REG - 88 Energy Limited - 88 Energy Commences Trading on the US OTCQB

88 EnergyAnnouncement

21/01/2022 07:05

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RNS Number : 2115Z  88 Energy Limited  21 January 2022

21 January 2022

88 Energy Commences Trading on the US OTCQB

Highlights

·   Official quotation and trading on to the US OTCQB market from 19
January 2022, code: EEENF

·   Delivers North American investors enhanced accessibility and liquidity
in 88 Energy trading

·   B.Riley FBR Inc appointed as OTCQB Sponsor

·   Depositary Trust Company (DTC) eligibility application in progress

 

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is
pleased to advise that its application to join the OTCQB Market in the United
States has been accepted and the Company's shares are now listed for trading
under the code EEENF. The OTCQB Venture Market is for entrepreneurial and
development stage US and international companies.

The Company's primary listing will continue to be the Australian Securities
Exchange (ASX), with its secondary listing on the AIM market of the London
Stock Exchange (AIM) in the United Kingdom also retained.

The OTCQB Market has robust financial reporting and corporate governance
requirements. All these requirements are effectively satisfied by 88 Energy
through its ongoing compliance with ASX Listing Rules and the AIM Rules.

88 Energy sought OTCQB quotation to provide North American investors with
enhanced accessibility and liquidity in trading of the Company's shares. The
quotation delivers 88 Energy access to one of the largest investment markets
in the world at relatively nominal cost (compared to traditional major
exchanges) and with practically no additional compliance requirements.

No new shares in the Company are being issued in connection with commencement
of trading on the OTCQB Market. Existing ordinary shares of 88 Energy may now
also be traded on the OTCQB Market and investors can find real-time quotes and
market information on the OTC Markets website
(www.otcmarkets.com/stock/EEENF/overview
(https://www.otcmarkets.com/stock/EEENF/overview) ).

The Company is in the process of applying to the Depository Trust Company
(DTC) for DTC eligibility, which essentially facilitates the trading of
securities by individual investors that use self-managed online broking
accounts (such as TD Ameritrade and E-Trade), as opposed to trading through
full-service brokers. Pending DTC eligibility, trading of the shares is
implemented by brokers acting as market makers.

88 Energy has appointed B.Riley FBR Inc as its OTCQB Sponsor for the purposes
of this market making. A list of other brokers operating on the OTC Markets is
available from the following link:
https://www.otcmarkets.com/otc-link/broker-dealer-directory
(https://www.otcmarkets.com/otc-link/broker-dealer-directory) .

 

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."

 

 

This announcement has been authorised by the Board.

 

 

Media and Investor Relations:

 

 88 Energy Ltd

 Ashley Gilbert, Managing Director

 Tel: +61 8 9485 0990

 Email:investor-relations@88energy.com

 Finlay Thomson, Investor Relations               Tel: +44 7976 248471

 Fivemark Partners, Investor and Media Relations  Tel: +61 410 276 744

 Andrew Edge / Michael Vaughan                    Tel: +61 422 602 720

 EurozHartleys Ltd                                Tel: +61 8 9268 2829

 Dale Bryan

 Cenkos Securities                                Tel: +44 131 220 6939

 Neil McDonald / Derrick Lee

 

 

 

ABOUT OTCQB Market

 

OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the
OTCQB® Venture Market and the Pink® Open Market for 10,000 U.S. and global
securities. Through OTC Link® ATS and OTC Link ECN, OTC Markets connect a
diverse network of broker-dealers that provide liquidity and execution
services.  OTC Markets enable investors to easily trade through the broker
of their choice and empower companies to improve the quality of information
available for investors.

 

OTC Link ATS and OTC Link ECN are operated by OTC Link LLC, member FINRA/SIPC
and SEC regulated ATS.

 

There are currently more than 10,500 securities traded on the OTC Markets with
approximately US$375 billion annual volume, of which approximately 1000
securities trading on the OTCQB Venture Market with over US$40 billion total
market capitalisation.

 

www.otcmarkets.com (http://www.otcmarkets.com)

 

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