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Which probably indicates that the prudent course of action from...

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Lazarus65

2,114 Posts.

1436

04/02/19

10:58

Post #: 37319728
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Originally posted by docmin24: ↑

Guys see mixed opinions and levels of confidence going forward on here. Some nervous investors I guess after 2 failed attempts. All warranted in my opinion.

My simple take is this.

We have success re Winx, farmin announced we are all happy, company gets a huge life line, market sentiment returns, we can actually finally get on a do some serious drilling. Agree, drill and shore up the conventionals. This would be a huge result for us and the company. We have a bright future and an exciting T/O price say 2 yrs time. Seriously a game changer for us.

The ugly side of coin toss is we have another failure, Winx. This now gets messy in my opinion management will seriously be questioned in the aftermath. People will be saying do they actually have the right team, skill set to run 88. As that’s 3 failures. It’s a ruthless business and holders would no doubt expect management and board changes. Seen this happen many times before.

Maybe farmin might happen slight chance at best and terms would be dramatically changed to what they are dealing with now.

But if no farmin with our huge register of shares and not a strong cash balance would see SP free fall well below 2c and company will have to go back to holders, further dilution. Remain a 1 well drill a year at best. Confidence and SP changed big time and many holders wouldn’t be bothered as LTH and simply move on.

Seriously if this happens this will have a major effect on the company and imho forget the dream of drilling all those exciting highlighted wells as with no farmin, bugger all cash this will remain a penny stock for years to actually see our potential. So in my opinion put a fire sale sign up and move on. Might get a T/O price 3,4,5 etc. so this Winx is a huge deal for the company and holders in my opinion to have success.

We have diluted way too much, spent way too much on 1 well with no success. I always believed this was a mistake we should have done a couple of conventionals before doing HRZ. Anyway that’s in the past and it has seriously changed our position in the market. That’s the negative side I see at this stage.

So back to being positive, success of Winx then all good. Bloody hope so, GLTA.

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Which probably indicates that the prudent course of action from the BoD is to strike a farmout agreement before Winx-1 hits TD. Of course, the high risk gamble could be to delay any FO agreement till after Winx-1 hits TD, hoping its a 'gusher'; but I suspect that is not a coin toss that the BoD would take. These scenario's are predicated on the assumption that, as we have been led to believe, there is genuine interest from high calibre potential partners.

Based on that, I'm expecting a FO announcement this month. I could be wrong. All IMO & DYOR. GLTA.

88E Price at posting: 2.0¢ Sentiment: Hold Disclosure: Held
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Last 0.3¢		Change 0.001(50.0%)		Mkt cap ! $86.67M

Open	High	Low	Value	Volume
0.3¢	0.3¢	0.2¢	$5.395K	2.133M

Buyers (Bids)

No.	Vol.	Price($)
192	298574579	0.2¢

Sellers (Offers)

Price($)	Vol.	No.
0.3¢	590044986	215

View Market Depth

No.	Vol.	Price($)
191	288574579	0.002
296	1065279960	0.001
0	0	0.000
0	0	0.000
0	0	0.000

Price($)	Vol.	No.
0.003	570044986	214
0.004	249891483	101
0.005	74810046	57
0.006	96676859	39
0.007	38954569	26

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