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Managing Director, Dave Wall, commented: "The endorsement of the project by ELKO as we enter the critical phase of the drilling is encouraging and will serve to fund the Company's share of the recently announced cost overruns.
We wish all our shareholders good fortune over the coming days."
22 March 2021
The Directors of the Company provide a notice for the purposes of section 708A(5)(e) of the
Cleansing Notice Corporations Act 2001 (Cth) (Corporations Act).
The Company has today issued 360,000,000 fully paid ordinary shares (Shares) to a professional and sophisticate investor at an issue price of A$0.018 per Share.
The Shares were issued under the Company’s 10% Placement Capacity under Listing Rule 7.1A. The Shares are part of a class of securities quoted on ASX and may be subject to a subsequent offer for sale.
The Company issued the above Shares without a disclosure document under Part 6D.2 of the Corporations Act.
The Company, as at the date of this notice, has complied with:
(a) the provisions of Chapter 2M of the Corporations Act; and
(b) section 674 of the Corporations Act.
As at the date of this notice, there is no excluded information, as defined in sections 708A(7) and 708A(8) of the Corporations Act, that is reasonable for investors and their professional advisers to expect to find in a disclosure document. An Appendix 2A in respect of the above securities was released on 22 March 2021.
Yours faithfully
Dave Wall Managing Director 88 Energy Ltd
EEENF (88 Energy) has seen a massive surge of volume in recent days and is beginning to move northbound as the stock quickly gets noticed by investors who have been heavily accumulating in recent days. Trading has been heavy in recent days easily topping $5 million in daily trading volume and much more on some days. 88 Energy operates 200,000 net acres at Project Icewine and 195,000 net acres at Project Peregrine, both targeting oil on the world class North Slope of Alaska estimated by the USGS in 2005 to hold more than 50 billion bbl of oil and natural-gas liquids and 227 trillion cubic feet of gas. Timing could not be better for a potential mammoth oil strike with the Crude Oil WTI Index hitting a high of US$67.98 per barrel just last week, a level it hasn’t traded at since 2018. EEENF has quickly attracted legions of new shareholders who are heavily accumulating at current price levels; this is a new era of penny stock speculators fueled by robinhood and its 100 million new trading accounts take on the bulletin boards. These are different times than just a few short years ago; now penny stocks such as TSNP can achieve a $6 billion plus market valuation and trade $375 million in dollar volume in a day on the bulletin boards. And TSNP has no stronger fundamentals than 88 Energy has. EEENF speculators, and there are a lot of them and growing larger by the day are looking for a return to previous highs and a powerhouse break over the $0.03 mark entering a serious “MDMP type” blue-sky breakout!