88 Energy (#88E) - weekly drilling update, delays almost over
- 2015-11-24 01:07:29
UK 21:46 Monday, 21 September 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
I’ve had an interesting discussion with our stalwart reader Wildrides on my recent 88 Energy piece (88E). Cut a long story short Wildrides has made a number of comments on pieces I’ve written pointing out the obvious flaws in the businesses I’ve covered. Wildrides and I swap the odd email, so I do know his real name. He is an experienced investor and someone whose opinion I respect, but our recent exchange has left me wondering; does AIM make thieves of us all?
Will private investors on AIM ever learn? This morning 88 Energy (88E) raised A$3million at 0.47p, a mere 24% discount to where the stock opened on Monday. The company also announced a first come first serve Share Purchase Plan (SPP) to raise up to €4,999,999 from existing eligible shareholders. Under the terms of this, retail holders of 88 Energy are allowed to purchase parcels of up to A$15,000 worth of stock on the same terms as the placement participants. No doubt people will fall over themselves to take up this deal, but if the company has such great prospects why the steep discount?
Red warning flags have been billowing over 88 Energy (88E) ever since it changed its name from Tangiers Petroleum (TPET). Tangiers was an unmitigated disaster for shareholders, but it seems that a simple name and ticker symbol change is all that is needed to induce an acute case of market amnesia. Having bet the farm and lost in Morocco, it is incredible that managing director David Wall survived. A little over a year later and he is now running one of the most heavily promoted oil exploration campaigns on AIM. People never learn, but this morning’s announcement from Tangiers, sorry I mean 88 Energy, fired a warning shot across the bow of anyone planning to hold this stock as a buy and hold.
Featuring shares in 88 Energy (88E), Armstrong Ventures (AVP), Egdon Resources (EDR), Jubilee Platinum (JLP), Inspirit Energy (INSP), Imaginatik (IMTK) with share price targets for all five stocks.
Featuring shares in 88 Energy (88E), Arian Silver (AGQ), Independent Oil & Gas (IOG), Mosman Oil & Gas (MSMN), New World Oil & Gas (NEW), Sacoil (SAC), together with some share price targets.
Featuring shares in 88 Energy (88E), Arian Silver (AGQ), Goldplat (GDP), Jubilee Platinum (JLP), Independent Resources (IRG), Xtract Resources (XTR), together with some share price targets.
Any of you who like to have a gamble on oil exploration drills should take a look at 88 Energy (88E). The AIM-listed oil explorer is about to kick off a drilling campaign in Alaska at its Project Icewine licence, and it is potentially one of the biggest exploration drills of the year, given the size of resource that it is targeting.
Aussie hydrocarbons explorer 88 Energy (88E) has been raising money to fund its ‘Icewine’ project in Alaska. It has a conditional $50 million debt facility announced on 24 June sort of agreed with Bank of America subject, amongst other things, to due diligence although there has been no news of progress on that ever since. A two-part placing has been going on, with the intention of raising 12 million Aussie dollars at one Aussie cent per share (about 0.47 pence). The company announced on 22 July that the book build had been completed and was heavily oversubscribed. The first tranche of about £800,000 has been completed, with the rest subject to an EGM. Step forward the ShareProphets RNS Translation Service….
