Member Info for Phrontist

Tondy

Winx-1 is history.

But there could be a Winx-2

Our Western Blocks is a significant area.

Winx-1 gained important geological information.

Further analysis may reveal another place to drill Winx-2.

The Seismic Data is old, not up to standard of todays 3D Seismic.

Perhaps a new 3D Seismic of the whole area is on the cards.

But what do we know? This needs some geological study and assessment for a new well location.

Divide well cost by 3, it could be economic...…

Phrontist

Brom, 88E and BEX have a binding contract with much detail. Bottom line is (I think) an agreed split on proceeds within our JV.

P

WAussie, we all know you don't mean that, but it does represent the frustration of many shareholders.

No question, DW has worked hard and is a good leader.

But we should assess consistent failure to raise a single barrel of oil after 4 years. I am not blaming DW per se, it is how the dice have fallen. DW must be as unhappy as any of us.

Question: do you think current BoD with known problems and financial resources, can realistically succeed?

This is not a blame game, it is about gaining shareholder value and reducing risk.

Phrontist

With no published plan of when we expect to overcome this target.

Moneyhawk, I am always positive about plans in hand.

OK, we had a crack at Winx-1 and sadly it failed.

It is times like this that we should review where this company is going.

I would like to see Board Meeting minutes for last 36 months.

Spinefx, I appreciate your comment, but this is a forum to look into dark corners, examine options, assess our future.

Phrontist

The company has value but it is not being realised.

If AEA is put up for sale at $2.1 billion that brings in cash at US 33c per share.

90% capital refund is 30c/share plus still own 88E shares.

I feel this is an option that should be considered.

Obviously I do not know what $ price is realistic.

But on behalf of many shareholders, the BoD should investigate this option.

And compare it to a proper 24 month business plan.

Phrontist

I think 88E and BEX should put Accumulate Energy up for sale.

Phrontist

0.3p /share or £3 /share....

Either one is possible.

But we own 500 square miles of Central North Slopes and no one has stepped on it since last summer. And there are no specific plans for when next person arrives there.

Commercial confidentiality is one thing, but no real information and targets is another.

Phrontist

I am sure 'the team' are working hard, but such sustained silence on real progress information is unhealthy from business viewpoint.

As shareholders we are deprived from having a real say in this companies direction.

Phrontist

Last summer Icewine 2 got so far, but ran into complications.

We are almost into Spring of following year.....

Nothing, absolutely no information at all.

Phrontist

We are at 2 weeks off 38 weeks negotiation, and we know nothing about this FO deal at all.

P

Oh, we know one thing.....

CEO is guaranteed Au$ 850,000 a year.

Plus shares, bonuses, who knows what expenses.

Plus we pay for Technical Team in USA, FO negotiator, Alaska General Manager, .....

I don't like to complain, but commination is non-existant.

Phrontist

.....at a place where none of us know what is going on, none of us see a plan for anything......

Phrontist

DW is a good manager, planner, front man, efficient business operator.

But he is not an experienced geologist. Like Armstrong for example, years of practical experience in practical oil exploration.

We had that geologist man in PB, founder of our JV partner Burgundy, originator of the Central North Slopes Alaska projects, 25 or so successful years in Conoco Phillips and Eagle Ford unconventional oil fields.

DW and PB were joint CEO of Accumulate. A great team. Sadly PB died at 64 of illness, a loss to so many people in so many ways.

My suggestion is, DW goes on half salary.

We appoint appropriate Board Level geologist on other half of this salary.

Both have excellent as appropriate bonus schemes.

Board level decisions should be made by a team representing the challenges within the business.

I am positive about DW, he would be immensely difficult to replace.

But we suffer from loss of PB, no question.

Phrontist

Just remind ourselves, Winx is/was only a few % of our oil resources.

It is a disappointment, but we were only committed to one third each of this single drill cost.

Possible revenue would have been a wonderful bonus. But without it, 88E is still the same company.

Phrontist

Try to look on the good side. 88E still has its main projects.

An update on all is promised shortly.

8am this morning?

Phrontist

Wolverine 007

Good man.

Phrontist

I have surmised in the past, 90% of what goes on is unseen by us.

Realistically RNS's are just occassional pointers to only parts of 88E activity. We have to formulate our thoughts on a fraction of the information used inside 88E.

This is normal commercial confidential business.

I still believe in HRZ. I believe the oil reserves in this large sweetspot are many times bigger than our de-risked figure today.

The potential size of this business is just vast.

Phrontist

JofHoggit

I have been constant large 88E shareholder and ramper for 4 years.

Things have not always gone well. Many shareholders have been unhappy with developments at our level whilst still believing in this project conceived by PB.

This is a discussion forum, to air views and opinions. And just like in politics, opinions change as events change.

You have a problem?

Phrontist

Quite soon 88E will be 3p.

Still grossly undervalued, but progress.

Then 100 bagger over 3 years.

Once this company raises oil out of the ground, there will be no holding back.

Winx could be that little God send that revitalises the parts that have proven hard to reach over last 4 years.

Phrontist

Oh God, now the spell checker gets me:

Tamper = RAMPER

Phrontist