News: 88E 88 Energy Ltd Proposes Placing To Raise Up To A$30.0 Mln, page-33

It looks like the demand for the CR vastly outstripped supply of shares through the offering.

The US market remained open after the halt in Australia. Trading in US was substantial on Friday in the 4.4 to 4.5 cent (AUD) range. I bought a lot of EEENF shares on Friday in the US. Sellers were not willing to let go of shares anywhere near the 3.5 cent (AUD) CR level.

My prediction is that once the shares start trading on the ASX, there may be a momentary decline in PPS. However, the price will rebound quickly. Likewise, interest in 88E (EEENF in the US) will increase dramatically once the rig is on location and spud mud is mixed.

It's my understanding that none of the CR is going to the contractors who built the ice road, etc. 88E will be in a good cash position based upon this CR.

The biggest immediate risk faced by 88E was the permitting risk. That risk appears to be mitigated based upon the PR about BLM. Next are operational risks - the drillng itself. Then, the geological risks will be clarified once testing of the Merlin-2 occurs.

I see a lot of upside ahead.