James McCormack13 Nov 2023 21:39
Cavendish analyst James McCormack has reiterated a bullish price target for 88 Energy pLtd of 1.1p against a 0.35p publication price.
It follows 88 Energy’s first foray into Namibia in a notable expansion of the oil and gas exploration and production company’s footprint.
The group signed a deal with Monitor Exploration to earn up to a 45% non-operated working interest in Petroleum Exploration Licence 93 (PEL 93), onshore Namibia.
“The attractive phased deal structure provides 88 Energy with optionality to increase its working interest following key operational milestones, limiting both risk and financial exposure,” noted McCormack.
SOUNDS GOOD TO ME.