88 Energy Ltd (EEENF)

[HabibiFresh]

So not to come off like a bear but to me atleast it sounded like

Operational problems prevented them from 100% confirming oil, how much it is, how good it is etc...

So in hindsight nothing change in fundamentals

I see the one side saying this is good news cos they brought up a new prospective zone. Another point they bring up is 88 stating this is best well for them for past 6 years.

My issue is the flow testing, I understand you can't do flowtesting unless oil is confirmed, but my issue is that they said "it is now too late in the season to initiate flow testing operations and the forward program will consist of plugging the well"

So this wording is really bad in my opinion.

Had they said "we can't flowtest unless we know for certain their is oil there" then woulda been better

Also to the layman, sentences like "plugging the well," sounds bad.

It sounds like no matter the wireline results they were not going to do any flowtesting this season which is different and was never brought up in past PRs, matter fact, past PRs confirmed they wanted to flowtest and never indicated that they might be running out of time to flowtest...

They kept pushing the narrative "wireline logging results now and flow testing next" but not "wireline logging results now and flow testing next season..."

Still bullish but feel slightly misled too, still good long term hold in my opinion.