88 Energy Ltd (EEENF)

[ReillySK2021]

Full disclosure** I am not a lawyer and this post should in no way constitute any sort of legal advice at all. I just thought this was interesting. I honestly don't even know if I am making the right connection as to why 88 energy won't be releasing information until their stock market opens after being closed for their Monday holiday....so please correct me if my assumption is misplaced!

A lot of people, including myself, have been wondering why 88 Energy hasn't released news about their findings. It may be due to Australia's rules and regulations for the ASX.

It appears that under Rule 15.7, 88 Energy actually CAN'T release any information until it has been released in Australia (when their market opens after being closed tomorrow for the holiday). I found this information on asx.com.

Here is the link to where I found the information: https://www.asx.com.au/documents/rules/gn14_asx_market_announcements_platform.pdf

And here is rule 15.7:
10. The requirement for market announcements to be given to ASX first

Subject to a limited exception for dual listed entities, 19 under Listing Rule 15.7, an entity must not release information that is for release to the market to anyone else, unless and until it has been given to ASX and the entity has received an acknowledgement from ASX that the information has been released to the market. This includes releasing the information to the media, even on an embargoed basis.
The reason for this requirement is to make MAP the central collection and dissemination point for market sensitive information. This ensures that such information is quickly and broadly disseminated to all sections of the market, enhancing the efficiency and integrity of that process and helping to reduce of risk of informational inequities and insider trading.

ASX acknowledges that the requirement to give information to ASX first can pose practical difficulties for listed entities that have business operations in countries in different time zones to Australia. ASX encourages any entity in this situation which has advance warning that it may need to make an announcement in another country at a time when the MAO is not open, to contact its ASX home branch to discuss the arrangements that can be made to facilitate that occurring in a manner that does not undermine the policy behind Listing Rule 15.7.

ASX also recognises that sometimes events will occur outside of the hours of operation of the MAO, whether in Australia or overseas, which require an immediate public announcement (eg a major natural disaster affecting the operations of a listed entity where an announcement may be required for health and safety reasons or for the peace of mind of staff and relatives). If a listed entity has a pressing commercial or legal need to make an announcement outside of the hours of operation of the MAO, provided it gives a copy of the announcement to the MAO at the same time as it makes the announcement, so that it is queued for processing by the MAO before licensed markets in Australia next open for trading, ASX will generally not take any action against the entity for infringing Listing Rule 15.7.