$eeenf
Let's be real most of you have not been holding @88EnergyLtd shares for five+ years. You are new(ish) investors (myself included) so lets take a look back & see where @88EnergyLtd was coming from w/regards to the North Slope.
Let's be real most of you have not been holding @88EnergyLtd shares for five+ years. You are new(ish) investors (myself included) so lets take a look back & see where @88EnergyLtd was coming from w/regards to the North Slope.
$eeenf
As I mentioned previously, Emerald House is just one subsidiary w/in @88EnergyLtd who operates the Merlin-1 well.
Accumulate Energy Alaska (AEA) is another subsidiary of 88E which is named the operator of Icewine 1 & 2 wells & Charlie 1 well.
drillingedge.com/alaska/operato…
As I mentioned previously, Emerald House is just one subsidiary w/in @88EnergyLtd who operates the Merlin-1 well.
Accumulate Energy Alaska (AEA) is another subsidiary of 88E which is named the operator of Icewine 1 & 2 wells & Charlie 1 well.
drillingedge.com/alaska/operato…
$eeenf @88EnergyLtd
A search for AEA within the Alaska Dept. of Commerce brings up multiple filings. One name mentioned quite frequently (alongside David Wall) is, Michael McFarlane.
McFarlane is listed as a Director for AEA in this 2020 Biennial report:
A search for AEA within the Alaska Dept. of Commerce brings up multiple filings. One name mentioned quite frequently (alongside David Wall) is, Michael McFarlane.
McFarlane is listed as a Director for AEA in this 2020 Biennial report:
$eeenf @88EnergyLtd
A quick google search of McFarlane's Houston address brings you to a site which shows he is involved in/possible owner of at least 6 different oil & gas companies.
Let's just focus on Burgundy Xploration for now.
bizapedia.com/addresses/5353…
A quick google search of McFarlane's Houston address brings you to a site which shows he is involved in/possible owner of at least 6 different oil & gas companies.
Let's just focus on Burgundy Xploration for now.
bizapedia.com/addresses/5353…
$eeenf @88EnergyLtd
Now let's take a step back in time:
"... Accumulate Energy Alaska Inc... & Houston-based Burgundy Xploration LLC teamed up to spend about $4.7 million for 121 tracts."
adn.com/energy/article…
Now let's take a step back in time:
"... Accumulate Energy Alaska Inc... & Houston-based Burgundy Xploration LLC teamed up to spend about $4.7 million for 121 tracts."
adn.com/energy/article…
$eeenf @88EnergyLtd
That's a lot of $$ for 2 relatively small companies!
Their plan?
"..the basin could replicate the experience of east Texas, where a mature oil & gas region well past its peak for conventional prod. was rejuvenated by the huge Eagle Ford shale formation."
That's a lot of $$ for 2 relatively small companies!
Their plan?
"..the basin could replicate the experience of east Texas, where a mature oil & gas region well past its peak for conventional prod. was rejuvenated by the huge Eagle Ford shale formation."
$eeenf @88EnergyLtd
“What we’re doing is...we’re chasing this thing called a vapor phase...where you get a little bit deeper, & where the oil is no longer oil in the reservoir, it’s actually a gas. But when you get it to the surface...it becomes rich in liquids.” Paul Basinski
“What we’re doing is...we’re chasing this thing called a vapor phase...where you get a little bit deeper, & where the oil is no longer oil in the reservoir, it’s actually a gas. But when you get it to the surface...it becomes rich in liquids.” Paul Basinski
$eeenf @88EnergyLtd
"The company described a potential Icewine development program consisting of 40 pads w/30 wells each - for some 1,200 wells total - targeting between 10bn and 21bm barrels of oil in place at the prospect." (that's massive BTW)
petroleumnews.com/pntruncate/283…
"The company described a potential Icewine development program consisting of 40 pads w/30 wells each - for some 1,200 wells total - targeting between 10bn and 21bm barrels of oil in place at the prospect." (that's massive BTW)
petroleumnews.com/pntruncate/283…
$eeenf
[I think] I know what you're thinking, "but Katie @88EnergyLtd plugged and abandoned these wells. They're done - moved on!"
[I think] you couldn't be more wrong.
Example 1: Gottstein v. DNR
casetext.com/case/gottstein…
[I think] I know what you're thinking, "but Katie @88EnergyLtd plugged and abandoned these wells. They're done - moved on!"
[I think] you couldn't be more wrong.
Example 1: Gottstein v. DNR
casetext.com/case/gottstein…
$eeenf @88EnergyLtd
"In 1964 DO G certified a well...capable of producing gas in paying quantities. Rather than comply w/an order to place the lease in production, the lessee instead plugged and abandoned the well & let its lease expire...
"In 1964 DO G certified a well...capable of producing gas in paying quantities. Rather than comply w/an order to place the lease in production, the lessee instead plugged and abandoned the well & let its lease expire...
...After competitive bidding, DO G awarded the lease to Danco Inc. effective 9-1-1986. The lease gave Danco "the exclusive right to drill for, extract, remove, clean, process, and dispose of oil, gas and associated substances" for "an initial primary term of 10 years..."
Lesson: Just because the well was plugged and abandoned does NOT mean there was no oil!
Example 2: The Alaska State Legislature
"...A well drilled onshore must be abandoned before removal of the drill rig..."
legis.state.ak.us/basis/aac.asp#…
Example 2: The Alaska State Legislature
"...A well drilled onshore must be abandoned before removal of the drill rig..."
legis.state.ak.us/basis/aac.asp#…
$eeenf @88EnergyLtd
ALL oil companies are required to plug & abandon their wells before they can take their (rented) equipment down. An oil company is not going to leave a rig up & continue to pay the fees when they don't need it & are not utilizing it.
ALL oil companies are required to plug & abandon their wells before they can take their (rented) equipment down. An oil company is not going to leave a rig up & continue to pay the fees when they don't need it & are not utilizing it.
$eeenf
Conclusion: Don't let the words "plugged & abandoned" trick you into thinking there is no oil.
I believe @88EnergyLtd is sitting on a lot of oil & are being very careful with their wording w/in these last few updates on the Merlin-1 well.
Someone WILL buy their oil.
Conclusion: Don't let the words "plugged & abandoned" trick you into thinking there is no oil.
I believe @88EnergyLtd is sitting on a lot of oil & are being very careful with their wording w/in these last few updates on the Merlin-1 well.
Someone WILL buy their oil.
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