"Until you have oil flowing from the wells in good quantity with low water cut this is all speculation."
Lol and so why do you think you can buy at under 0.4 - if you had the above already fully confirmed and pumping, you wouldn't be in the position of making hundreds of percent profit - you are now though!
With oil flowing to surface from a 20ft section, you're about as good an investment as it can be, oil is there, it flows, its light but the huge price jump has not quite started, when SMD B comes in it will - its called timing.
"Preparation for the next state of the Hickory-1 flow testing schedule in underway and will focus on the proven SMD-B reservoir. As with the USFS test, this zone will be independently isolated, stimulated and flowed to surface.
Testing operations are scheduled to complete in April 2024, with the on ground Alaskan team working hard to progress to this next stage as quickly as possible."
No hanging around then, going to be a point where FOMO hits this stock..
YouKnowItsRight, many thanks.
Yes I will do my own research but sometimes its quick and easy to ask a question here and then validate the answer than to find it initially, it is afterall what forums are for.
Yes, I was being truthful about potential investment here, I've watched or should really say been aware of GCM for many years but never jumped in with both feet but current environment and costs do tend to start to play towards GCM actually getting somewhere at last, after what is it, 20 years on Phulbari, wow some sadly but likely have passed waiting.
That's just the point Bob a lot can be forgiven if you just right your wrong, unless you are Arthur Millholland, for this crook there's NO forgiveness ever and no length of time that can pass when this will be forgotten.
May I ask one of the more knowledgeable / researched here what is GCM's position in terms of IP licensing etc.
Being such a tiny company reliant on the Chinese and with potentially a hugely valuable asset, what guarantees do GCM have that it is theirs to profit from, in most cases, the Chinese, the Indians and a plethora of powerful intermediaries would try to ensure a little outfit like GCM cannot either call the shots or take the lions share of profits - What do GCM have that ties their guarantees to the asset.
"Stas GCM is in a totally different situation to the last fundraise at 1.65"
- I totally agree and its only this reason and what might be likely to transpire in Phulbari that I am showing an interest. However I would have to be pretty foolish to jump in now when the price is at multiples of the last raise, particularly when its a known they need another and nothing with GCM has ever moved at faster than a snails pace. However if it transpires that good news of higher funding did come in in the meantime, with each day of SP drop the potential of still making a great return, even if you have to pay a little more, is still possible, but avoids all the much higher risk of a large discounted placing putting you into a large red position.
Each to their own, I wish all good luck however you play this one.
Professional what makes you think they will be lucky to get 3p?
TBF and open, I'm looking for an entry so selfishly obviously looking for lowest possible. I do though agree they might struggle if all the warrants continue to put pressure on the price, along with investors who will likely sell into the drop knowing they will pick up more cheaper, then you have the forward selling into a placing.
Lets see what happens but in my mind there is no risk for now, hold off buying and its likely to drop much more, worst case for an entry could be some good news or an early placing comes along, in which case, if they are fully funded then likely derisked thus no problem jumping in at that point, seems a win win to wait it out for now.
How much discount to prevailing price are you expecting on the placing, I expect the investors are going to play hard ball, they will push the price down as low as they can first to worry the company, then ask for a discount on that price, seems obvious the warrants are being sold of immediately and I expect the institutions will want maximum price uplift opportunity again.
Last raise was at 1.65p, I can't see them getting that again but the raise was at 37.7 per cent discount to the closing, so going by todays price that's 4.17p, I'm guessing they will raise at 3p, around the 100 day sma if they do I'll take some at that price.
I have not had any direct replies, though I didn't expect any direct to me, I have received many read receipts and considering I sent almost 150 I have only received 2 deleted without being read notifications. All will get an update later this week as a reminder.
NGL's can be used to treat any potential wax issues, it acts like a melting lubricant, often condensate is used I believe to ensure oil flows, with a light oil like this discovery this could flow like baby oil..nice
88 Energy shares soar as Hickory well's first test flows oil
Last updated: 08:29 02 Apr 2024 BST, First published: 07:48 02 Apr 2024 BST
88 Energy Ltd - 88 Energy sees significant result as Hickory's first test flows oil
Photo of the Hickory well site, posted to X (Twitter) by 88 Energy in March 2024
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) shares raced to a near 30% gain in Tuesday’s early dealing, after the explorer reported the first flows of oil from well testing at Project Phoenix, on Alaska’s North Slope.
The ongoing testing of the Hickory-1 well confirms a new light oil discovery, in the previously untested Upper SFS (USFS) reservoir.
Testing measured rates of around 70 barrels of oil per day (bopd) from a vertical well section, with the company suggesting rates from horizontal drilling could be several multiples higher.
Oil samples showing a gravity of approximately 40-degree API, plus natural gas liquids (NGLs) and associated gas.
The test followed a low volume frac over small 20ft vertical interval, the company noted.
Testing operations will now transition to the SMD-B reservoir over the next few days as the company’s multi-reservoir, staged flow test programme continues.
88 Energy noted that it will engage an independent consultant to asses the resource potential of the oil discovery in the USFS zone.
"Outcomes from this test represent a significant milestone for 88 Energy and its shareholders, with the first successful flow of oil to surface achieved at the company's Alaska projects,” managing director Ashley Gilbert said in a statement.
“Significantly, these flow rates were achieved from only a 20ft perforated section in a vertical well with a low volume stimulation over a short period. As previously highlighted, production rates in long horizontal production wells are typically multiples of 6 to 12 times higher than tested in vertical wells.”
He added: “Importantly, the Upper SFS zone had not previously been intersected or tested at either Project Phoenix or on adjacent acreage.
“It is particularly exciting for us to produce oil to surface and demonstrate the producibility of this additionally discovered reservoir.”
Gilbert told investors that future commercial plans for USFS and the broader Project Phoenix will be communicated following analysis of the Hickory-1 testing programme.
In London, 88 Energy shares were up around 27% in early deals changing hands at 0.34p each.
https://www.proactiveinvestors.co.uk/companies/news/1044366/deloitte-reverses-covid-cuts-with-new-london-office-space-1044366.html
Here come the news articles
https://www.businessnews.com.au/article/88-Energy-flows-black-gold-from-Alaskan-oil-well