Mike the majority of my posts have been well balanced and in most cases very supportive of 88. I try my best to be unemotional and base my posts on my experience, facts and beliefs from having many professional contacts, who I might add are at the highest level of the O/G sector. Not Mr Google, lol.
I am not a poster who owns a couple of shares but invests heavily across several companies. Over the years I have gained great relationships in this industry along with a few enemies and knockers. That's life lol. I always wear my heart on my sleeve and many holders in other companies have welcomed my support in dealing with companies by speaking out when things are questionable. I guess I am no sheep!!! I am not deterred my rolling ones sleeves up and keeping companies accountable.
88 simply has to do things a lot better imo. Yes DW has marketed 88 well and I am confident he will continue to do this. DW is a top bloke in my eyes and I respect him personally. However some serious decisions made to date have been questionable imo hence why I am against the GM resolutions. Simply they do not deserve any incentives at this stage.
History of 88. Before IW1 88 was a basket case. DW did exceptional during IW1 and saved this company. Then came IW2, mistakes have been made, DW even acknowledges some of these. Sadly we lost PB unsure if he really could sort this out or not. None of us would ever know will we.
Ist attempt IW2, shut in was way too long and consequently the well was stuffed and no flow. More importantly this greatly effected the options which ended up costing many holders a heap. Then the cap raise. Company lost valuable time and wasted funds. Effected any chance of drilling high prospects the conventionals. Holders lost as well.
2nd attempt was again a basket case. I constantly said this was never a 50% chance of success, I think 20% was my figure early on and even stated it's dead 1/2 week after commencing. Company still wasted funds on this and importantly wasted time. Result dead. Another year lost on conventionals. SP collapse.
Now the other mistakes apart from drilling, options is the timing of cap raises most have been bad simple as that.
So again we hear IW2 is possible for drilling if famin found, unlikely a tier 1 will be found imo. This well at our stage of many exciting conventional opportunities to be cemented as a serious player is being held back by our teams thinking and planning re IW2. Plus cash now lower levels in bank. SP still collapsed. Huge register and MC down.
We don't have a lot of cash now we are forced now to find farmin's etc if not again we dilute the sheet out of our huge register. Then comes consolidation talks again at some stage and again more delays in drilling. Consolidation with spec coys always destroys the companies SP.
Mike all juniors have to adhere to strict cost saving measures and maximising the drilling opportunities, NOT delaying them due to funds, in able to be successful and then attracting the highly sort after farmins. Then finally the holy grail for holders selling the business.
This recent farmin on GB tenement came about over bad decisions by GB and 2 other little companies like us, saw an opportunity to appease holders. Hardly a game changing decision but more of a keeping all 3 company holders enticed to believe and support. Company plan of 3 yrs is now looking like 7-10 yrs, so again where's the performance here.
Sorry Mike if 88 presented a great picture of success and not 3 yrs of underperformance and a collapsed SP then I would be sounding the trumpet to pay them all well until this happens and a serious conventional funded plan implemented and doing in 2019, that's my reasoning against incentives, as the irony of all this from the company is "performance incentives". Where's the performance Mike!! Well and truly enough from me on this. GLTA.
88E Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
(20min delay)
