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I've doubled down, cut my average in half and will place these in the 'bottom draw' for the next few months.
The hysteria on here today is comical. And the vitriol of the past few days horrible.
We aren't out of cash and there are things in the pipeline (granted not currently crude oil!). Can we actually realise we did find a large discovery of gas???? And there is Condensate production on the Northern Slope already.
Yes DW maybe needs performance based renumeration from now on. Yes the result wasn't what anyone wanted. But how much did the drill cost 88e - $0 - PMO paid for it.
This is an exploration company and HIGH RISK/HIGH LOSS/HIGH GAIN.
Rant over ;-) Happy Easter everyone, keep well.
....give me a break! https://youtu.be/_9U57QWDZEk?t=152
09:43 - Forgive me if I'm slightly missing the point, but after WINX the share price basically dropped back to where it had been (then a little lower again after the CR). During WINX, 88e max'd out at 1.38p (Whilst RMP ramped itself to over 7p at one point!) We haven't seen 2.5p+ since IW2. Once the news flow starts, hopefully we'll see a raise. Personally I think the share price is being held back a little due our history, the recent further CR, etc. I'd be surprised if we are over 2p before drilling (but very happy!). Just an opinion though :-)
V111JAS 23:50 - Just for clarity the SP maxed out at 1.38p during the Winx project. We haven't seen 2p+ since IW2.
Last couple of days are a bit of a head scratcher given everything is progressing as planned but that's AIM!
S4K please stop posting new thread after new thread of dribble. It doesn't HAVE to be signed, it can be extended if all parties agree.
Also, if you want any credibility on here, hold your hand up and admit you were wrong about the RNS and BEX.
Think I might switch off from here for the day. TTFN
S4K have you even read the intro paragraph on 88energy.com?
"Would you like to know more about Project Icewine?
In November 2014, 88 Energy entered into a binding agreement with Burgundy Xploration (BEX) to acquire a significant working interest in a large acreage position on a multiple objective, liquids rich exploration opportunity onshore Alaska, North America – Project Icewine........"
BEX - Burgundy Xploration are our joint venture partner.
The $500k is for drilling schedule from the Farmout partner who ever they are NOT BEX.
Snippet from the article...
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ConocoPhillips is buying everything it can get its hands on in the western North Slope, it seems.
The company announced June 18 it will acquire Caelus Energy’s small Nuna oil project, a confirmed oil discovery near ConocoPhillips’s existing Kuparuk River and Alpine fields.
The purchase continues an aggressive strategy by the company to expand its presence on the slope through exploration, development of new oil it finds, and purchases of confirmed oil from other companies.
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Brom 09:59 - What my grand total of 2 posts???!! ;-) Yeah, for me 88 is either going to be a good little earner or nothing at all. It's an exploration company and it's high risk. It's currently quite exciting! With IW2 not going as hoped I think the board have done the right thing in increasing the options we have as company. Patience is needed and hopefully it'll all come good. GLA.
This is my first post on here. Agree that ASX over reacted / got it wrong regarding the RNS but patience is needed. The updates are as expected and we will know more over the coming weeks. The BoD have been honest and pragmatic and are keeping to a good schedule with regular updates. They are doing things right, which is refreshing. In the meantime the MMs and day traders are going to be a pain. But if updates continue in the positive direction that we all hope it will then 88e will re-rate. GLA and hello everyone!