88E Broker Notes, page-31

re "Cenkos are 88e's UK based company advisors, their job is to pump the tyres"

Yes which I noted as one of the negatives: "On the negative side, are the low chances of success given in Table 1 (4-7% for Merlin and Harrier). Also Centos has close ties to 88E as shown in the Legend at the end of their report"

re "Is disingenuous at best. Drilling is a binary play, strike oil, great news, miss oil, share price gets dumped. There will be very little in the way of downside protection if Merlin(and possibly Harrier) come up empty.

Agree completely in the short term. Share prices are always bid up ahead of a large target well, and get punished accordingly if they miss said target. The point they are making though I think is that 88E have more than one string to their bow, and as such over the longer term the price would be expected to recover somewhat as other prospects come into focus (assuming 88E can soldier on of course)

re "Cheers and beers"

Shine* and (red) wine

(* Not a good equivalent to Cheers I know but best I could come up with to rhyme with wine. Cheeraz perhaps?)