Member Info for Olderwiser

Skippy

The interview is from 2017, first clue D Wall is not the MD anymore

Skippy

There is a hole in the logic, in that oil cut took place over 16 hours, so when the 50 bopd rate occurred it must have been at that rate for a short time. Further the drawing on the well while it was flowing oil at whatever rate only produced 4 barrels of oil over 16 hours. Which means the average flow rate over the 16 hrs is 0.25 of a barrel per hour, on a 24 hr basis, 6 bopd

Taxi, thats not correct

The company has a right to issue 15% in shares that are not approved by shareholders every twelve months

At the AGM an additional 10% issue capacity can be approved by shareholders,

25% capacity to issue shares without shareholder approval all up

Any shares that are issued under this capacity, can then be ratified by shareholders at a General meeting, they are then approved share issues.

Which then removes them from the unapproved 25% capacity ledger, so allowing more shares to be issued without shareholder approval

Sharebel

To whom Facts are ridiculous, I see it all now

Stas20

Understanding is not your strength is it. ELI5 for you. The email to 88e asking this question is, confirmation that 88e know there is confusion about the meaning, but have chosen not to act to address it

"I and others emailed them for clarification on the 24.8 stk barrels v 42 bopd average in the USFS test, no answers given by 88e"

Skippysb01

The experts and non experts are not confused, the interpretation of what it means has been repeated over and over here.

Investor are choosing not to believe or acknowledge it, for their own reasons

SSccss

You are getting it now, it is a monumental blunder by 88e, they wrote an entirely ambiguous RNS, twice in a row.

I and others emailed them for clarification on the 24.8 stk barrels v 42 bopd average in the USFS test, no answers given by 88e

The true meaning has been uncovered

Now investors know how 88e massage the message, trust drops to zero

Taxi, 09:05 that's not correct

This is how they do it, shareholder ratify prior issues at a GM, as was done at this meeting, every share that is ratified by share holders is then available for reissue

https://clients3.weblink.com.au/pdf/88E/02753879.pdf

RESOLUTION 1 – RATIFICATION OF PRIOR ISSUE OF SHORTFALL OFFER PLACEMENT

SHARES – LISTING RULE 7.1

To consider and, if thought fit, to pass, with or without amendment, the following

resolution as an ordinary resolution:

“That, for the purposes of Listing Rule 7.4 and for all other purposes,

Shareholders ratify the issue of 675,000,000 Shares on the terms and

conditions set out in the Explanatory Statement.”

A voting exclusion statement applies to this Resolution. Please see below

Taxi

Re the 10 and 15% dilution limits, there is a means to exceed these limits

. 88e have done it regularly, call a general meeting, get shareholders to approve the shares already issued in the term. It resets the % limits, so 88e can start afresh

Taxi

I think you are missing the central point, PANR have costed the reinfection of gas produced, as a by product of oil production

No doubt in their budgets it is a cost, requiring 1 reinjection well per 3 producers, even with this cost the projects are excellent. No return is budgeted from the gas, but there is a possibility that that cost, the gas could become an asset, if the gas pipeline is built, as the gas would then be sold for a modest price giving a bonus income, and the considerable cost of reinjection would no longer be required to the same extent

More thinking and less accusing would work better for all, knowledge is power and all

I have been working on decoding the announcement, from what I conclude the 4 barrels in the stock tank stands, also acknowledge it is a calculated number as stated by 88e, IMO as the stock tank gauge is not sufficiently accurate to make such a fine measurement

Looking for a cross check from the 4% average oil cut, and the managed fluid flow rate of ~170 bbl/d over the 16 hr oil cut period

170 bbls per day for 16 hrs, is 67% of 170 = 114 bbls total

114 x 4% average oil cut over the same 16 hrs = 4.56 barrels of oil

Its not a precise match but close enough for me, given the number of `~ approximates and possible rounding errors, ie is the 4% a rounding of a lesser number say 3.6%, or the 4 barrels a rounding of 4.4 bbls

LTI

Yes decoded, stop the spin let the facts fall out

Lots of pigs ears, no silk purses

88e could have written a clear explanation of the results, but chose to so mix, averages with peaks, superlatives and produced barrels that the average investors head spun

The hard reality is setting in, all the fluffing and pumping is failing

88e have produced 4 barrels of oil from the SMDB, in a flow test designed to prove a commercial flow rate, that is a nothing

Such a small nothing, the tank it went to, would not even register it accurately on the gauge, hence the "calculated" 4 barrels

The USFS did better at 24.8 barrels, but proved very gas prone

Overall these are poor results

88e has made the most of it, legitimately claiming discovery, which only means some oil flowed, Their use of peak flow rates, rather than daily averages, has created this media circus

Luckily the truth behind the spin has been decoded,

Sharebel

Yep you are ramping, its obvious, there is no hundreds of millions of barrels of discovered recoverable oil. 88e have never stated that

Defamation requires something to be untrue, by the way so no worries here

Sscss

Clearly you are wrong about that, look at how irate posters get, when others correctly insist the flow was 4 barrels in 16 hrs of oil cut

Skippysb01

Its not a water flow, bopd means oil

I agree the writing is appalling though, reading it you automatically think they have flowed 50 barrels in a day, but no it is a peak rate of 50bopd. Which must have been for a very very short time as they flowed oil for 16 hours and only produced 4 barrels in the stk tank

No stas20

You are a trader and want the best for you, at the expense of another

Sharebel

That there is a blatant unfounded ramp, shame on you

Sheldon

Its the latest SMDB result, it only has 4 barrels of oil in the tank, after 16 hours of oil flowback, and then they stopped the test.

As a compare PANR tested the same reservoir up dip where the porosity is better, and flowed an average of 45 bopd for 5 days, and that was with the hand brake on, to minimize flashing in the reservoir

Stas20

The difference between us is I have called it straight, but you have an agenda