Member Info for penstock

this time we are drilling for an ocean of 652 million barrels not a puddle of 300

Summation of the RNS yesterday morning:
88e proposes to raise £10.5m plus over-subscription at £5.3m by offering placing shares at 1.8p in Australia & UK. This in reality meant the 2.7p shares would now be worth 2.66p. However, the market of people who didn't read the RNS and only read the de-ramp, market maker, BS comments either dumped or forgot to adjust their Stop Losses. Great news for us whom took the time to read and re-read the RNS, have calculators and topped up on the 30% dip during the school run.

88e in advanced negotiations with nearby lease owners to the Yukon acreage for a joint development area.

88e signed a MoU for potential 75% acquisition of Texas oil & gas asset in Permian Basin for US$9m + US$1.6m working capital fund paid in cash & shares. 2021 gross production at the project totalled approximately 110,000 BOE, with a planned work program in 2022 expected to increase production.

Raising funds will also be used to fund the flow test of Merlin 2 and cover working capital and admin overheads for 12 months. Placing shares admitted to LSE 22nd feb. FULLY FUNDED!

Those placing shares have already been absorbed by the share price and then some.

AAPD Approved Application Permit to Drill Merlin-2. Snowroad complete. Rig mobilised. The only downside in all of yesterday's RNS is that the sp became worth 2.66p (although it fell much lower) and we are drilling later than planned so have a shorter window for results before the thaw. Have to mention that to keep a balanced perspective.

5p pre-drill? Well probably only 4p now but if you bought the dip yesterday that is 100% profit and if you bought a month or two ago it is even more. Well done to those invested in 88e. Goodbye to those whom shorted or sold out as you won't get that opportunity again now.

new acquisition mentioned in last weeks video interview will hopefully be news next week assuming Adam has secured it.
News due of washplant being fully tested to increase offtake price.
News due of 2nd HWM arriving on site.
Progress update on rail spur maybe, although not due to complete till March so no big deal, coal is currently being freighted by truck at integrity's cost not ours.
$1m being paid to BEN again today, every week.
Have a great weekend. about 10% away from 50p now.

another 150m on the books at 2.3 so great chance to keep buying cheap

https://www.proactiveinvestors.co.uk/companies/news/973080/bens-creek-group-prepares-to-double-production-at-its-west-virginia-mine-in-the-us-973080.html

On the latest video. Adam spoke of a conservative 70KTpm (to conform with NOMAD). I like to work with these conservative figures to keep grounded and, all being well, will be pleasantly suprised by the EOY results.

14billion 811million shares at 2.7p last night to give mcap £400m
Add 687million shares @ 1.85p in the raise to add £12.7m
That gives 15.5bn shares with mcap of £412.7m so the share price should have been worth 2.66p
In fact with official news of the permit being passed and fully funded to drill the 652million barrels of oil the sp should be higher. Only regret is not having funds to take up the dip but well done to all those whom have done so this morning. Now kick back and wait for spud. This panic sell just means the spud target price may now double up today's 2p sp. DYOR and use a calculator, not just reading the hysteria nonsense!

AU$20m (£12.7m) raise @ 3.5c (1.85p) as rumoured then those extra 687.5m shares would have just brought the sp down from 2.7p to 2.66p
And yet the market is in a panic. We are drilling couple of weeks later than the original 15th Feb date. Chill out and buy the dip you lucky sods. If only I had some spare change I'd top up too.
We don't drill for a couple of weeks, but we have permit and rig is mobilised. Should be celebrating not de-ramping to get cheaper entry

Commissioning of the Arctic Fox rig has been completed, with mobilisation to the Merlin-2 drilling location commencing. Pioneering of the single lane snow road to the Merlin-2 location has also been completed.

The Merlin-2 well is now scheduled to spud in early March 2022 with drilling expected to take approximately 3 - 4 weeks, including wireline logging.

The Merlin-2 appraisal well is planned for a Total Depth of 8,000 feet, and is targeting 652 million barrels of oil1

If there is a AU$24m (£12.7m) raise @ 3.5c (1.85p) as rumoured then those extra 687.5m shares would have just brought the sp down from 2.7p to 2.66p
And yet the market is in a panic. We are drilling couple of weeks later than the original 15th Feb date. Chill out.
Dang, look at that price!

Integrity Coal have said they will buy whatever BEN can produce, not just the contracted 22KT. Check Adam's latest video interview. He also has 3 other potential offtake partners asking for it. Metcoal is in demand for steel, hence why Integrity are buying it even though it hasn't been through the washplant. $1m a week! The HWM costs $2.5m so BEN bought a second one.
80000KT per month per HWM which when processed by the onsite washplant owned by BEN reduces down to about 70KT per month from 2 HWM rigs. See calculations in my previous message.

Thanks SS. My L2 on this London South East doesn't look as detailed as that. Just a few blocks saying book name and 10000 volume or whatever. Anyway, I'll have a read. Thanks.
Probably be little action here until we get an update end of March about US demand. Very low priced but good for a top up dip.

MHW1 is leased on a contract basis so we don't have maintenance or staff costs there and no union issues (unlike Warrior MET!). MHW contractors get about $115PT
MHW2 is owned outright and due onsite this month but MHW team will be contracted to operate that too.
BEN own the washplant which is currently in test phase to ensure best quality processed coal comes off it. Due to complete testing end of this week.
Rail spur repair is by a contracted workforce and due completion by first week March. It's only 6'C there today so not ideal for working with cold steel tracks. The train will carry met-coal away from Ben's Creek to be used to make more steel.
Transport by rail is paid by the offtake partner, so once the hoppers reach the weighbridge BEN get paid.
4 permits have already been issued for Alma No2, Lower Alma No6, Pond Creek No1 & Upper Cedar Mo5. Still waiting on mining and discharge permits for the MGC 1200 acre site (BEN2) but we are not due to mine that yet so no rush.
Fully funded and revenue generating 2 months ahead of schedule.

Working on a modest margin of $150pT at current HiVolB metcoal prices, with 2 HWM rigs operational, extracting a combined processed 70KT coal per month = 840KTpa and using a PE of 6, the sp could be worth £1.55
The CEO, Adam Wilson, has already told us he intends to pay 10p dividends.
He also told us that he is currently in negotiations for another acquisition. This could be another redundant mine waiting to be brought back in to production with existing reserves or another MHW rig. A 3rd MHW would up that sp forecast to £2.32 plus bigger dividends.
Obviously DYOR and calculations but as most of the overheads have been covered here then it looks like a good investment. Metcoal prices can go up or down and obviously affect the figures. New acquisitions/capex cost money but increase the lifetime of mining & production and prevent competitors acquiring those sites before us.
Once the H1 financial results come out , chances of jumping in at 44.25p will be long gone IMO. GLA.

The AGM was today and they released a standard RNS to say so. Shareholders had been invited to email in questions to the BoDs which would then be answered either via their website or by return email according to their 17Jan RNS.
Hoping we get another RNS this week to answer those questions and/or an update on both the gold and the coking coal sites. Lubu site is fully funded and due to be a producer of coking coal next month, but would be nice to have early confirmation of this from Carl.

I'm new to L2 stuff but there is only 45000 book volume between 9.6p and 11p or 27000 from 9.6p to 9p
Maybe someone with L3 can verify that? Seems a small amount of buys will get this back up

Original dates of interest were:
mobilisation of drill rig January 25th
Drill 15th Feb.
Application was passed 31 January but comments to BLM were extended 4th Feb.
Snow road has been cleared.
AAPD (Approved Application Permit to Drill) was put on the BLM website 7th Feb.
https://reports.blm.gov/report/AFMSS/81/Approved-APDs-Report-Federal
Waiting on official RNS to confirm this and what date the drill rig was mobilised and revised drill date.

How's those RUA shares you pumped at £1.60 to be worth £5 doing now? Oh 56p now, guess you already dumped those then.

POLX should be re-submitting the NDA but nobody but the BoDs know when that will be. Please DYOR. The Company haven't spoken in months so an update RNS is overdue. If one falls soon it would be nice, but getting a reply from Wallbrooks is hard enough.

As has been repeated by Wallbrooks, the Company must release a RNS when the NDA is re-submitted. Nothing has been announced and no date has been specified. Yes, we would like to think that they have had enough time to sort out the CRL modifications required for FDA approval of the Polariser but unless you have affiliation with the BoDs I would ask to see what evidence you have to prove you are not just here to pump & dump like so many have done since the start of silence October 2021.

Following the recent podcast and video interviews where Adam mentioned another acquisition negotiation, it is fair to say that we are expecting official news very soon. So, next acquisition: Will it be another redundant neighbouring mine Lease complete with a stockpile of reserves and another washplant lusting a drop of WD40? Or will it be a 3rd HWM to triple profits?
The 2nd HWM rig BEN purchased should be arriving next week by which time the current washplant's testing phase should be over to ensure top grade processed coal comes out of it.
Mostly sunny but just 6'C there today, so hopefully the rail workers have got their thermal gloves on and are 'on track' to complete the spur in next couple of weeks so those current daily truck shipments don't upset people for too long.

Most rail coal cars (hoppers) used currently are the rotary dump style. The actual amount of coal loaded into the car varies, but will be somewhere in the neighbourhood of 100 tons. A typical coal unit train operates by hauling 135–150 cars of coal. So about 15,000T. That should clear the stockpile every fortnight with just 1 HWM rig.

Can only get negotiated order with my broker. So should have topped up yesterday. Will have to see what price I can get to buy when paper hands slip

I got told that small number trades are from the freetrade brokers