logo-loader
view88 Energy Ltd

88 Energy boss Dave Wall buys 2mln shares in the market

The share purchase follows 88 Energy's apparent breakthrough success with a shale discovery in Alaska.

stock market screen
Wall bought the shares at a price of 3.75 Australian cents each

88 Energy ltd (LON:88E) boss Dave Wall has bought 2mln additional shares in the company through on market transactions, a stock market statement has revealed.

It follows 88 Energy's apparent breakthrough success with a shale discovery in Alaska that may prove to be a major new oil resource play.

Wall bought the shares at a price of 3.75 Australian cents each, giving a deal value of A$75,000. The date of the transaction was given as May 17.

Subsequently, Wall now holds 11.6mln shares in 88 Energy, as well as various listed and unlisted options.

On the Australian Securities Exchange (ASX), 88 Energy shares rose 8.1% to close trading at 4 cents.

Here, on AIM, the share was 4% higher changing hands at 1.95p.

IN DEPTH: 88 Energy’s billion barrel potential in Alaska

VIDEO: See Dave Wall present 88 Energy investment case to City investors

Success in Alaska saw 88 Energy shares rise as much as 800% through the first four months of 2016, and the company is now looking to follow up the encouraging early results.

The possible scale of Icewine’s HRZ shale play is estimated in ‘billions of barrels’.

The next phase of operations will be designed to reveal material insights into the project's commercial production potential. It could prove crucial in 88 Energy proving the very promising estimates.

Quick facts: 88 Energy Ltd

Price: 1 GBX

AIM:88E
Market: AIM
Market Cap: £68.72 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of 88 Energy Ltd named herein, including the promotion by the Company of 88 Energy Ltd in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

88 Energy ltd boss: things are looking good, potential for farm-out

88 Energy ltd (LON:88E) Managing Director Dave Wall tells Proactive Investors that how the company has been through a period of consolidation including fundraising and acquisitions. "We've raised A25mln, we've finalized the purchase of 170,000 acres, we've completed the acquisition of some 2D...

on 08/02/2016

2 min read