88E (ASX) What is 88's Future

Originally posted by docmin24: ↑

Thought it best to open a new heading which is important. As no amount of finger pointing and blaming will ever change the unsuccessful past and change the outcome of our investment today. Over focused on the negatives. What happens from today will effect our future, will it be success or will we collapse. Very worrying times ahead for those who hold.. I am deeply concerned...

Obviously selling out is probably more attractive in current market than starting all over again as confidence at all time lows. Ouch that hurts big time but people can rebuild and make it all up I guess in this appreciating climate as markets recovering. Good opportunities out there.. Certainly better than 88 imo atm..

So after AGM we may have resignations, a possible spill and it maybe hard to attract quality directors now that the companies reputation and global markets confidence has severely been compromised, plus the distance would impede many high calibre applicants, certainly from Australia. Maybe another PB from the states can rescue us.. All unknown atm.. But important to think about going forward I guess... We could be left stranded and even in a worse situation.. We are in a right mess aren't we.. What we do know is -

We have a heap of oil in IW1.- Do we hold, sell or produce?
IW2 has gas mainly and yet to find oil
Winx nothing
Charlie again no oil, Stella has gas, way too expensive to do much with this.
Yukon small amount of oil yet to be proven along with HRZ.
Other conventional targets all need huge money to survey and drill, very risky and all unknown. Plus current management would be not as confident as once were due to all the failures, I imagine confidence shot..
We have about $15Mil in cash.

88 owns a huge area nowhere near the tier 1 proven fields. 88 bought it cheap. PB's involvement at the beginning proved a success from IW1 proves that. We since increased area big time and I only hope that's why the Tier 1 players in Alaska were not interested as it holds no oil, hope not but all yet to be proven. But after 4 failures outlook is dire and isn't as great since first well in this area is it and sadly PB isn't with us. His loss has had a major impact on our success imo.. We need another PB, that's crystal clear to me...

So we are basically back to the start again and need serious expertise and cash to go forward or we will again canvass FO's, which surely would be tarnished now and we would certainly be squeezed big time. So we have a lot to think about but for the moment the AGM and gas results are our priority. Over the company bashing as to say, focus and smart decisions is what it's all about from today if we are to survive imo..

What is apparent to me is we urgently need strong leadership from our leaders ASAP, honest communications to holders warts and all. No BS spin and fluff, say it the way it is. Can they go against this urge and be finally direct...

Expand

Doc for what it worth, I take a very simple view-

a. We have massive acerage
b. We have massive amounts of gas.
c. We have Oil potential assets that are too risky or small to explore.
d. We have a CEO and BOD who cleverly hedge the company’s exploration risks to ensure their longevity.
e. We have some cash in the bank to only participate in further farm-outs.
f. We have a BOd who will not sell assets as they believe the huge acerage will deliver oil but no money to explore it.
g. We have a world hungry for energy and a population that’s is growing very fast.

My take out of all this is that one day the gas will be worth a lot of money and I am just sitting with fingers crossed for however long on a massive paper loss in the hope 88e under whoever’s stewardship turns the investment into something good.

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(20min delay)
Last 0.3¢		Change 0.001(50.0%)		Mkt cap ! $86.67M

Open	High	Low	Value	Volume
0.3¢	0.3¢	0.2¢	$10.05K	3.566M

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