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Just remember the drill was expenses and costs have exceeded budget. We need a successful Jacobin update to kick start a bull run or the MM's will bring this down again.
Yes it is a bargain but it could well do with some better PR, and by that I mean engaging with a few promoters who have a big following on twitter etc.
I think Jacobin is a big discovery but do your own research. We should know next month. If it is a discovery they should have access to borrowings to develop the field or do a bit of a farm out.
Nice to get this out of the way so early. We can now buy into 88E knowing there is no imminent fund raise. Lots of new flow coming on multiple fronts over the next two months. Should be in for a decent bull run. Watch out for the warrants around the early 40's.
There hasn't been much interest here lately but that doesn't mean that the traders wont arrive in mass near the time. All they need to do is spend a bit of the money on the paid promoters and after Xmas we have lift off. May be wrong because its only a flow test and not a drill, but seeing this has been classified as a multi million barrel discovery it could get very interesting indeed. Especially as our MCAP is much lower than PANR's. My advice is hold now and load up after the placing.
I think the flow test is funded from the last raise, but they will need ongoing working capital plus money for the new project. The raise is imminent and there are a lot of hidden placement shares being forward sold today
I am reconsidering my position here. That duster zone was no higher than my wife and although it had high pressure the chance of it being commercial was minimal. However, the drill encountered over 290 feet of net oil pay so there is a much higher chance of these upper zones being commercial. Seeing TRIN are already producing nearly 3,000 bopd, this is looking cheap, so I am going to take a gamble and load up this week. DYOR
Now lower than before the so say discovery. The market has priced this in as a duster together with a further write down for the overrun of drilling costs. No news is taken as bad news in oil exploration so the company needs to keep investors better informed if delays, problems and failures
Wow. The market sure doesn't like this share. With a maiden divi, new discovery about to be tested and positive budget changes, I find it hard to see why the drop is so severe even with the global softening of oil prices.