an average of 250ft per day in 2021, based on increased depth I am estimating 32 days to reach target depth this year.... caviat.... I'm no expert on drilling and assuming rate the same this year as last, but we should schedule details soon. I see no reason why we cant meet or even pass the 4.5p peak of 2021 prior to results.