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Last official communication with shareholders tells us we’re funded for the drill. No cash raise until after the drill.
Funds raised pursuant to the Placement, together with the Company's existing cash reserves, will be used to fund the ongoing evaluation of the conventional and unconventional prospectivity of the Company's existing assets, including any potential costs in respect of the Charlie-1 well, which is due to be drilled in Q1 CY2020, and to enable it to identify and exploit new opportunities on the North Slope of Alaska.
Agreed SoA Tax rebate is not a foregone conclusion, it could go either way. I believe it was a senior judge who heard the first case, maybe his judgement will be agreed with. Either way, it won’t mean oil explorers won’t get their money, SoA will just have to find another legal vehicle in order for them to pay it. Loans will remain secured against these tax credits irrespective of the decision, nobody will come knocking on the 88e office’s door & start searching for loose change in Dave’s beard. Apart from maybe a few hard up PI’s, sadly plenty of them out there at the moment, but we will be drilling soon. Inevitably any delays will equal more interest payments.
Good luck all!
What a week! Lots of emotions, a real roller coaster!
These RNS’s are like the buses, you wait ages for one & three come along at once!
The week started of pretty miserably, but we are now fully funded until the drill (and beyond if PMO decide to take up area b or c) some positive articles, 0.7 cash raise completed, SOA tax credits case under way. A nice big positive close on Friday. Lots of news should be coming out in the next few weeks & months to buoy the share.
Good luck all!
Humble pie for me. Agree completely with the disappointing timing with the CR, just doesn’t make sense to do it now at such low levels. Should have been done earlier or cash should have been part of the FO deal. As an earlier poster alluded to, you can’t blame Dave for not hitting oil every drill but this is a poor or forced business decision. I suppose raising cash after the drill, if it was unsuccessful would not have been possible or even more dilutive. Lots of positives on the horizon, the next four to six months will be telling & we should be fully funded.
Good luck to all!
*off the table
A new week. The tax credits case is being heard on the 12/09, hopefully a bit of positive news for the end of the week. It will take one risk factor of the table & hopefully help this share start to go in the right direction. Yes, it can’t be long until half 1 report & the Charlie 1 prep RNS(s) can’t be to far away from starting.
Thanks for your kind comments Jiddy.
Good luck all!
Apologies, poorly phrased. Not a share of our land but a share of our potential oil. Good luck all.
Personally I think the market is waiting to see the outcome of the tax credits. It is a risk to 88e but the general consensus is that the tax credits will be paid out. I believe I read on a Q&A that DW expects the money to arrive in the 88e coffers in Nov. I think the share price will start to pick up after the tax credits are sorted. I would fully expect an RNS soon after the case is settled which should give a bit more information as to how much 88e get. Can’t see anyone professionally advising DW about a CR at the moment, much more likely after the drill in my opinion. Think 88e will also be billing PO for any work they are doing, after all they are not just doing 88e a favour by drilling a well, we have given them a share of our land. Again, another reason why I don’t think CR at the moment. No self funded drills planned either. Worse case scenario we can borrow until the drilling is complete & then CR on hopefully good news & a significantly higher share price. Entirely my own opinion. Good luck all!