Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
... think the RNS was actually not so bad after all? Sure, another season, but the prospects are there, and 88 'paid' much of the work done in shares..
If you're in a position to wait it out, there's plenty to come.. Plenty of 'deja vu' here, but the RNS did emphasise the positives too..
... don't beat yourself up, I sold 80% at break even (2p) only for it to double! Still, I have 200k left for free, so anything now will be all or nothing. Been in all the ups & downs so still happy to have my money back (£0.002p to £0.02 in almost as many weeks was too good to resist condidering the drop).
Good to see some 'old faces' posting again.. Let's see if this does actually take off third time lucky..
"88 Energy on Monday told investors that logging-whilst-drilling data indicated multiple potentially hydrocarbon bearing zones in Merlin-1.
The initial data confirmed the presence of the Nanushuk formation, which contains the company’s primary exploration targets.
Additionally, it reported that oil shows were recorded over multiple intervals in the Nanushuk.
The company similarly noted that fluorescence was also observed in the drilling mud accompanied by a petroliferous odour over three of the target intervals.
Subsequently, a wireline logging process will gather further data insights and detail to define the intervals.
The aim is to determine whether mobile hydrocarbons are present.
This will be a key step in answering the key question among investors - whether or not the encouraging results to date will ultimately manifest in a new commercially viable discovery.
88 Energy noted that a mandatory test of the well’s blowout preventer would precede the wireline logging and once underway the programme is expected to take five to seven days to complete.
Subject to the wireline results, the company intends to complete the well for a flow test which would yield further data to indicate potential production volumes.
Success will potentially unlock a substantial bounty, according to third-party resource estimates.
Consultant ERC Equipoise, in January 2020, estimated some 645mln barrels of ‘mean’ prospective resources for the Merlin feature. At that time, ERC pencilled a low-case estimate of 41mln barrels and a ‘high-case’ estimate amassed some 1.46bn barrels.
ERC’s ‘best’ estimate was of 270mln barrels and it estimated the geological chance of success at 37% (which is a comparatively high marker for greenfield exploration projects).
Evidently, these numbers would represent a potentially transformational breakthrough for the company even if a lot more de-risking would still be required."
https://www.proactiveinvestors.co.uk/companies/news/945316/whats-next-for-88-energy-as-shares-soar-on-early-well-results-in-alaska-945316.html
"Contractor endorsement
A major contractor working on 88E’s drilling is confident of a result and will take its $6.84M fee in 88E stock at the currently higher price of 1.8c...
Under the agreement ELKO International LLC will be issued 360 million shares at $0.018, which is a 225% premium to the placement undertaken on 12 February 2021. The are no fees associated with the placement.
Managing Director, Dave Wall, said of ELKO’s commitment, “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.”...... "
https://finfeed.com/small-caps/energy/88e-set-drill-645-million-barrel-oil-target/
.... let's not all gloom out
"In early April, the company reported that the Charlie-1 appraisal well had proved the presence of mobile hydrocarbons, in the form of condensate gas. However, the timing couldn’t have been worse as fear gripped global markets.
An oil price war between Saudi Arabia and Russia resulted in oil prices falling hard and fast — WTI Crude dropped from above $60 per barrel in January to just $20 per barrel in less than three months to the end of March. Oil futures contracts even fell into negative territory on April 20 – where producers had to pay customers to take oil off their hands. Not good timing for an ambitious oil explorer.
However, despite the initial market reaction to the immediate well results, analysis of the data continues to show Charlie-1 made large oil discoveries, with the extent of oil accumulations to be estimated over the coming weeks........"
https://www.fnarena.com/index.php/2020/09/16/88-energy-upgrades-net-pay-from-charlie-1-well-confirms-large-oil-discovery/
Plenty still to play for here :o)