88 Energy Limited (formerly Tangiers Petroleum Limited) is an ASX listed exploration exploration company that has recently announced the acquisition of a new, potentially world class oil asset located in Alaska. It also has a 25% stake in the Tarfaya Offshore Block is located on the Moroccan Atlantic margin and was acquired by the company in 2009.

Alaska-project-icewine

morocco

http://88energy.com/

StockMarketWire.com
88 Energy reports significant progress on all fronts at Project Icewine, located onshore North Slope of Alaska.

Highlights include:
- Acreage award finalised for ~173,000 Additional Acres. 88 Energy now holds 210,250 acres

- Icewine#2H well and stimulation design for HRZ in final stages

- Official tender process for Icewine#2H major contracts to commence in July; several suitable rigs have been identified for drilling of Icewine#2H

- Well permitting on track for completion ahead of scheduled spud in Q117

- Well performance modelling indicates potential for improved economics

- 2D seismic initial results from processing and interpretation expected in August

Managing director Dave Wall said: "The project continues to move forward with significant progress made on all fronts.

"Well planning, contracting and permitting remain on track ahead of the scheduled spud of Icewine#2H in Q1 2017 when the productive potential of the HRZ will be tested potentially unlocking a huge resource play on the North Slope of Alaska.

"Any conventional prospectivity indicated by the recently acquired 2D seismic will be icing on the cake for shareholders."

StockMarketWire.com
88 Energy said it now holds 210,250 net acres and the acreage award was finalised for ~173,000 additional acres.

HIGHLIGHTS
- Icewine#2H well and stimulation design for HRZ in final stages

- Landing zone narrowed to two horizons

- Official tender process for Icewine#2H major contracts commenced in July 2016

- Several suitable rigs were identified for drilling of Icewine#2H

- Well permitting on track for completion ahead of scheduled spud in 1QCY17

- Well performance modelling indicates potential for improved economics

- P50 resource mid case cost scenario breakeven below $40 oil price

- Integrated petrophysical model for Young's and Poisson's validated by core data

- 2D seismic initial results from processing and interpretation expected in August

- A$25m oversubscribed placement completed to institutional investors in Australia and UK, end of June quarter net cash reserves of A$20.3m

I feel quite comfortable holding on to these, whilst obviously still speculative, with a breakeven below $40 oil price then if there is oil in quantity then I would be a little disgruntled if I sold now!

StockMarketWire.com
88 Energy in consultation with its partner, Burgundy Xploration, has finalised the well design for Icewine#2, located onshore North Slope of Alaska.

Upon strategic review of the desired objectives for Icewine#2, the joint venture has concluded that a vertical well with a multi stage stimulation is superior to the initially proposed lateral well.

The vertical well design will allow the joint venture to:
- test production potential of entire HRZ/HUE interval with potential for resource upgrade

* HRZ remains premier reservoir and primary target

- enhance dataset for landing zone selection of future laterals

- decrease drilling risk associated with a more complex lateral completion

- increase availability of suitable rigs and result in a more competitive tender process

- lower the estimated cost of the well completion by ~US$5m, meaning that 88 Energy is fully funded for the costs associated with Icewine#2 from its current cash position

Managing director Dave Wall said: "The revision to the well design has resulted in a best of both worlds scenario for 88 Energy and its shareholders. We now have a more efficient, lower cost outcome that optimises achievement of the operational objectives targeted by the Icewine#2 well.

"Additionally, we are highly encouraged by the initial results from the 2D seismic at this very early stage of interpretation."

Oh no! A delay in the results of the 2D seismic! Everybody sell.....please, so that I can get some more on the cheap! Potential still there, still speculative but to accumulate you have to speculate! :o)

"we are highly encouraged by the initial results from the 2D seismic at this very early stage of interpretation." Sounds good enough to me!

you could always add REM or KOOVS to your portfolio for greater quality

Right oh lol,

KOOVS thread -

cynic - 16 Feb 2016 15:08 - 57 of 60

as i have said several times and indeed from the very off, this is a share for mugs only

Lol! :o)

:-))

This has been a good share to trade, sitting on totally free shares now, so I'm happy whichever way it goes. Preferably up.....and up again over the next couple of years! :o)

Good for you. :-))

Today, as usual, did the trade too soon!:o(

Proactive Investor - 88 Energy (LON:88E) shares were going the way of its new drilling plans (vertically downwards) having fallen 18% after they were announced this morning. It is scrapping previous lateral drilling plans for a vertical well, which is much cheaper. Obviously the cost-cutting has meant some shareholders have lost faith.

Was watching these today was down 25% first thing could be a cash call coming..

Massive volume on this stock could go up just as quick as it went down once it hits the bottom..

Still on the watch list. Falling knife at the moment.

Bought some @ 2.385p

Reasons: Had a large fall for the last few days and the large buying today should be the bounce back on its way as the overhang is being cleared. Level 2 of 2 v 1 and paying 2.385p to buy for 2.33p to sell.

getting there now 2.40 v 2.50p

level 2 of 1 v 1

Finishing with a Candlestick "hammer" is very bullish on the charting front and the bounce should take the stock back to 3.50p
A hammer is a type of bullish reversal candlestick pattern

1 month chart 88E


Hammer: Hammer candlesticks form when a security moves significantly lower after the open, but rallies to close well above the intraday low. The resulting candlestick looks like a square lollipop with a long stick. If this candlestick forms during a decline, then it is called a Hammer.

Hammer reversal
candlestick_bullish_reversal_patterns-hammer

Hammer (candlestick pattern)
(candlestick_pattern)

And what a bounce today 90 minutes of trading and + 0.275 (+11.22%) naturally the volume is very important on the bounce and the 18M traded so far is a way of saying the bounce is working on and being very strong