Replies to post #36416 on 88 Energy Ltd (EEENF)

[Jersey Boy]

My take is that they are striking while the iron is hot now that permits are approved... They have plans to expand their acreage up on the north slope and it is an expensive exercise to drill and test potential hot spots. I applaud the move to add more capital to the company.

[Craigheish]

Get funds in the bank now, in case Merlin 2 is a bust!

They will have cash to try again elsewhere. If current drill is not successful, they would have a hard time raising cash for the next try.

But why raise at such a discount? If they have a hot property, why not at a premium?