Member Info for Phrontist

Reminder of Highlights from Wednesday 26 June 2019 RNS:

* Farminee internal approvals complete, including Board sign-off

* Farm-out deal now subject to:
-- execution of closing documents
-- standard conditions precedent, mainly related to transfer of working interests

* Well planning and permitting required for 2020 drilling now ramping up

Additional details will be provided post signing.
Signed DW

That was 6 working days ago.

We are into the third, and this time unannounced, postponement.
The original 6 month plan now has over 6 months postponements until completeion.
BoD has no estimated completion date.
Notwithstanding, many FO Negotiations are a year duration, less or more.

We must be sensible here.
Meaning, these ‘delays’ are not for BoD to hide behind.
Completion Date postponement is not for no reason.
There must be for valid reasons.

Item such as ‘transfer of working interests’ has no risk value.
But it involves solicitors and Alaska Government administration practices.
These are people with In Trays and Out Trays, our papers must wait their turn.
Though I imagine Admin Staff must be able to respond to ‘urgent’ requests?

This RNS is a statement of belief that Conventional FO is ‘close’ to completion and WILL be completed.

My feeling is, 88E / BEX are in a great position following 12 months of work at many levels.

Should we forget this daily stress by sneaking off on 2-week holiday?
The business world moves notoriously slowly during July and August.

Yawn….Phrontist

What is cause of biggest slow down in buying / selling a house?

SOLICITORS

6 months late? I rest my case m'lud

Phrontist

The SP says No Deal is 2/1 and all Bidders start at worse odds....
Of course, we Posters don't believe this, but we are small minority of all possible investors.
And investors are walking away, not staying and growing.
Phrontist

SaintAnt

88E / BEX used a professional Farm Out negotiator based in Houston.

I think they will have a list of every possible FO Applicant with grading as to Tier and many other features.

Phrontist

SP is still weak following recent RNS.
It reassures me that Conventional FO is very close to completion, and will happen.
But clearly many investors are not convinced.
Part of 'our problem' is we believed a Big Bang would have occurred a year or two ago following build up of events from 2015.
Now we hang on every word every day, not healthy position to live under.
Looking at the long term view, I still believe in 100-bagger from 0.5p days in 2015.
This could still happen within 5 years of Summer 2015.
Quite reasonable for exploration company, if you have the experience.....
I also believe in 1000 bagger from Summer 2015 to possibly Summer 2022 to 2025.
This possibilty depends on this first FO Contract details.
Will it be a stepping stone or a sell out?
Team SS DW ME MM suggests to me, stepping stone.
Coming into July 2019, we await H1 2019 Report.
Decisions and progress details on Unconventional, Yukon, Winx-2 possibility.
Houston is 5 hours behind us.
A US Corporate is not bound by ASX / AIM Rules.
They can make announcement any time they like.
It could be inside AIM Trading Day window.
Who knows, but still no leaks. Not a drop.
Phrontist

Strangely I could read the article yesterday and I left the URL open.
But today when I refresh, it produces same 451 error message.
The article was not about this project (88E / BEX)
Phrontist

This is nothing to do with ConocoPhillips, it is some restricted access issue relating to the European Area:
https://www.anchoragepress.com/
gives:
451: Unavailable due to legal reasons
We recognize you are attempting to access this website from a country belonging to the European Economic Area (EEA) including the EU which enforces the General Data Protection Regulation (GDPR) and therefore access cannot be granted at this time. For any issues, contact publisher@anchoragepress.com or call 907-376-5225.
Phrontist

Actually, all the big oil companies are taking a small dive today.
So, my comment on CP probably means nothing.
But....
P

CP has dropped 1.24% today.

That happens when you are about to spend big money.

Phrontist

Some of you de-rampers should read the latest Presentation 14 April 2019.

Following 3D Seismic (latest tech) and "Seismic inversion highlighting new potential and de-risking reservoir for proven oil" we have 2.2bbo conventional on Icewine.
This is quite incredible. DW's motivation to pursue conventional is proving to be fortunate for the 88E and BEX.
PB was focused on HRZ at almost 12,000 ft down. It still exists and is still an enormous resource. But hard work.

Is there a JV as fortunate as 88E / BEX? No, not anywhere.

This FO Contract is the thin end of the wedge for 5 years or more of continued discovery with pre-production and production. Confirming at least 4bbo.

I believe great skill has gone into this FO Contract.
Thoughts should be banished that DW somehow is giving away our goodies.
There is a team DW / DE / MM / SS plus FO Negotiator and many subcontract work.

Clutch your shares close to your chest. Do not let go.
There has been 4 to 5 years of work and expenditure gone into this.
Plus many years by PB before then.

This is a happy day, be grateful.
Now a slow stream of beneficial RNS's will flow for rest of the year.

Phrontist

AIM4, I do not agree.
Many Tier 1 oil production companies make big cash profits.
If the profits are not used, corporation tax will make their excessive deduction.
Re-investing the cash in long term project is ideal.
With a front end cash expenditure to overlap from this year to next.

This deal could be amazing for us.
And also amazing for Farminee.

If you read the extensive CP 2018 Annual Report, you can see we are ideal project for them to take on.
They assigned $6b for new project investment expenditure during 2019.

Phrontist

14% rise to 1p by 08:05.....

Phrontist

Time to make a cup of tea ready to watch 8am SP wwoooossshhhhh

Too late to buy cheap now.

Phrontist

Preferred Bidder was decided 7 to 8 months ago.

If it takes this long to complete negotiation and contract, then result will be a whopper...

Phrontist

50% rise....

Happy Phrontist

Is this a good sign?
SP closed on 0.88 p
Tomorrow, 8.8 p
We can wish and hope, knowing small but real possibility.
Phrontist

Brom, maybe documents will be signed using Acusign.

Phrontist

We are operating to an end of June timescale for one reason only.

The preferred bidder requested this.

And 88E quite sensibly agreed to it.

So, if this timescale is going to be over run, it will only be at request of bidder.

And clearly bidder has not requested extension, or we would have known by now.

So, IMHO a positive result will be confirmed this week.

Either way, our BoD are also waiting patiently.

Phrontist

This is the longest period in 88Energy's life without any announcement information.

Tomorrow it will be 5 weeks with no RNS's.

My view is, 88E / BEX must be operating in the shadow of a powerful business operator.

The BoD will understandably be complying with request for silence until contract completion.

Phrontist

We don't even know what the FO Request for Tenders (RfQ) was requesting.

Is it just proving out to a defined oil extraction level on Charlie 1 plus anything else in that vertical?

Rest of Central North Slopes not even referred to in this 'first' contact.

Refer back on my posts to one where I quote an email from DW to me.

He emphasises FO Tender is for limited need on part of our land. All of which we are (still) owners of. This request is a simple process.

This email sent to me Q4 2019. 30 weeks have since past. All at request of bidder. We are nearing end of second request.

Phrontist