Technical Analysis, page-98

I would say it does for short term day traders that are seeking to make a quick 10-20% profit.

Medium to long term in 88E's case you have to consider the current market cap of $126m vs a potential billion+ barrel discovery.

The recent report states -

Forward Plan The Icewine #1 post drill evaluation is ongoing with final integrated results expected early Q2 2016. The Company is currently finalising planning and funding for a seismic shoot, scheduled for commencement in March 2016. Additionally, planning has commenced for the drilling of a follow up well to Icewine#1, which is likely to be a horizontal well with a multi-stage fracture stimulation. Based on the results from Icewine#1, an updated Independent Resource Report has been commissioned, scheduled for completion in April 2016. The Company, on behalf of the Joint Venture, has also commenced a farm-out process for Project Icewine #1.


If it all goes well, 7.5 cents is a bargain, it all depends on the value of the announcements in the coming months and it's relation to the market cap at that time.