88 Energy (ASX:88E) has posted news of a “significant contingent resource update” for Project Phoenix – but HotCopper users weren’t optimistic on Wednesday.

88E was highlighting a lower-to-mid range confidence Best Estimate (2C) Contingent Resource increase of more than 50% on Wednesday, ultimately pointing towards an additional 128MMbbl of oil equivalent (MMboe).

Under the ownership structure of Phoenix, 81MMboe would go to 88 Energy. Also included in the resource upgrade would be 68 billion cubic feet (BCF) of gas with 88E entitled to some 43BCF of that.

“This additional Contingent Resource estimate reaffirms the substantial potential of Project Phoenix, with four independent reservoirs now confirmed as discoveries,” 88E MD Ashley Gilbert said.

“The confirmation of a multi-hundred-million-barrel discovered oil and NGL resource is a major milestone for 88 Energy and its shareholders.”

But HotCopper users weren’t convinced. While the news was enough to send the fairly illiquid stock 33% higher – multiple commenters in the announcement thread were forecasting a capital raise.

“Wonder if they’ll do a CR at 0.002?,” user kbrown4515 wrote.

“They generally issue shares at a discounted price, so 0.002 is definitely not the case. You will likely see the share price climb a bit, stay there for a few days, and then—Bingo!—CR…” user RBR wrote in reply.

Both commenters were referring to a phenomenon whereby companies may – in certain conditions – game human psychology by releasing a promising announcement ahead of a capital raising that the company perceives as unlikely to reach target lest there something to catalyse belief in a value proposition.

That catalyst, sometimes, can look like an exciting ASX announcement.

Other users wondered whether 88E had any plans to consolidate its share price – something which remains to be seen.

88E last traded at two tenths of a cent.