88 Energy Share Discussion Threads

[nigoil] 25/4/2024 07:38

88 Energy closes book on successful £5.2m placing
Published: 08:17 24 Apr 2024 BST
Written by: Jamie Ashcroft
Edited By: Oliver Haill
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88 Energy Ltd
AIM:88E
ASX:88E
OTC:EEENF
88 Energy Ltd - 88 Energy closes book on successful £5.2mln placing
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it has successfully completed the bookbuild for its placing, raising £5.23 million (A$9.9 million) of new equity.

The junior oil and gas company, in a statement, said it will issue 3.29 billion new shares priced at A$0.003 each.

Proceeds from the placing, plus its existing cash resources of $17.5 million, mean that the company is now funded for at least the next 12 months.

It supports plans to advance the company’s assets in Alaska, where a recent successful well test revealed significant potential in the Phoenix project area, and its recently acquired project in Namibia.

"We are now funded to proceed with the development and monetisation plans for Project Phoenix,” chief executive Ashley Gilbert said.

“The next steps include post-well flow test studies, securing additional contingent resources at SMD and SFS to complement the BFF contingent resource, and exploring a farm-out of Project Phoenix to engage a strategic partner for the next phase of development and commercialisation.

“The successful Hickory-1 flow test creates multiple paths for 88 Energy and its Joint Venture partner to commercialise and realise value from Project Phoenix.”

Gilbert added: “At the same time, we are also enthusiastic about our initial exploration activities on the Namibian farm-in acreage at PEL 93. The Owambo Basin offers substantial hydrocarbon exploration potential across a highly prospective and underexplored region."

Simples!....... :-)

[nigoil] 24/4/2024 17:18

Nah fraid you're wrong!.... :-)

Project Longhorn (~65% WI)

In December 2023, the Joint Venture (Bighorn JV), Bighorn Energy LLC (Bighorn) which comprises Longhorn Energy Investments LLC (LEI) a 100% wholly owned subsidiary of 88 Energy with 75% ownership and Lonestar I, LLC (Lonestar or Operator) with remaining 25% ownership, finalised its 2024 work program and budget. The Bighorn JV agreed to a development program that included 5 workovers in 1H 2024 and 2 new wells in 2H 2024, contingent on successful workovers.

During the quarter, the Bighorn JV commenced two of the planned five workovers with assessment of production occuring during April 2024.


· Completing post-well testing and analysis at Hickory-1;

· Securing a contingent resource for the SFS and SMD reservoirs;

· Commencing a formal farm-out process to attract a high-quality new partner to fund the next stage of appraisal and development; and

· Advance planning and design of an early stage production system.



The Company looks forward to updating shareholders on the post test analysis.

Positive updates will start to arrive anytime after 1st May, simply as that! That is why the fundraise lasted less than 30 minute's!

Ignore the 'GIRLS', they are bad for your wealth!...... LOL

1p coming sooooooooooooon!

88e Strong Buy

Simples!..... :-)

[monet] 24/4/2024 17:12

Nigoil show me the rules where the management couldn't participate.

Now you say they're in a closed period because of news coming in the next 30days LOL
you're such an amateur you make it up as you go along.

This is from PANR last Fundraise, 14 days later a RNS about Lease Award. So your argument doesn't hold water

"All of our Board, as well as management and key advisers will be participating in the Fundraise as we are all excited about what is planned and the great potential of what we have discovered over the recent years."

[herecomesthesun] 24/4/2024 17:06

CRIKEY


24-Apr-24 16:25:49 0.1662 127,500,000 Sell £211.91k


quite a few more of those needed BEFORE they churn 3,291,974,839 newly placed shares


easy money for someone


NICE !!


bwahahahahahahaha :)

[nigoil] 24/4/2024 16:59

88e Trades 303
Vol. Sold 80,809,015
Sold Value £133.85k
Vol. Bought 181,420,609
Bought Value £311.31k

Good day At the office!

You have approximately 10 days to get in at these sp's!

88e Strong Buy

Simples!........;-)

[nigoil] 24/4/2024 13:59

Nope fraid you're wrong!... :-)

Ignore the 'GIRLS', they are bad for your wealth!

88e Strong Buy

Simples!..... :-)

[rabito79] 24/4/2024 13:55

It's not that simple Nigoil, as I understand it as part of the placing procedures there is a cleansing process to furnish those in the placing with all relevant information, hence the CEO had as much opportunity to buy as the 'sophisticated investors'.

[nigoil] 24/4/2024 13:20

88e Trades 238
Vol. Sold 61,952,359
Sold Value £102.50k
Vol. Bought 139,475,558
Bought Value £240.58k

Not bad for five and half hours trading!...... :-)

The Directors couldn't buy because there are numerous updates expected within the next 30 days!.... Simple as that!

Ignore the 'GIRLS', they are bad for your wealth!

88e Strong Buy

1p coming on updates!

Simples!..... :-)

[petersmith6] 24/4/2024 11:21

I could be classed as insider trading .

[monet] 24/4/2024 10:11

Follow the money! well not by the management zero shares bought.
Nigoil show me the rules where the management couldn't participate.
I'm still waiting

He is even showing the buy and value, everyone knows it's only guesswork if they are buys or sell, BUT NOT NIGOIL

[nigoil] 24/4/2024 09:40

88e. Trades 113
Vol. Sold 2,731,669
Sold Value £4.58k
Vol. Bought 88,896,034
Bought Value £154.05k

Not bad volume in the first hour and half!..... :-)

Ignore the 'GIRLS', they are bad for your wealth!

88e Strong Buy

Follow the money!

Simples!....... :-)

[purple11] 24/4/2024 08:20

he doesnt know what hes talking about does he!

absolute drivel from a nutjob

[monet] 24/4/2024 08:14

Nigoil(The management couldn't participate, it's against the rules).. LOL don't talk rubbish.. i'll humour you Nigoil show me the rules where the management couldn't participate.
Plenty of directors participate in share placing.It just goes to show how little you know about how the stock market work. i'll stick to slot machines if I were you.

[nigoil] 24/4/2024 07:58

The management couldn't participate, it's against the rules!

Good morning purple11, how's your 2.3p PPP shares doing?...... LOL

88e is the kiddy!

88e Strong Buy

Simples!..... :-)

P. S. Panr are next!

[purple11] 24/4/2024 07:23

NIGOIL youre stuck in a losing position,making a complete fool of yourself.


GET OUT!

[rabito79] 24/4/2024 07:22

Yet zero shares bought by management tells you something else. If my maths are correct if you add the CEO's zero placing shares to his current zero holdings you get zero. Happy to be corrected. Shameful stuff.

[nigoil] 24/4/2024 07:17

Well, well, well, what do you know?

Fundraise a complete success and all shares were snapped up in minutes!

Now doesn't that just tell us something!

88E MASSIVE STRONG BUY!!!!

1p....On updates!

Simples!..... :-)

[herecomesthesun] 23/4/2024 10:49

CRIKEY

YET MORE 88e 'REPEATED' FLUFF and PUFF

----------------------------------------------------------------------------------
Upper SFS flow test results

A 20ft perforated interval in the Upper SFS reservoir was stimulated via a single fracture stage of 241,611 lbs proppant volume. The well was cleaned-up and flowed for 111 hours in total, of which 88 hours was under natural flow back and 23.5 hours utilising nitrogen lift.

The USFS test produced at a peak flow rate of over ~70 bopd. Oil cuts increased throughout the flow back period as the well cleaned up, reaching a maximum of 15% oil cut at the end of the flow test program. The Company expects that oil rates and cut would have likely increased further should the test period have been extended. The well produced at an average oil flow rate of approximately 42 bopd during the natural flow back period, with instantaneous rates ranging from approximately 10 - 77 bopd with average rates increasing through the test period. Importantly, the USFS zone flowed oil to surface under natural flow. A total of 3,960bbls of fluid was injected into the reservoir and 2,882bbls of water was recovered during the flow back period, most of which was injection fluid. Total flow rates (inclusive of recovery of frac fluid) averaged ~600 bbl/d over the duration of the flow back.


SMD-B flow test results

A 20ft perforated interval in the SMD-B reservoir was stimulated via a single fracture stage comprising 226,967 lbs of proppant volume. The well was cleaned-up and flowed for 84 hours in total, utilising nitrogen lift throughout the entire test period. The average fluid flow rate over the duration of the flow back period was approximately 445 bbls/d, with choke sizes ranging from 8/64ths to 33/64ths.

The SMD-B test produced at a peak estimated flow rate of ~50 bopd. Oil cuts varied throughout the flow back period, reaching a maximum of 10% oil cut. The well produced at an average oil cut of 4% following initial oil to surface, with instantaneous rates observed during the 16-hour period varying as the well continued to clean up. Total stimulation load water was not recovered and water salinity measurements indicated we were recovering load water at the conclusion of the test.
----------------------------------------------------------------------------------


"the company 'expects' oil rate and cuts would have 'likely' increased had we continued on with the test"

so WHY DIDN'T THEY ?


AND

far be it for me to point this out but I really do find it all a bit strange that they didn't release the same level of operational frac 'detailing' in each separate test ?


so WHAT EXACTLY ARE THEY ATTEMPTING TO HIDE ?


AND

absolutely NO mention of the outstanding bills to pay, just another BLATANT attempt by them at 'headlining' the $17.5 million Aussie dollars held in cash at 31st March BEFORE the addition of this $9.8 million Aussie dollar placement as IF TO SAY 'look at all that cash we NOW have' LOL


88e are the market DADDY'S when it comes to 'selective' FLUFF and PUFF


AND

no doubt poor old olive oil will be desperate to keep on pumping her massively underwater 0.35p is the kiddie offside position but for me its still a


STRONG SELL


SIMPLES!!


bwahahahahahahaha :)

[andyalbi71] 23/4/2024 10:12

I will have a pint of whatever Nigeoil has been drinking

[purple11] 23/4/2024 10:04

sounding desperate now

[nigoil] 23/4/2024 09:59

Not bad for two hours of trading, it's all about the volume and market cap! Forget the shares in issue!

88E Trades 268
Vol. Sold 60,675,228
Sold Value £96.59k
Vol. Bought 178,021,215
Bought Value £288.66k

88E Strong Buy!

Simples!......;-)

[nigoil] 23/4/2024 09:55

300% rise coming in May/June once the results are released along with the CPR, take a look at what happened to OO and you will see!....;-)

Ignore the 'GIRLS' they are bad for your wealth!

88E Strong Buy!

Simples!.......;-)

P.S. Panr next!

[purple11] 23/4/2024 09:50

hope noone listened to your drivel

just another ADFVN nutter

-18.81%now

[nigoil] 23/4/2024 09:49

" You need a drill to discover a Jupiter sized oil find to regain losses . "

That is exactly what 88E have found!

Wait for the CPR and you will see!

88E Strong Buy

Simples!......;-)