Member Info for Phrontist

Onsite, this is a lot of shifts.

We may get another RNS....

It could be positive, there are many layers of possibility.

This is not a precision task, exact number of feet down for each layer.

The SP can return to a few days ago, even have a healthy rise on top.

This coming week should reveal far more information. It will resolve where each expected strata actually is.

We should be a little respectful of the immense work levels going on by staff in 88E. They know this is their moment, they know how crucial each day is.

Be optimistic, much analysis has been carried out to get this project on the road. This is exploration, at its most exciting.

Give your support to the team we are paying for. There is still a long way to go on this project.

Phrontist

I think investors are entitled to be p1ssed off.

This whole Winx-1 project was conceived, put together and executed without shareholder sounding out.

What does it cost is? An expensive capital raise. A lot of reputation.

Meanwhile, 500 square miles of purchased land lies dormant. Not a single plan for a single well.

This is stupidity.

This money should have been spent on horizontal x 2 well upgrades on Icewine 2.

circa 85% of investors money has been to pursue the HRZ sweet spot resource.

This 3% should have gone the same way, to sort this HRZ story out for good.

My brain says there has never been a poor statement on HRZ and viability of extracting oil from it with fracking.

We should have done this last summer.

Instead of blowing holes through pipes for fracking horizontal lines....

We blow holes in our reputation on a conventional well on someone else's land.

Don't tell me, Otto Energy, 88E and RMP all share the same pub in Perth.....

Phrontist

Chartman, sadly Dr Staley runs his own business Upland, which hit major SP drop few weeks ago.

He pulled out of last presentation by DW.
I feel this left DW in the lurch on geology related questions.

SS is a non-executive director of 88E, not an employee, not full time.
More like Consultant when you can get hold of him.....

Phrontist

PS less of this advanced years rubbish, ageism is against the law.

Our North Slopes conventional and unconventional are about 4bbo

Our share of Winx-1 is 120mbo

Winx fails then we lose 0.12 / 4 = 3% of reserves

It is strange the SP drops 0.79 / 1.1 ish few weeks ago = 18%

So, maybe when everyone gets over this awkward calamity, the SP will rise back to 1.1 x 0.97 = 1.07p

Then we wait for next surprise - conventional FO during March

Phrontist

One well we pump in water then can't get it out.

Next well, we don't need water, it is already full of the stuff.

Someone find a geologist to replace PB, please.

Phrontist

Well spoken happyhols.

At this stage in events words lose their meaning. Actions will do the talking.

Just a day or two to SPUD.

Then feedback from the drill activities over a 6 to 8 week period.

Four overlapping possible oil finds.

Place your bets, take your chances. Smile and enjoy.

Phrontist

Kensington, it is nice to read good stuff from knowledgeable person.

Which of those 26 wells have successful commercial oil discoveries?

Please describe a successful commercial oil discovery?

Phrontist

l-t-I, I am not suggesting Winx-1 will be a duster.
My share holding suggests I believe 100% in success.

All I am saying is, why are people expecting massive SP rise?

A steady solid SP rise, yes.

Massive SP rise will only happen if Western blocks JV get a sell out 'Armstrong style'.
Which passes next steps of exploration risk to a bigger company.
And puts cash in our bank.

But how quickly would such a business process happen?
Complete during Q2 2019???

Phrontist

Many people suggest that unconventional drilling and de-risking takes longer than conventional. Maybe, I not know.

But just remind yourselves of the timescale so far on Icewine:

Icewine 1 announced late summer 2015.
Work completed (extracting core) summer 2016.
Lab Analysis following extraction, positive results late 2016.
Icewine 2 announced for Spring/Summer 2017.
Summer 2017 Icewine 2 failed to 'oil flow'.
Late 2017 announced will close late Summer 2017 and re-open Spring 2018.
Summer 2018 again fail to achieve 'oil flow'
Start 2019, no specific plans on Icewine 2 have been announced.

So, almost 4 years and still no firm result.

Personnally I believe 88E will succeed with Icewine 2 and unconventional. Maybe this summer, maybe summer 2020. And it will be BIG.

But the point I am making is, what are you expecting from Winx-1 this winter / spring period?

And following this period, what are you expecting the Western Blocks JV decide on next steps?

Will Winx-1 be enough de-risking for grand sell-out?

Will we announce FO for two/three wells late 2019/early 2020?

Or???

Phrontist

smokin88

I think AIM Rules say that significant information that will result in SP movement must be released at once.

Which suggests DW / BoD will release FO Contract information (agreement) once that contract is agreed and signed. Not before, and not much later, I suggest within a day or so of signature.

We do not know if 88E are running open negotiations, meaning first bidder to be agreed.

Or, as is more professional at this level, a new Closing Date was agreed when extending bid period from Q4 2018 to Q1 2019. This means inside staff in 88E and a short list of bidders, will know the Closing Date. This is normally followed by a week or two to examine bids, meet for Q&A, then make decision. Then meet to sign final contract copy.

What I am suggesting is this. 88E are not in a position to move at will, the Conventional FO announcement date.

There is also implication that in moving Closing Date into this quarter, a decent junk of time is being requested because a lot of work must be completed by Bidders. Implying (IMHO) FO announcement during March 2019.

Many people are suggesting Winx SPUD is a big deal leading to big SP rise. But the date and act are more or less guaranteed now, following excellent progress on this project.

So, real SP rises relating to Winx will be at least 20 days following SPUD, maybe even 30, 40 or 50 days. All based on reaching target strata and examining what is there.

Who thinks oil will suddenly gush out of the header pipe?
What actually happened on the alleged other 26 out of 26 successes in our area?
Gushing oil or oily sandstone taken away to lab, or ???

Phrontist

I would think current number of shares in issue can turn out well.

When they pass 50p, £1, £3 etc this is acceptable for typical buyers.

But if company did 10 to 1 consolidation, then SP will be between £5 and £30 which can appear unattractive.

So, consolidation is not necessary, avoiding chunky cost.

Phrontist

And another thing.....

Many / most companies show assets and work-in-progress on their Balance Sheet. This boosts the impression that the business is profitable. In reality, from cash viewpoint, it is a big loss and may struggle for years to become genuinely cash profitable.

88E has not posted any aspect of:

North Slopes unconventional
North Slopes conventional
Yukon Gold
Western Blocks

Our potential to generate real cash surplus is second to none.

The business is also run on an exceptional low taxation basis avoiding shareholders funds disappearing into tax black holes.

Phrontist

Fool.co.uk are a joke, always have been.

Tullow have debts over $3 billion.

88E have no long term debts.

The story can go on ....

Why did you post this here, it is shallow rubbish?

Phrontist

unless V111JAS....surprise surprise

HRZ is at 11,000 ft + or - a bit

If all goes well, they may continue to drill and see if the HRZ Sweet Spot carries through from Central North Slopes area. (Sweet Spot is jargon for massive underground mattress as in a continuous plane of a particular geophysical material, in our case HRZ).

I have no idea if HRZ does go that far, or if 88E are mindful of an extra few thousand feet to find out. I am curious to see what others may think.

Phrontist

Stuiegee

Who are you to say 'GB I don't trust ...'

This is an open discussion site. But it does not mean you can just insult people.

Can you justify this statement?

Have you met GB, do you know him?

Do you know his part in the formulation of out RMP / Otto / 88E JV?

You say ' I'll happily state that I don't have a single share in this company and have no interest in entering any lower any time in the next few months, years possibly ever.'

So, why are you here? A bit of back-stabbing?

For the record, I have met GB. He is open minded, likeable, knowledgeable, well contacted, hard working, good speaker, etc. Winx would not be on our Project List if GB had not been our CEO.

Phrontist

All LTHers are here because of HRZ unconventional.

After over 3 years now, today we are clearly in a new place.

It seems quite possible that two conventional projects will enter successful phases before the unconventional delivers an oil flow. Maybe even three successful conventional projects.

The BoD know a thousand times more than we do. On that basis the route they took to add conventional to our portfolio must be a correct decision. Even though company expenditure has increased as a result.

But I am waiting with baited breath to find why Icewine 2 put us through such pain and delay.

I suspect investigation technicians have reported to BoD on suspected causes for Icewine 2 delays.

If or when Winx and or Farm Out is successful, this could finance revival of Icewine 2 with successful outcome. Even this summer.

Phrontist

Well said Rraper007

Phrontist

I had a most interesting chat with Greg for over an hour, maybe two hours.

His presentation was good, similar to DW material and chat. Of course there was no new information as the rules require.

In chat Greg was friendly and knowledgeable so I learnt much history and back information.

88E are the Operator for Winx, we all know this. It is likely a progress RNS will be issued every week starting soon.

Phrontist

Richyp

All done, now printed ticket....will be there Monday 21st Jan

Thanks, Phrontist

Anyone know:

How do I register for this evening forum?

Phrontist