Member Info for spike912

You can’t believe a word that guy ever says, good or bad. Everyone knows that, I couldn’t care less if he buys, sells whatever
Fact is, we will likely stay in this range until test results are closer

$6-$8mil and a 30% free carry (seems heavy) imo I think the free carry would be more like 15-20%.
If that was the deal above it’s ****e and won’t bring this sp anywhere close to 3p imo
This is why I’m a firm believer of the 2-3p range with 3p being the top end of my prediction
Once we drill them of course this would rise in theory but 2p ish on FO is where I’m sitting unless it’s a mega deal but you only have so many chips to bargain with

Imo we won’t be getting mega back costs, I don’t think we have spent that much have we? Even more so if we want a free carry too. We can’t have our cake and eat it
Have a feeling we may see some large trades printed later

Sheps, I agree, the deal WILL now happen, I think we all know that. The only element I see some PIs still looking at is the element of risk on the terms of the deal.
The deal is clearly done, given the bidder is paying $500k to progress drilling whilst tying up loose ends, so their is a clear lack of want and urgency to drill next year.
Lets not get confused with the reasoning for exclusivity. This was for drilling costs (not, as in the case of BPC for example, purely to keep other parties away).
I would imagine both the JV partners and the bidder are aware of the need to get things moving for drilling, and they would no doubt have wanted the full FO deal done before this.
However, for whatever reason it didn't happen, so it is likely the bidder wanted some security for his $500k, hence the exclusivity, AND the wording if the JV doesn't perform (by act or omission). Its simply protecting the bidder from 88E taking the money and running (not that they would of course), but this is how large legal teams operate - risk management

Remember, its not IF the deal is done, its the TERMS of the deal that is still a risk to some investors, and I can understand that, given the terrible market conditions at present, even more so on AIM and Oil companies.

MW sorry ha your right! wouldn't that be nice!

Anyone had a think on timeframes here? Looking at what happened with JD/Foot is was around a month, albeit it was a done deal within reason with one party, so we, in theory, could be looking end of this month? To be honest, I don't fully understand the process, nor the 8.3s and 8.5s, but given the stability of the share price action, I am just getting a feel for when I can stop looking at this share daily, and give my heart a rest each time the red dot appears!

£1 would be, what, £600mil mcap lol.
LeMajor, you make a sensible post, I would be over the moon with 3p, even 2p the way my portfolio sits at the minute. talk about being constantly kicked in the nuts!

Sheps, say that to those that all bought SXX thinking the same, done deal, counting their money, then whoops crashed. This is AIM, each to their own. Until we know the details of the FO its a risk, simple. Look at CNLR for example.
Each to their own. it also depends on your vision of where you expect the price to be post FO, as opposed to the profit your currently sitting on.

Guess it all depends how long they hold the For Sale board out for. Could be weeks could be months at this rate

With John Morrow buying at 1984, and £100,000 worth of shares on the open market, I am fairly comfortable there will be a re rate soon enough. Given buying on 31st July, maybe we will have news September onwards as I assume they were not in a locked period. You have to look how well it holds even with some IIs reducing their holding.

I can only compare to my own business but to part with 500k, you must be 99.9% of the way there in terms of sighing on the dotted line in my view.

31st August was likely a standard nominal “moth end” date common in most agreements which probably bought some leeway too.

I think we will hear long before the 31st imo

Moneyhawk that was my point, they rose to a stupid level yet we are in a much better position and go backwards!

So it’s safe to say that the preferred bidder is clearly paying for drilling costs. So we can take 500k off any cost to drill straight away. My fear was a Cluff but it does appear the preferred bidder is fronting the costs on first glance, so maybe we will get the deal we want.

Just need to avoid a raise to fund a proportion of drilling costs, which is what fecked cluff

With significantly more buys than sells yet still selling on bid. Either large sell being worked or being held imo, ask not budging on a fair few buys at 0.97

I find it odd, BPC rockets on an NDA/exclusivity agreement, and 88E goes down 5%. Madness

Brom has got me thinking, what if the detailed update is still early August as brom said, he may be right, if pressure was on to drill, would 88E not have to declare the agreement now (price sensitive) but for all we know the deal could still be on the cards and today’s news was just a bonus update. Maybe end of next week we could have the deal done?

Just doesn’t feel like the “detailed update” promised

Thoughts?

Woodstock couldn’t agree more re updates. I guess some are looking at it On the basis of of this is a slam dunk why are we still sitting 0.26-0.27p.
I think the point I was trying to make, is the market will want the logging and testing before it really treats UJO as derisked (imo). We may well creep up to 0.30, but I think without further news it will be hard to crack

Aim is a fickle place sadly, and until the logging and testing says it’s commercial and flowing, I do believe we will stay in the trading range. Potentially 8 weeks is a long time on aim to tread water with cash to some!

Brom, noted but imo it wouldn’t be pointless issuing today’s RNS to then issue the full FO details a matter of days later. No? But I get what your saying

Imo, it’s taking longer, DW told them look we need to get cracking for the drill season, farminee said yes ok we will fund this but we want exclusivity agreement before parting with cash to limit risk

Same as you would do with an option agreement buying land

Looks like a 4-8 week wait before we start the dizzy heights and holding the 0.30s. Expected todays mobilisation to have a bit better reaction

What’s does the RNS say? Exclusivity until 31st August to by then imo

Lots of buying yet still down 5%. You have to laugh