HotCopper users smell capital raising as 88 Energy says “significant update” at Phoenix

The Market Herald09-18

88 Energy (ASX:88E) has posted news of a “significant contingent resource update” for Project Phoenix – but HotCopper users weren’t optimistic on Wednesday. 88E was highlighting a lower-to-mid range ...

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Also included in the resource upgrade would be 68 billion cubic feet  of gas with 88E entitled to some 43BCF of that.“This additional Contingent Resource estimate reaffirms the substantial potential of Project Phoenix, with four independent reservoirs now confirmed as discoveries,” 88E MD Ashley Gilbert said.“The confirmation of a multi-hundred-million-barrel discovered oil and NGL resource is a major milestone for 88 Energy and its shareholders.”But HotCopper users weren’t convinced. While the news was enough to send the fairly illiquid stock 33% higher – multiple commenters","collect":0,"end_time":0,"defaultTopTitle":"themarketonline.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7142":"石油与天然气的勘探与生产","88E.AU":"88 ENERGY LTD"},"translate_title":"88 Energy表示凤凰城有“重大更新”，HotCopper用户嗅到了融资的味道","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"88E.AU":1},"content_text":"88 Energy (ASX:88E) has posted news of a “significant contingent resource update” for Project Phoenix – but HotCopper users weren’t optimistic on Wednesday. \n88E was highlighting a lower-to-mid range confidence Best Estimate (2C) Contingent Resource increase of more than 50% on Wednesday, ultimately pointing towards an additional 128MMbbl of oil equivalent (MMboe). \nUnder the ownership structure of Phoenix, 81MMboe would go to 88 Energy. Also included in the resource upgrade would be 68 billion cubic feet (BCF) of gas with 88E entitled to some 43BCF of that. \n“This additional Contingent Resource estimate reaffirms the substantial potential of Project Phoenix, with four independent reservoirs now confirmed as discoveries,” 88E MD Ashley Gilbert said.\n“The confirmation of a multi-hundred-million-barrel discovered oil and NGL resource is a major milestone for 88 Energy and its shareholders.”\nBut HotCopper users weren’t convinced. While the news was enough to send the fairly illiquid stock 33% higher – multiple commenters in the announcement thread were forecasting a capital raise.\n“Wonder if they’ll do a CR at 0.002?,” user kbrown4515 wrote. \n“They generally issue shares at a discounted price, so 0.002 is definitely not the case. You will likely see the share price climb a bit, stay there for a few days, and then—Bingo!—CR…” user RBR wrote in reply.\nBoth commenters were referring to a phenomenon whereby companies may – in certain conditions – game human psychology by releasing a promising announcement ahead of a capital raising that the company perceives as unlikely to reach target lest there something to catalyse belief in a value proposition. \nThat catalyst, sometimes, can look like an exciting ASX announcement.\nOther users wondered whether 88E had any plans to consolidate its share price – something which remains to be seen.\n88E last traded at two tenths of a cent.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2468343628"}