Sold up. Don’t see a way forward for 88e now. Very disappointing. Oil price issues, Covid 19, a truly awful track record (been here for the last two drills). There will be other distressed oil assets from small producers which will be far safer for the big boys to buy up rather than risking a drill. 88e have no income, but can keep the lights on for another 8-12 months? They will require a farmout partner & I don’t see that happening this time round. I don’t think Dave can go cap in hand to Soph’s or ordinary shareholders. No trust in Dave, an appraisal drill with no production tests done?! Although, I think this was very much PMO, I’m sure it screwed many shareholders over who waited late to derisk (further). I think it can keep going lower & think that the lights of 88e are dimming along with a lot of investors hopes & dreams. I hope that I’ve got it all wrong, but I think things have materially changed with this investment. Thanks to all those who have put up some fantastic research & shared their expertise.
I hope WAussie manages to make that trip to Dave’s lawn. The Scots are frequent visitors to Trump’s Golf courses;)
I think he’ll do atleast two RNS during the drill. If I was timing the RNS then I would ensure that we hit a discovery for each RNS. It will be nothing new, but the market will be pleased to hear that there is oil, bonus if any prospects reveal a decent amount of oil. Then just announce the two production tests in the second RNS. Am I just being too simple? No major risk until production tests? But hopefully some real upside as we confirm that we have oil in our discoveries & possibly our prospects. Issues drilling will still remain a risk.
I thinking they should have made greater progress than they did for Winx because this was a fully assembled rig that was on the move. Not sure who posted the article, but the pictures were pretty impressive. Happy to be corrected. I think tonight or tomorrow. GLA
I’m very hopeful it will come good, think it is the best chance we’ve had. But come on major Scoobydoodoo is a bit harsh. I could have gone on to say if this drill is unsuccessful then we’ll need more money, won’t we? With a share price sub 0.5 Dave (by this time ‘no mates’) will once again turn to PIs & further dilution at an even lower offer rate will send the price lower. None of us who are invested want to see that even if the share price has a value above zero. Roll on next week & hopefully it’ll bring some much needed good news for us. GLA
0.7? If this drill fails, I’m thinking sub 0.5. Sentiment for this share is pretty awful, the market is in a bad way & our most valuable asset in the whole portfolio is worthless. This drill will make or break HRZ as well. The write down in asset value will hit the share price hard. What does Dave have left up his sleave, apparently he has something, farmout Yukon? What is the CoS there? Not better than this drill. Talking of this drill. This is a conventional set up, we know there is oil in large quantities in some of the zones which could flow commercially, not all 7, but 3 or 4, we only need one to flow commercially. This is an appraisal well, there is oil here. There has been an abundance of research done to get us to this point & this is covered by the latest 3D. A very successful explorer & producer in PMO have looked over all the data for sometime, completed their due diligence & parted with a lot of money to be involved here. They could have got into any farmout they wanted but they decided this was the one worth stumping up USD23m for. Never known Dave to be this confident in a drill, but not sure how much that counts for. He does own a lot of shares & would benefit very significantly if the drill is successful, but yes he does still get paid even if it is not. This is the best shot this company has ever had at a successful drill. My opinion of course. Good luck to all! At least we won’t have the misery of looking at the share price over the weekend. Have a good one!
We did have an RNS for the Winx drill letting us know that the rig had arrived & things were going smoothly etc, but that was just over a week after the rig had actually arrived. (Rig arrived 7th Feb & RNS 15th Feb) If that’s anything to go by, it’ll probably be next week. GLA
Does he lie like a lounge room lizard or sing like a bird released. Guess we’ll find out soon enough. Can someone give Dave’s beard a gentle tug to remind him that he has an RNS to put out. GLA, hope we get some positive price movement soon.
I reckon Monday or Tuesday, Dave needs to get his timing right to have get the 88e train going again. As for share price, it is so incredibly difficult to predict. The news of the farm out with PMO didn’t push the share as Dave had anticipated. I think people are a bit cynical due to the history of 88e. I think pre spud might not get where some might expect, but if we hit oil I think this will be on the express line. I will reduce my holding when the price is right but will leave a meaningful amount until the drill result & then out before the next CR. But I’m sure everyone knows what they say about best laid plans. Just my opinion, got things wrong on more than one occasion with this share. GLA.
Something smells fishy. Am I just being cynical or is this timing just too good?! Decide for yourself & you too could make a good life from it. Could of course be a complete coincidence hmmm. GLTA genuine holders.
Hello devil .. yes its me ..hope you are well .
Can’t believe I still can’t coax Brom into a crystal ball prediction .. must try harder .. pmsl
Made Serious cash here last time around and built a good life from it .
Something smells fishy. No drop?! Really....
That is all well and dandy boom.boom, however most investors are not complete idiots so why would they sell to give someone else their profits.
IMHO, there will be NO drop as people load up for the THREE STELLARS!
Thanks Lefty. The last Rns says the new placement shares will be admitted to aim on 3rd Feb. It’ll be good to get these churned out, I’d be very surprised if Sophs hold until spud. I’m sure many PI’s will be taking some money of the table before then too. GLTA!