Ralli with respect I just call it the way I see it. I am not a pro supporter of 88, I have been concerned on many issues and over many years, especially the drilling mate, many of our wells have been damaged and destroyed imo. This was was biggest fear and I said this from the start, again my concern is realised.
That's why I stuck to my exit plan and haven't misrepresented myself here at all. Of course there was some huge potential here with the array of surprises. It could have been a master play by 88, but did it pay off, sadly no and the fact is this another well damaged during drilling.
This ramp was unbelievable and to be fair caught me by surprise as it did many here. I planned to exit at 2-4c and got more than that so it is what it is. I guess if you had bought in then you wouldn't have been so negative as many holders made good money here. Unfortunately they reality is if 88 do good, I say it, if they do bad I say it, so opinions change, that's life!!!. Can't please everyone in life. I am happy I am out, but not happy about the drill and no holder should be!
Did they flow oil, sadly NO. Again drilling issues encountered, how can anyone call it any different, I am just as annoyed as everyone else here and I will not go into lengthy details of why, as it's no point. IMO drilling has been a common theme with 88 and I have said since our fracking expert sadly passed away that 88 needs better personnel imo. I have constantly said this and 88 need a new drill manager, too many wells are damaged and not being optimally drilled, wasting millions of holders funds imo. Just look at every other well.
Company has to face the reality and make changes as they have lost the oil guru and now the PR machine, which kept this company afloat imo. What's left, I won't go into this, but we have a board member owning bugger all shares (hardly positive is it) and all heavily rely on O/G 3rd parties. Big holes to fill and maybe the drilling manger isn't the best for 88 going forward imo. Now 5 wells not successful and damage encountered, "The time the hole had been open and consequent potential formation damage may have contributed to this issue", so will they go for 6 without significant changes, no way imo.
5 wells now and reading this announcement has more questions than answers, in coming weeks we will all know more. This announcement is poorly written imo and this is the real concerning back flip, not my reality here Ralli, especially the parts "this means some uncertainty remains; however, it is already clear that Merlin-1 has delivered by far the best outcome of any of the 5 wells drilled by 88 Energy in Alaska over the last 6 years" and " the well may be re-entered in the future, if warranted". Hardly encouraging is it.
Of course SP will fall further in coming weeks. Will the company attract FO's when DW leaves they will struggle without changes imo. Bottom line is many, myself included were hoping for great oil shows from wire logs but it didn't happen. Fact can't spin it any other way, or should it be.
So one has to call it the way it is. It's about investing nothing more nothing less, feel free to question my creditably but I am not concerned one bit. All the best to all hopefully most here made some $$ and broke even. No point arguing any longer, it is what it is. Good to finally hit "none holder and sentiment none". Too many years holding in 88, fresh air now. I am happy with what I have contributed over the years and Ralli a bit harsh mate, but life moves on. All good!!!!!
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