Ann: Hickory-1 TD Reached - Additional Reservoir Identified, page-173

I have always maintained a very strong opinion and highly critical of the 88’s past mis-management of drilling, timing wrt CR’s over the years and consolidating has to happen at the right time.

This massive SOI is out of control and even worse that 88’s well paid management imo contribute bugger all personally to this massive 20.1 Bil SOI imo. Market and many people have seen 88 as a laughing stock over the years imo. Shame, as this well should have changed that.

Not going to go over all this is detail as covered this to death.

But a 50:1/100:1 consolidation has to happen only when 88 have a serious successful and secure (SSS) game plan, NOT a 1 well a yr lifestyle (PPP) drill imo.

STEP 1. Find 1 oil producing well, which gets SP up, this was our well, most us of knew this after PANR results and 88 used 3D finally and announced drilling here. Big blown opportunity by 88 now imo.  As this well failed big time to appreciate the SP, so effectively we are another 12 months delayed due to, well you all know why imo. No need for me to state the obvious here.

But 88 need a SP well above the normal sub 1c to raise importantly huge cash, so they can afford to plan to re enter this well, flow test etc. plus have funds to do gravel road/pad this area. That’s the critical step which removes all the past bad media/sentiments/comments like 88 is a ponzi, nothing but dusters, lifestyle, etc etc etc. we are all here to make money a sick of all this rubbish!  

This was our big chance to move forward. Unfortunately we got there, but not rewarded as market didn’t warm and SP failed to grow. Bigger consequences than we all just making food profits here imo.

So we again will be forced to CR again at sub 1c. Management in my opinion are on a great rem package and they have yrs to sit and to crawl this along. That’s why I hold them all to account and maintain they stuffed us all and as a result we need a new MD imo. Huge error made and has to go. I know many holders and corporate investors share my opinion here. Back to consolidating.

STEP 2. Have multiple wells planned in know locations not (SSS) not (PPP) drilling all over the place like previously and critical to using quality 3D. Raise big cash or find a LT JV partner and after a second successful drill then it’s the time to consolidate. As our poor reputation and bad stigma will be gone. That’s why this well should have been managed a lot better than what this company said imo. So we have wasted effectively 12 months now regarding any opportunity to consolidate.

To consolidate effectively - its simple to do it successfully, but many companies fail consolidations don’t they.

1. Drill multiple wells - not 1 a year
2. Find multiple successes
3. Have plenty of cash to fund a successful program
4. Build infrastructure to enable more than 1 well a yr program (drill all year round)
5. Change market sentiment to a positive, 88 have to maintain positive momentum with frequent successes (not silence for 10 mths a yr and still deliver PPP imo) and effectively communicate these positives. Not what we got this well. So we do need a new MD imo.
6. Reward investors (unlock wealth-for SH’s) -appreciate the SP with sensible low risk communications. NOT what we got this well.
7. Company has to show the market this isn’t a lifestyle company - directors have to have serious skin in the game and take large on market positions, (not do bare minimum a yr and constantly fail and keep putting hands out for free shares etc)
8. Finally do everything much better than what 88 have delivered to holders, brokers and the market over the years. We are now on the right page.
9. Effectively communicate at ALL times.
10.  Make it happen and consolidate. As MC a huge joke. It’s embarrassing and this reflects badly for investors and management of 88.

That’s my opinion short of how to consolidate successfully. Are we there yet! NO, not even close imo. That’s why I am furious about how this 1st company changing well was blown big time by 88 imo. We could have raised so much cash at a much higher price and with less dilution after the success of this well. Now have to wait many months to CR. God knows what the global economic conditions will be later on in the year. A big missed opportunity imo.

If only this was communicated well, we would have been in a much better position financially for start of 2024 and closer position to consolidate imo. Now it’s back again next year. Back to step 1.

Enjoy Easter guys before the timely AGM. All holders should vote against Resolution 1 (REM Report) sending a strong message to 88 imo.