Fund Building for Peregrine/Umiat Sale Time7 Apr 2021 13:45
Some aspects of Merlin are the Oil Rig version of Faulty Towers hotel.
But to the more patient and observant, Merlin does seem to have uncovered commercial oil. And possibly more than we expected.
It may seem odd that experienced field workers and management forgot about spares and back-ups! Where did the US$ 13m go???
And it seems a little strange, regardless of equipment problems, the weather instructed the field work to stop, pack and go! So, even if an oil flow test had been warranted, there was no time to do it.
Yet before the Project hit the field, 88E were saying not just Merlin would be 'done', but also Harrier would too!!!???
Back at the office, 88E had some amazing success.
Only took a week sorting President Biden's misguided authority. But it seems, an invaluable week.
There was/is the success of purchasing the Umiat leases (thanks to DW) adding to the Peregrine Block.
Once prospected by/for the US Navy from 1945, as a USA based source of oil for the military.
Over a dozen drills between then and 2014. One flowed 200 bopd peaking at 800 bopd. Excellent.
Waiting for our attention is Harrier, north of Merlin and south of Willow.
Discovery that we are all on the same Nanushuk oil resource strips.
Possibly up to 500 ft thick at places.
If you were an oil company already producing in Alaska, what would you be thinking?
'I / we want some / all of this. Nice 30-year oil production region.'
Hedge Funds could be accumulating shares ready for a possible / likely pounce on little 88Energy.
If not the company, certainly the Peregrine/Umiat leases.
If 'someone' puts a Bidding price to 88E for Peregrine/Umiat, this will jack up the 88E SP.
Under ASX/AIM Rules, sensible bids etc, must be advised to shareholders.
It is true, over the years we have been obsessed with getting successful Oil Flow Tests.
It is a clear and obvious test of what is down under the permafrost layer.
But there are many other factors coming to play. Potential Buyers may be losing patience.
Because the 'price' of all or part of us, can only rise.
Due to Democratic enthusiasm for blocking oil and accelerating electric, new leases will be rare, if ever.
And our activities, have revealed that 88E owns over 500,000 acres of leases across Peregrine/Umiat, Central North Slopes, and Yukon Gold region.
And all of them are dripping with signs of oil, even though full Oil Flow Test has not yet been completed anywhere yet.
Dripping signs? Much 3D Seismic with smart computation. Previous successful oil drills by BP and US Navy, plus...
Large shareholdings by outgoing CEO, and General Manager. And who knows who else.
Successful drills by Oil Search, Conoco Philips, Pantheon, plus others - all not too distant from our leases.
Something that DW has created with excellence IMHO, is to raise awareness of Conventional Oil across our 600K acres, or so.
If you are a large oil company, what more is there to want?
Next Drill may be 6 months or more. Bu
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