88 Energy Limited (88E.L)

Managing Director, Ashley Gilbert, commented:

"The OTCQB quotation provides 88 Energy with access to the world's largest investment market. Given 88 Energy's portfolio of oil and gas assets is focused solely on the North Slope of Alaska, it was an obvious next step to upgrade to the OTCQB market, especially given the strong trade in 88 Energy stock through the OTC pink sheets throughout 2021.

88 Energy is at an exciting stage with the anticipated spud of the Merlin-2 appraisal well in February 2022, as well as the significant activity planned across our portfolio in 2022, so we are excited to be broadening our exposure in the global investment community. Joining the OTCQB Market will be matched with an active investor engagement program, to ensure our investment case and growth prospects are well understood amongst all current and prospective shareholders in 88 Energy."

I see peeps are speculating or rumoring about buyout again. That could be what is driving the spike in price, but it is more likely that we are close to securing all the permits. Can't drill without permits, can't sell the property without permits. David Wall made it very clear about a year ago that 88 Energy is NOT an oil production company, and is only interested in selling its properties to a willing buyer at the right price. So what is the right price and what are the risks or rewards of buying into the deal. The good news is the WTI price is at $85, twice as high as last year and more likely to increase than not. There will be a strong demand for oil over the next 20 years. Time enough to get an oil friendly administration in the White House. So let's look at what the property is worth. There are 1.6 Billion bls of "unrisked" oil, but only a 56% chance being produced right now. So factor the 1.6 billion by 56% and we are at 900 million barrels. WTI price of $85 brings a well head price of 1/3 or $28. 900MM bbls @$28=$25.2 Billion. Now further discount it for necessary infrastructure and production costs (drilling, transportation and storage). So we take 16% of $25.2 Billion, or $4 Billion. Now that is the bottom price of what the oil in the ground is worth right now. At 14.5 Billion shares o/s, that is $.28 ps. That assumes that there are no external forces that could shut the project down. That is why the sp today rose to nearly $.04 before closing at $.03. Once we get permitted we will be looking at $.05. The closer we get to 8,000 feet the higher the price goes. The, depending on the results, its either boom or bust. Now again, that is assuming someone is interested in buying us out and has plans for all our wells. Someone may only want to work out half that over the next 5 years. But the bottom line is if we hit oil we are good for $.30 cents/share. If not it goes back to $.01