88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) price has stabilized in recent weeks and looks to be on the verge of reversing northbound again. In a recent update the Company detailed its plans for the Hickory-1 exploration well, in Alaska, where drilling is slated next year. The Company plans to drill the Hickory well vertically, down to a depth of around 12,500 feet. It is intended to test four reservoirs on Alaska’s North Slope. In all, it is planned to appraise six stacked reservoir targets, the company noted. 88 Energy also updated investors on its 73% working interest in Project Longhorn which yielded 450 barrels of oil per day (gross) marking a 60% rise in volumes following investments in work-over operations that have boosted productivity. The company said it now expects to see Project Longhorn volumes increased to over 500 barrels of equivalent oil per day by the end of 2022. Further well workovers are planned for 2023.
Penny stock speculators are accumulating EEENF at a penny and looking forward to a rebound as the drop has been more significant than the news was bad. 88 Energy is the operator of over 440,000 net acres in total across the Alaskan regions over four highly prospective project areas: Project Icewine, Yukon Leases and Project Peregrine and the Umiat oil fields. As oil continues to rise quickly recently surpassing $100 per barrel, it’s easy to see why EEENF is getting noticed by investors; the Company has been making some big moves behind the scenes including increasing their ownership in the Peregrine mine to 100%, Extinguishing all of their debt, and beefing up their management team with a new petroleum engineer and a petroleum Geologist in Philip Byrne and Robert Benkovic. The Company is very well funded moving forward with $32 million in the treasury and total oil prospects for their wells targeting at least 1.638 billion barrels of oil in the Permian Basin. At the end of last quarter, the company had A$17.5mln of cash reserves, following a A$13.9mln capital raise in August.
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88 Energy Ltd (OTCMKTS: EEENF) is an Alaska-focused oil exploration and appraisal company across ~440,000 net acres targeting the world class North Slope of Alaska estimated by the USGS in 2005 to hold more than 50 billion bbl of oil and natural-gas liquids and 227 trillion cubic feet of gas. 88 Energy owns a diversified portfolio of four highly prospective project areas: Project Icewine, Yukon Leases, Project Peregrine and the Umiat oil field. The company is the Operator across all of its portfolio of world class exploration and appraisal assets. 88 Energy’s drilling programs maintain adherence to the strict environmental regulations that exist in the State of Alaska. It’s drilling programs also provide significant job opportunities to local Alaskans. 88 Energy’s purpose is to build a successful exploration and production company that delivers material returns to its shareholders and contributes to stakeholders and development of the regions in which it operates in. 88 Energy has adopted the World Economic Forum Environment, Social, Governance (ESG) reporting framework to report against key sustainability metrics including governance, ethical behavior, carbon emissions, water consumption, diversity and inclusion.
EEENF holdings include: Project Icewine; – In-house analysis will continue to assess various commercialization options for the gas condensate discovered in the Torok Formation by 88E’s Charlie-1 well in 2020. The discovered resource comprises over 1 TCF of independently estimated gross mean prospective gas as well as associated condensate. The commercialization options include, but are not limited to, possible local power generation, compressed natural gas as well as potential for conversion to hydrogen using steam methane reforming (SMR) with carbon capture and storage (CCS) processes. It is expected that this work will move to a formal feasibility stage during 2021. Farm-out of Project Icewine is ongoing, with a deal targeted in 3Q 2021. Further evaluation will continue on the Project Icewine HRZ liquids-rich unconventional resource play.
Yukon Acreage; – The Yukon Gold leases are located on the eastern border of the Central North Slope of Alaska and were acquired in 2018 and 2019. 88 Energy via its subsidiary Regenerate Energy Alaska Inc. has a 100% working interest in these leases, totaling 15,235 acres. The leases contain an historic discovery well, Yukon Gold #1, which will continue to be evaluated internally. Discussions are ongoing with nearby lease owners to optimize the monetization strategy for existing discovered resources located in the vicinity of the Yukon Leases.
Project Peregrine; – Project area encompasses 195,373 acres, Multiple independent drill-ready targets remain untested. The Merlin-1 and Harrier-1 wells will be drilled and tested in Q1 2022, with Alaska Peregrine Development Company LLC under the terms of the SPA paying the full costs of an appraisal wells up to a total of US$10 million with both wells planned for drilling to a Total Depth of ~6,000’ in order to intersect the prospective Nanushuk topset horizons that are located on trend to existing discoveries to the north of the project area.
Umiat Oil Field; – Subsequent to year-end on 8th January, 88 Energy, via its wholly owned subsidiary Emerald House LLC, entered into a Sale and Purchase Agreement with Malamute Energy, Inc and Renaissance Umiat LLC (Sellers) to acquire the Umiat Oil Field. The consideration for the purchase was a 4% ORRI and assumption of the liability for the abandonment of the Umiat-18 and Umiat-23H wells, drilled by Linc Energy in 2013/2014. The estimated cost to abandon the two wells is approximately US$1m and planned to occur in the first half of 2021.
Project Longhorn – 88Energy also just recently completed the acquisition of stablished conventional oil and gas production assets in the proven Permian Basin, collectively known as Project Longhorn with independently certified net 2P reserves of 2.1 MMBOE. The acquisition delivers immediate cash flows, with current gross production from Project Longhorn of approximately 300 BOE per day (approximately 70% oil).
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Success at the Hickory-1 location unlocks up-dip potential across the remaining Icewine East acreage. The Hickory-1 well, and more generally the Icewine East acreage, has been significantly de-risked by the recent drilling and flow tests carried out on the adjacent acreage by Pantheon Resources, as well as data from the Icewine-1 well logs and the modern FB3D data set.
3D seismic informed optimum future drill target – Hickory-1
Franklin Bluffs 3D seismic data (FB3D) licenced in June 2022
FB3D extends across the Icewine East acreage where the Shelf Margin Delta (SMD), Slope Fan Set (SFS) and Basin Floor Fan (BFF) play fairways have been independently mapped
Interpretation of FB3D combined with Amplitude Variation with Offset (AVO) analysis has been used to define ‘sweet spots’ for each play3
Strong AVO anomaly that extends across both Pantheon and 88 Energy’s lease holdings validates Hickory-1 location and design
Location for proposed exploration well, Hickory-1, has been selected to test all of the SMD, SFS, BFF and KUP reservoir units1
Planning and permitting for drilling of the Hickory-1 well have commenced, scheduled to spud in 20231
INCREASING DIRECT PRODUCTION EXPOSURE
Project Longhorn on target to deliver ~600 BOE per day gross by end 20221,4
Circa 73% average net working interest in onshore established production assets located in the Permian Basin, Texas2
Net 2.1 MMBOE 2P independently certified reserves, 31 December 20211,2,3
Four work-overs successfully executed on time and on-budget delivering a ~60% increase to production since February 2022 acquisition
Further three low cost work-overs planned for H2 2022 (US$2.9M net cost to 88E) taking gross output to ~600 BOE per day (~70% oil)4
Solid net 88E cash flows expected allow for coverage of Alaskan acreage position (US$2.7m/pa lease payments) as well as study costs and technical overheads to advance exploration efforts1,4.
Currently trading at a $87 million market valuation EEENF has 15.8 billion shares outstanding and is in excellent financial position with zero debt and a healthy cash balance of A$17.5mln of cash reserves, following a A$13.9mln capital raise in August. Things are looking up for 88 Energy which looks significantly oversold at current levels and ready for a major reversal northbound. In a recent update the Company detailed its plans for the Hickory-1 exploration well, in Alaska, where drilling is slated next year. The Company plans to drill the Hickory well vertically, down to a depth of around 12,500 feet. It is intended to test four reservoirs on Alaska’s North Slope. In all, it is planned to appraise six stacked reservoir targets, the company noted. 88 Energy also updated investors on its 73% working interest in Project Longhorn which yielded 450 barrels of oil per day (gross) marking a 60% rise in volumes following investments in work-over operations that have boosted productivity. The company said it now expects to see Project Longhorn volumes increased to over 500 barrels of equivalent oil per day by the end of 2022. Further well workovers are planned for 2023. The Company is very well funded moving forward and has total oil prospects for their wells targeting at least 1.638 billion barrels of oil in the Permian Basin. We will be updating on 88E when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with 88E.
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Disclosure: we hold no position in 88E either long or short and we have not been compensated for this article
MMTec, Inc. (NASDAQ: MTC) ended the day at $2.0700 with a gain of $0.5800 (+38.93%). The stock prices fluctuated between $1.4000 – $2.5299, with more than 2.98M shares exchanging hands.
So why did MTC surge today ?
The failure of Silicon Valley Bank led to a sell-off in equities and a shift to safe-haven assets, such as US Treasuries and gold. Markets have calmed down somewhat, and the worst of the equity sell-off seems to be over. However, the market anticipates that the markets will be somewhat uneasy until a better understanding of inflation is reached and what the Federal Reserve will do next week.
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Despite most investors currently avoiding the banking sector, Wall Street sees potential opportunities, particularly in regional banks. The chaos in the market has created opportunities in the industry and several banking stocks are being punished just for being a banking stock. The collapse of Silicon Valley Bank was due to its specialisation in venture-capital financing, which made it vulnerable to the higher interest rate regime of the past 12 months.
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Therfore, today’s gains in MTC seems to be more a sympathy bounce considering the overall banking sector. Earlier in March, MMTEC, Inc. (Nasdaq: MTC) declared that it will relocate its operations from Beijing to the Hong Kong Special Administrative Region, effective March 6, 2023. The Company’s subsidiary, MM Future Technology Limited, which is a Hong Kong incorporated limited company, will assume all operations previously conducted by its subsidiary, Gujia (Beijing) Technology Co., Ltd. However, Gujia will continue to carry out specific technical research and development functions. Further, the Company, through its subsidiary HC Securities (HK) Limited, and other entities, will continue to invest its human resources in asset management and securities underwriting, and other related businesses, aiming to attract global funds to invest in the Chinese market and support China’s economic growth. The Company’s new operations headquarters is located at Room 2302, 23rd Floor, FWD Financial Center, 308 Des Voeux Road Central, Sheung Wan, Hong Kong.
We will be updating on MTC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MTC.
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Disclosure: We have no position in MTC and have not been compensated for this article.
Cazoo Group Ltd (NASDAQ: CZOO) last traded at $2.62, a gain of +0.6400 (+32.32%). More than 5M shares exchanged hands compared to an average daily volume of 228K shares. Considering that the 52 week high of CZOO is more than 65$, there seems to be a lot of room to the upside.
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Why did CZOO surge last week? Welcome to the Carvana of the UK!
Cazoo, a publicly traded company (NYSE: CZOO), was founded in 2018 by serial entrepreneur Alex Chesterman OBE. The company’s mission is to revolutionize the UK’s car buying and selling experience by offering consumers better selection, value, transparency, convenience, and peace of mind. Cazoo’s goal is to make the car buying or selling process as simple as purchasing any other product online. The company enables customers to buy, sell, or finance a car entirely online, with delivery or collection available in as little as 72 hours.
Recently, Cazoo Group Ltd, the UK’s leading online car retailer, updated its business performance and progress with the restructuring announced in January. The CEO, Alex Chesterman, expressed satisfaction with the progress made so far in 2023, despite the challenging economic environment. The company has taken swift and decisive management action to restructure the group, improve unit economics, and reduce fixed costs. The rightsizing of headcount and operational footprint is well underway, and the company expects to complete the restructuring before the end of Q1 2023. The company has seen significant improvement in its GPU, with retail GPU tracking at approximately £900, up from £600 in Q4 2022. Cazoo has sold over 100,000 cars entirely online in the UK in the three years since its launch. The company remains fully focused on driving higher profitability and has appointed Jonathan Dunkley as Chief Operating Officer. Cazoo’s cash reserves remain strong, and the company expects to achieve profitability without external funding until H2 2024. The company expects to end 2023 with over £100m of cash and cash equivalents on its balance sheet and sell 40,000-50,000 UK retail units in the current year.
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The online car market in the UK has been growing rapidly in recent years, driven by increasing consumer demand for convenience and transparency in the car buying process. Online car retailers such as Cazoo, Carzam, and Cinch have emerged as major players in the market, offering a wide selection of used cars for sale online with home delivery or pickup options. These companies use advanced technology to provide customers with a seamless buying experience, including virtual vehicle inspections, transparent pricing, and easy financing options. The COVID-19 pandemic has further accelerated the shift towards online car buying as consumers seek to avoid in-person interactions and dealerships adapt to new ways of doing business.
So if CZOO learns from Carvana’s mistake, there is little to no doubt that CZOO could be the talk of the town in days to come. We will be updating on CZOO when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CZOO.
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Disclosure: we hold no position in CZOO, either long or short, and we have not been compensated for this article
Shares of Ocean Biomedical (NASDAQ:OCEA) surged more than 100% on Thursday, following a talk by the company’s scientific co-founder, Dr. Jack A. Elias, at Brown University’s Legorreta Cancer Center. The preclinical-stage biotech, which went public on the NASDAQ on February 15, focuses on developing novel treatments for deadly diseases, including malaria, multiple cancers, and pulmonary fibrosis.
During the talk, Dr. Elias presented exciting details about potential therapies to suppress tumors in various cancers, focusing on the company’s work in understanding the role of the protein Chitinase 3-like-1 (CHI3LI) in the progression of lung cancer. He also discussed his discoveries on how certain monospecific and bispecific antibodies can be used as therapies to treat non-small cell lung cancer (NSCLC) and glioblastoma multiforme (GBM). The company aims to expedite these findings into phase 1 trials.
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The excitement over this preliminary news stems from the large target groups for both diseases. According to Cancer.net statistics, NSCLC is the leading cause of cancer death and the second-most diagnosed cancer in the US, affecting around 236,740 people. GBM is the most common primary brain tumor in adults, with an average survival period of just 15 months and no cure.
The recent surge in Ocean Biomedical’s shares also comes on the heels of an announcement on February 28 that co-founder Dr. Jonathan Kurtis had been awarded a patent for the discovery of the third parasite target PfCDPK-5. This target has the potential to be used to halt the malaria parasite in various stages of its cycle, opening up new possibilities for treating this deadly disease.
Ocean Biomedical’s focus on developing novel treatments for deadly diseases and its recent exciting findings have generated significant investor interest. However, it is important to note that investing in preclinical-stage biotech companies carries a high level of risk. There is no guarantee that these discoveries will translate into effective treatments or that the company will receive regulatory approval.
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Nevertheless, the positive developments from Ocean Biomedical are a significant milestone and hold great promise for patients suffering from deadly diseases such as cancer and malaria. If the company’s discoveries prove successful in further clinical trials, they could potentially generate significant revenue and transform the standard of care for these diseases. We will be updating on OCEA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with OCEA.
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Disclosure: we hold no position in OCEA, either long or short, and we have not been compensated for this article