RE: End of Year Announcement5 Dec 2018 09:37
Keefy, thank you for 7 Nov 2018 magazine article which everyone already knows.
You have a point, there are three projects on conventional, all progressing well. Ummm, I think.
However, some longer term investors are understandably biting at the bit on Farm Out.
This is a six month process starting beginning of July and ending before end of December 2018.
RNS's have confirmed this but said nothing else.
Shareholders should be informed something on a project that is of such financial significance.
The 88E staff are aware of what is happening and taken advantage of this knowledge by the use of Share Options to some employees.
Of course, this is a good sign, greed always follows the money.
But progress information should have been released to long standing shareholders. And others by equal measure. Many have been in place since before the 3 directors knew about 88E and former name over 4 years ago.
After over 5 months we are in the unusual position of knowing NOTHING about the Farm Out process.
I have posted a few notes relating to my conversation with DW at the last London Presentation. These notes were NOT material to the Farm Out PROGRESS. They were simply clarifying the people and method to manage the Farm Out negotiation.
No one knows if the process is going well or badly. Why, if the process is a standard format, is it taking so long? etc
Notwithstanding the whinges.....and on the other hand etc....
I used to be in Sales for a Global Technology company negotiating major contracts. It is standard practice for many Seller / Buyer situations to be kept 100% confidential until contract is signed. And in many cases, to still be kept confidential.
Shareholders will get what is appropriate when earnings warrant it. Daily / monthly company workings are not public information. We are in a vicious competitive world. Not just at company level but at government level.
So, where are we now? 88E and Burgundy have kept this under wraps 100% to date. I admire their ability to achieve such secrecy. And I realise there are commercial reasons for this.
We were even stung by a surprise Capital Raising, yet not a crumb from the table to sooth our suffering.
Shareholders just have to suffer in pain and put their faith in the 88E / BEX team.
This could be an absolute blinder when announced. Or, as some suggest here, a damp squid.
The decision is yours, mine, ours - buy, sell, hold.....it only takes you minutes to show your feelings with online share dealing.
I am holding. I think of Cove and Dr Stephen Staley. He is one of us. And knows such events are possible. The whole Team know. Vast amounts of oil are there....maybe even 2, 3 or 4 times more than officially announced, our land area is so vast.
Phrontist
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