Member Info for Phrontist

Some spare time at Talitha?
All usual testing complete?
But want/need more info on the resource?
Implement a lateral (horizontal) up-grade to the vertical well.
(Assuming the well design permits....)
The lateral adds reach to the vertical well.
Panr staff may already know which direction to go....
Just a thought, I am not sure how practical this is at this stage.
Phrontist

12:38 'No news until next week though. That is a fact so enjoy your Friday and weekends all.'

You will know at 16:30 today when LSE Closes trading...
Up until then, 88E could issue an RNS on the London Stock Exchange.

08:42 Persiantrader

Welcome, your first post. It is nice to read such positive sentiment.
Will Merlin-1 have a 'positive' first ANN/RNS release ?
There are no 'facts' yet for us to know.
Only indications of how important players in the Field Operation are behaving.
Plus the XCD released information before 88E purchased the XCD company.
ATB Phrontist

We are just starting Day 5 of the 3-to-5 days.
And Alaska has not yet woken up for the USA Day 5....
Unusual though it may seem, an RNS is allowable later on today when USA has been working for a few hours.
Then people can enjoy a pleasant weekend.
Just for the record, Releases can only be through:
ASX Australia, 88E's 'home' exchange, release is called ANN,and
LON UK, 88E's second exchange, and the larger volume traded, release called RNS.
OTLMKTS is not an official market for 88E.

If the ANN/RNS is excellent, the SP could double or treble.
88E has much bigger exposure to world interest this time round, compared to previous year Drill Programs.
Phrontist

07:58
'If this was a duster Erik would not be sitting o. A $multimillion loss/ headache. His holding would be sold by now.'

I do not think he will be selling in his current position as owner of a main on-site contractor.
That would be insider trading, his reputation says he is worth more than that.

Phrontist

Errata
0.86p to euro 1c
calculation still correct

A lot of people taking profit, leaving the stress arena to younger (?) Buyers.
Complemented by a lot of new entries believing in a positive Merlin-1 result VERY SOON.

Spot check 08:50:

USA - OTCMKTS: 88E Close Wed 24 Mar; US 2.3c up 46%; equiv 1.67p at 1.39c to 1p

Aus - ASX: 88E Close Thu 25 Mar; Aus 3.3c up 17.6%; equiv 1.85p at 0.56p to A 1c

Euro Frankfurt – FRA: POQ Open Thu 25 Mar; Euro 2.1c down 11.7%; equiv 1.81p at 0.86eu to 1p
UK - LON: 88E Open Thu 25 Mar; 1.65p up 9.9%

Phrontist

08:12 - late transfer into ISA ??

Up 18% to 3.3c
Equates to 1.85p
Still only early afternoon, few hours to go
Phrontist

Price of Brent Crude Oil has slid from almost US$ 70/barrel almost down to US$ 60/barrel over the last week.
A climb back started yesterday, now we are almost US$ 63/barrel.

One suspect for the decline is a Western World that approaches a third lockdown amid some muddle with vaccination programs. Hence airflights and goods trucks are reduced just when they were hoping for inceasing business.

Phrontist

Brom, OK, then if not ELKO, do you know who will be receiving those shares?
P

MW93, can you point me to the document that says this?
P

Brom, are you thinking that the 360 million new issue shares are NOT for ELKO?
P

Mister.E
DW and EO have a 7-year working relationship.
EO has many irons in the fire, and it seems, so does DW.
A bit like a Consultant working for the NHS, and for Private Clients as well.
Personally, I do not know when DW and EO first discussed this form of payment or when they actually agreed on it.
Also I don't know their employment contract details.
Is it ethical? https://www.iod.com/training/iod-approach/iod-competency-framework
This is worth a read, and a sectional on Ethical behaviour.
My feeling is, oil and mineral exploration is at the tough end of company missions.
The fastest and best solution may operate better by cutting some corners.
Definitely this Merlin-1 Drill Program has raised 88E's profile.
If we strike commercial oil, this raised profile will benefit the company with wider shareholder awareness.
Phrontist

money hawk
Say you want to pay some people in cash.
You get the cash from a cash machine.
The cash machine does not require to know who you are paying.
Who you pay is a separate process

Same with making a new share issue.
It is a step to get agreement for share issue paperwork.
It is another step to 'pay people' with those shares.

Simply put and IMHO DYOR:
ELKO issued an Invoice to 88E for his companies oil rig work on Peregrine, Merlin-1
ELKO and 88E agreed to pay the Invoice with a new 88E 360million share issue

As a result:
ELKO could speculate to earn more $
88E could retain the cash otherwise intended to pay ELKO
This is equivalent to an admin cost-free CR for 88E

Phrontist

csw12 -'They don't need to get cash rolling to pay suppliers, because 88e paid in cash, in full'

88E did not pay actual cash. The agreement was for 88E to pay ELKO in 88E shares, a cash equivalent for this business purpose:
This is an 88Energy document, part copy.

Entity name: 88 ENERGY LIMITED

Announcement Type: New announcement

Date of this announcement: Monday March 22, 2021

The Proposed issue is: Y - A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue:
ASX
+security code - 88E
+Security description - ORDINARY FULLY PAID
Maximum Number of +securities to be issued - 360,000,000

Proposed +issue date - Monday March 22, 2021

Details of +securities proposed to be issued:

ASX +security code and description
88E : ORDINARY FULLY PAID

Number of +securities proposed to be issued - 360,000,000

Offer price details:

Are the +securities proposed to be issued being issued for a cash consideration? YES
In what currency is the cash consideration being paid? - USD - US Dollar
What is the issue price per +security? - USD 0.01404
AUD equivalent to issue price amount per +security - 0.018000

csw12 you sound an angry man
None of your comments to me make any contribution to the 88E Roll Out....

Buckz
It is extremely likely that Eric/Jade/ELKO have a reasonable holding of 88E shares gained over the last 7 years.
Knowing they can sell the newly acquired shares on Thursday, they might sell other shares prior to then to start the cash rolling to pay suppliers.
Since you are so interested, send an email to DW....

Eric/ELKO is acting as sub-contractor to provide drill delivery and operation service.
88E have to pay him US$ money!
This payment would be out of the money from the Houston Group $10 million or so.
Normally this money would be used to pay ELKO.
But (it appears) Eric suggested to pay him in 88E new issue shares. Not sure of deal details.
This means, 88E are effectively selling 360 million shares (I think) for cash.
And ELKO have the chance to gain from an 88E share hike.
BUT ELKO need some cash to pay their staff and suppliers.
Since the SP has risen since Feb, ELKO can sell some of the shares to cover his costs.
And retain the remainder as speculative investment in 88E.