RNS further details on our 2 x oil discoveries!!19 Apr 2024 07:32
I think that should put the deliberate bashers in their place as well as fire a rocket up the share price! The company must be actualy as fed up as we are here about the constant misinformation campaign from the boiler room shorting crew here! The SP has been manipulated here for 4 days straight on excellent news from 33 v35 open, I think this latest RNS will focus people now on the fact that this is wholly oversold and hugely undervalued and reminder that these 2 finds are in addition to the rest of our fantastic projects! The news here has been remarkable and hugely positive. We are funded and debt free with 17 million cash in bank plus their intention is to fund next stages using a JV to provide the funds. They need no money right here right now. When in the future they decide to get funds from the market…it will be way North of here they are not stupid! So ducks all in a row we as shareholders have no worries, it’s the ii fund ‘naked short’ who are now going to get their comeuppance! Bring on the short squeeze- it begins today! IMHO DYOR GLA
Highlights
· Dual success at Hickory-1 with the flowing of light oil from the USFS and SMD reservoirs.
· Post flow test studies to commence including the securing of additional Contingent Resource estimates.
· Commercialisation options to be considered in parallel, including farm-out to a strategic development partner and/or early and a capital-lite development.
Forward Plan
Following the successful flow testing at the Hickory-1 discovery well, 88 Energy will be focused on:
· 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.