I would agree Red, if 88 actually had a 5 yr plan but going off last 6 yrs after PB sadly departed, 88 have drilled all over the place and without the important 3D data, drilling in wrong locations, making costly mistakes and the best one of all is that the board clearly doesn’t believe or support by NOT buying importantly shares after many yrs of earning massive income imo. Goes both ways Red!!
Longhorn seriously only props up 88’s remuneration as it’s excessive imo. Without oil sales would have to raise another $10 mil a year which is another 1 billion SOI each year. How long will this produce for? 88 only ever used 3D once and on this well as got a good deal which benefits PANR. All other wells went in blindly, and stuffed it imo.
Plus 88 has to do more than a 4 week drill to be taken seriously, update holders/market along the way and importantly answer calls /emails etc, etc -
“arrogant/avoidance = future not guaranteed” imo
I am not alone with not being impressed here. I am not just speaking with just holders but much bigger people involved over past 5-6 days. That’s all I will say. I am very serious to see change and know this process well.
I hold a few 5 yr plan stocks BUT that’s not 88’s. 88 is clearly a lifestyle company imo and owning NO SHARES speaks volumes and confirms nothing but a lifestyle company to me. Big things have to change going forward imo.
So many problems with this company imo. Way too much damage done by this company over the yrs imo Imagine 88 in 5 yrs the company would have 35-45billion SOI. Can’t consolidate without success. 88 are all over the place and have no 5 yr plan to me to support!
At 88’s current rate will take 5 yrs to complete this well. If holders can’t make money along the way, how will 88 survive. Seriously their market reputation is very questionable and most directors I speak to just laugh!! Ask yourself why no institutionals are here.
I am sure 88 have a 5 yr plan which doesn’t include buying shares but surviving to reap the fantastic benefits 88 pay them. That’s the only 5 yr plan (lifestyle) I currently see. The annual report and history confirms this to me and people I am engaging with.
Can I ask if this well is tight as some say and can’t flow then where does the 5 yr plan goes next. Another 2 yrs added in attempting horizontals etc or then flooding well via nitrogen lifts like 88 destroyed IW2 on second attempt. No confidence in 88 stimulating flow given the past attempt failures imo.
So if fail again here, I see 88 continue buying more real estate then what, back drilling all over the place. Cycle continues. Seriously this is nothing but a pump/dump stock as all credibility is lost imo and market sentiment confirms this to me.
88 imo are responsible for the pump and dump reputation over the yrs by their actions and results, so totally unacceptable to now of all of a sudden stop the critical update RNS’s after last week. 88 have to bare any consequences for this huge mistake imo.
88 are NOT at the level or have the vision imo such as great bear/PANR who clearly planned a 5 yr plan and raised huge funds accordingly, paid huge $ on quality 3D etc etc, so 88 unlikely ever to be one imo. 88 every year seem to rush a drill and just look at the costly mistakes over the years made and drilled all over the place. Appears no planning or system to me imo.
Best case imo if 88 actually ever get to flow test and fluke a commercial discovery, I can see a “for sale sign”, not a major O/G producer. Very ambitious to think otherwise imo.
Love your optimism and respect your comments. But the reality of 88 isn’t that optimistic imo. All the best and I will not be supporting 88 for another 5 yrs that’s for sure. New board and remove lifestyle tag, restore market confidence, then I will believe and support.
Finally Red, if SP only rebounds to 1.2-1.3c after TD RNS and rig leaves and then goes back to 0.008c for next 10 months how many holders will be impressed by the company’s RNS. Investors are here to make profits. How many would be back again.
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