RFC Ambrian put 1.9c on 88E .....

.... with huge upside if resource proven.

http://88energy.com/wp-content/uploads/2015/04/RFC-Ambrian-88-Energy-April-2015-e-mail.pdf

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We estimate that 88 Energy’s shares have a fair value of A¢1.9/share (1.0p/share).

This is based on Great Bear Petroleum’s recent winning bids for four blocks just to the north of the Icewine Project. Great Bear bid an average of US$212/acre for four blocks some five miles to the north of Icewine. Should 88 Energy be able to prove the HRZ Shale a commercial success, then the upside is huge. In recent years, good acreage in the Eagle Ford proven play has sold for well over US$20,000/acre (and in 1H14 Baytex paid over US$100,000/acre when it bought Aurora Oil & Gas). We are raising our rating to SPECULATIVE BUY.

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d.