88 Energy Limited

The PEL 93 joint venture applied to enter the Second Renewal Exploration Period from 3 October 2026, proposing at least one exploration well and relinquishing 50% of the area. Prospect 9 is confirmed as top target; ReconAfrica's nearby Kavango West 1X flows support the basin. Renewal is not yet granted.

regulatory community update

South Prudhoe gross 2U prospective resource was raised to 768.9 MMbbl (640.7 net), up from 507 MMbbl gross in February. It adds a maiden 181.5 MMbbl Brookian estimate and lifts the north-west Ivishak estimate about 44% to 69.9 MMbbl. Augusta-1 now targets up to 133.7 MMbbl.

resource reserve update

PEL 93 farm-in amended: 88E's 20% interest is now fully earned and unconditional, and Stage 2 and 3 obligations are cancelled, cutting minimum exposure by about US$15m. Monitor's survey interpretation confirms Lead 9 as a drilling candidate. This resolves the earlier staged-funding thread.

farm in farm out agreement

Nordic Rig-3 contracted for Augusta-1 (64 MMbbl 2U gross at the time), with a US$395k commitment fee. Spud is planned for Q1 2027 winter, still subject to funding via a farm-out. This delivers the rig contract targeted for Q2 2026.

contract award

88E extended Burgundy's Phoenix funding deadline to 30 September 2026, as Burgundy's US IPO review ran longer. Burgundy pays US$100k now plus US$300k toward the Icewine data, and 88E gets lease security. Franklin Bluffs-1H spud slips to Q1 2027 (previously Q3 2026).

joint venture update

Raised about A$5.0m from institutional investors at A$0.029 per share, heavily oversubscribed. Funds go to permitting, well planning and rig contracting for the Augusta-1 exploration well, targeted for Q1 2027 and subject to funding. Adds cash to the A$6.8m held at December.

capital raising announcement

Internal estimate for the consolidated 52,269-acre South Prudhoe acreage: gross best-estimate prospective resource of 507 MMbbl (422 MMbbl net), with maiden Ivishak and Kuparuk estimates. This updates Leonis's earlier 664 MMbbl net mean. Farm-out talks target the Augusta prospect.

resource reserve update

Phoenix: Franklin Bluffs-1H well now planned for Q3 2026. Burgundy filed confidentially for a US IPO; 88E extended its funding deadline from 31 December 2025 to 30 April 2026 after the US shutdown. Burgundy will pay US$2.4m for Icewine seismic data (US$150k now).

farm in farm out agreement

88 Energy won fourteen new North Slope leases (~34,560 acres) in the state lease sale: seven South Prudhoe leases beside Prudhoe Bay and seven at Kad River East. This extends the Leonis footprint; a farm-out for a multi-zone well is underway.

asset acquisition disposition

Chairman Philip Byrne, in the role since August 2021, retired from the board on 22 August 2025. Director Joanne Williams, on the board since 2021, becomes Non-Executive Chair. The board is now three members: Williams, Ashley Gilbert and Dr Stephen Staley.

director officer appointment

88 Energy signed a binding deal to sell its Longhorn Permian interest to operator Lonestar for US$3.25m, effective 1 July 2025, after Lonestar matched a third party's offer. It ends exposure to ~US$2m-per-well drilling costs; proceeds go to Alaska and Namibia.

asset acquisition disposition

Namibia granted a 12-month extension of PEL 93 to 2 October 2026. A new Stage 1A programme (airborne gravity survey, resource report) is funded 50:50 with Monitor up to US$1m. Lead 9 (~100 sq km) is a priority; this advances the earlier ten-lead work.

joint venture update

Proposes a 25-for-1 share consolidation, cutting about 28.9bn shares to about 1.157bn, subject to shareholder approval at the 6 May 2025 AGM. Options and warrants are adjusted too; listed option exercise price goes from A$0.0075 to A$0.1875.

security holder rights change

Binding terms agreed for Burgundy to fund up to US$39m of Phoenix costs for up to 50% more interest. Phase 1 (US$29m) carries the 2025/26 horizontal well and cuts 88E from ~75% to 35%. This resolves the Burgundy carry talks, but depends on Burgundy raising capital in 2025.

farm in farm out agreement

Maiden internal prospective resource for the Canning prospect at Leonis: 283 MMbbl net mean (unrisked). Combined with the Upper Schrader Bluff prospect, Leonis totals 664 MMbbl net mean. Tiri-1 targets both zones, scheduled H1 2026, depending on finding a farm-out partner.

resource reserve update

88E was declared highest bidder on four lease blocks (about 10,203 acres) next to Project Leonis, taking it to 14 leases and about 35,634 acres, targeting a new Canning prospect. Formal award is expected 1H 2025; a well is planned for 1H 2026.

asset acquisition disposition

Independent ERCE contingent resources for the SMD-B and SFS reservoirs add 128 MMBOE gross (81 net) to Phoenix, lifting 2C by over 50%. Combined with the BFF, Phoenix 2C is about 378 MMBOE gross (239 net). Formal farm-out to start Q4 2024.

resource reserve update

Partner Burgundy committed to pay US$0.35m soon, and 88E extended its standstill on the roughly US$3m flow-test cost to 31 Dec 2024, rather than taking half of Burgundy's interest. Burgundy is also in talks to carry 88E's 2025/26 horizontal well costs for more interest; no guarantee. Contingent resource due Q4.

joint venture update

Maiden internal prospective resource for Project Leonis (100% WI): net mean 381 MMbbl of oil in the Upper Schrader Bluff, from the Tiri prospect. Permitting has begun for the Tiri-1 well; drilling depends on a farm-out partner, with no guarantee one is found.

resource reserve update

The 200-line-km 2D seismic program on Namibia's PEL 93 was awarded to Polaris, already paid for under the Monitor farm-in. Acquisition starts mid-2024 and finishes Q3, with processing in Q4. A first well is possible as early as 2H 2025.

contract award

Raised A$9.9m before costs through a placement of 3.29bn shares at A$0.003, a 40% discount to the last close. Same size as the November 2023 raise, at a lower price. Funds the Hickory-1 costs, resource work and Namibia. Company says it is funded for 12 months.

capital raising announcement

Hickory-1 SMD-B flowed light oil at a peak of ~50 bopd (~39 API) under nitrogen lift, a second oil flow after the Upper SFS. Contingent resource assessment for the SFS and SMD is expected in 2H 2024, with farm-out and/or early low-capital production under consideration.

flow test result

Hickory-1 Upper SFS flowed light oil naturally, peaking at over 70 bopd (~40 API) from a 20ft interval. This is the first oil flowed to surface in 88E's Alaska projects. The company will seek a contingent resource for the Upper and Lower SFS. SMD-B test follows.

flow test result

Namibia's Ministry of Mines and Energy approved the transfer of a 20% PEL 93 interest to 88E, completing Stage 1 of the Monitor farm-in. About 200 line-km of 2D seismic is planned for mid-2024, with a possible first well from H2 2025.

farm in farm out completion

The US land agency BLM approved a 12-month suspension of the Peregrine leases (125,735 acres) from 1 Dec 2023 to 30 Nov 2024, amid proposed NPR-A rules. No physical work occurs, and about A$0.5m of Q1 2024 rentals is relieved. Farm-out awaits regulatory resolution.

regulatory community update

88E bought a further ~64.4% non-operated interest in 1,262 net acres next to Project Longhorn in Texas for US$0.35m (US$0.26m net). Net 2P reserves are 0.68 MMBOE. Five workovers are approved for 1H 2024, targeting 600-675 BOE/d gross by end 2024.

asset acquisition disposition

Phoenix partner Burgundy paid US$2.0m of US$3.745m overdue cash calls. 88E extended the default standstill to 31 January 2024; if the US$1.745m balance is unpaid, 88E receives 50% of Burgundy's Phoenix working interest.

joint venture update

Placement raising A$9.9m via 2.2bn shares at A$0.0045, with 1 option per 3 shares (A$0.0075, expiring Dec 2026). It funds the Hickory-1 flow test and Namibia, including cover for Phoenix partner Burgundy's unpaid cash calls, whose cure deadline was 30 November.

capital raising announcement

88E signed a three-stage farm-in with Monitor to earn up to 45% of onshore Namibian licence PEL 93 (18,500 km2), a new country for the company. Stage 1 costs US$3.7m for 20%; total spend up to US$18.7m. Government approval is expected by Q1 2024.

farm in farm out agreement

NSAI certified a maiden Basin Floor Fan contingent resource at Project Phoenix: 250 MMBOE gross best estimate (136m bbl liquids, 628 BCF gas), confirming Hickory-1 as a discovery before flow testing. Net entitlement is about 157 MMBOE at ~63%.

resource reserve update

88E signed a rig contract with All American Oilfield for Rig-111 to flow test Hickory-1, which targets 647m bbl (pre-drill estimate). Permitting is on schedule, with operations planned as early as possible in the 2023/24 Alaskan winter. Post-well analysis continues.

contract award

The shortfall was placed in full, bringing total proceeds to A$8.0m cash, plus A$4.0m of shares (~667m at A$0.006) issued to Longhorn operator Lonestar to part-fund the first two Bighorn Phase 2 wells. Shares on issue become ~22.1bn.

capital raising announcement

The rights issue closed with only A$3.3m of valid applications (553m shares) against the A$12.06m on offer. The remaining 1.46bn shares go to a shortfall placement at the same A$0.006. Existing cash was A$7.3m at 30 June.

capital raising announcement

88E launched a non-renounceable 1-for-10 rights issue at A$0.006 to raise up to about A$12.0m, a 15% discount to the 15-day VWAP of A$0.007. Funds are for Hickory-1 flow testing, Longhorn wells, Alaska lease rentals and Leonis planning; about 2.0bn new shares if fully taken up.

capital raising announcement

ERCE updated Peregrine prospective resources after the Merlin-2 result, adding two new Nanushuk targets (N13, N12) in a smaller acreage position; the stacked prospects total is shown as 2,423 (units cut off). This revises the 2021 estimate of ~1.62bn bbl; a farm-out is still being considered.

resource reserve update

88E agreed to buy a ~45% non-operated interest in 435 net acres about 4 miles south of Longhorn in Texas, for US$1.5m (US$1.1m net to 88E), with net 2P reserves of 1.1 MMBOE. Two new wells are planned in 2H 2023, targeting ~500 BOE/d gross at Longhorn by year end.

asset acquisition disposition

With proxies at under 4% of shares, the board warned that the remuneration report and Ms Kendrick's re-election would fail and the conditional spill motion would pass. That would force a spill meeting within 90 days and non-executive directors would vacate. The board urges votes for Resolutions 1-5 and against 6.

agm notice

Alaska's DNR formally awarded all ten Project Leonis leases, about 25,430 acres, to 88E's subsidiary, resolving the highest-bidder status from November 2022. A historical well showed over 200 ft of bypassed pay. Further technical assessment, funding and possible farm-out are still needed.

regulatory community update

Wireline logging confirmed multiple pay zones in Hickory-1: about 450 ft net pay and over 2,000 ft gross, with 9-12% average porosity. The company says pre-drill expectations were met or exceeded. The well will be cased and suspended for flow testing as early as the 2023/24 winter; no flow rates yet.

well test result

Hickory-1 reached total depth of 10,650 ft with preliminary net pay indicated across all pre-drill targets, plus a new Upper SFS reservoir not previously intersected on Phoenix. Cost is under US$13.5m gross. Pay figures await wireline confirmation; the Kuparuk target was not drilled.

drilling result

Drilling of the Hickory-1 exploration well began on the evening of 9 March 2023 (Alaska time), on schedule. It targets up to six reservoirs and 647m barrels net unrisked prospective resource, to a maximum 12,500 ft. Surface hole first, then about two weeks to depth. No results yet.

drilling spud

Alaska's DNR approved the Toolik River Unit over the western and central Project Phoenix leases, resolving the pending unit decision. Leases are extended beyond their primary term with an exploration plan to February 2028. Eastern leases were excluded for now, pending more data.

regulatory community update

88E raised A$17.5m gross via a placement of 1,842,105,263 shares at A$0.0095, a 20.8% discount. Funds cover Hickory-1, the Project Leonis acreage payment and new ventures; the company says it is funded for 12+ months. Total shares rise to 20.1bn, diluting holders.

capital raising announcement

88E signed a rig contract with Nordic-Calista for Rig-2 to drill Hickory-1, spud planned late February/early March 2023 to 12,500 ft. Icewine East is renamed Project Phoenix, now focused on conventional reservoirs. A unit application is open for comment, with a decision due by 1 March 2023.

contract award

88E was declared highest bidder on 10 North Slope leases, about 25,600 acres south of Prudhoe Bay, named Project Leonis. An old 1985 well logged over 200 ft of possible pay. Formal award is expected 1H 2023; no exploration plan is set yet.

asset acquisition disposition

Interpretation of the Franklin Bluffs 3D seismic is complete and 88E has chosen the Hickory-1 location for a 1H 2023 well, vertical to about 12,500 ft to test four reservoir units. Anomalies could indicate oil or good reservoir. Permitting has started and approvals are still needed.

drilling scheduled

88E raised A$14.9m gross through a placement of 1,655,555,556 shares at A$0.009, an 18.2% discount to the last close. Funds go to the planned 2023 Icewine East well, new ventures and working capital, on top of A$6.1m cash at 31 July. Brokers also get 90m options at A$0.02.

capital raising announcement

Independent estimate puts Icewine East's maiden gross mean unrisked prospective resource at 1.03bn barrels (647m net to 88E), fulfilling the resource update promised for 1H 2022. It is prospective, not discovered, and a well is planned for 2023.

resource reserve update

88E licensed SAExploration's Franklin Bluffs 3D seismic over Icewine East, with US$1.0m of the initial fee paid in about 181m new shares at A$0.008. An Icewine East exploration well is planned for 2023, and farm-out efforts continue. Longhorn output is up over 70% since acquisition.

material agreement

Merlin-2 wireline work found the reservoir too tight to recover fluid samples, so no production test will be run. Porosity and permeability look similar to Merlin-1. The well will be plugged, and 3D seismic and the Harrier-1 prospect will be assessed. Management called it disappointing.

drilling result

The Merlin-2 appraisal well began drilling at 7pm on 7 March 2022 (Alaska time), targeting 652 million barrels unrisked. Drilling goes to about 8,000 feet, roughly five weeks in total. Flow testing depends on wireline results, approvals and weather.

drilling spud

88E signs a binding deal to buy a ~73% non-operated interest in Project Longhorn, Permian Basin, Texas, for US$9.7m (US$7.2m cash, US$2.5m in about 98.1m shares at A$0.035). Net 2P reserves are 2.1 MMBOE and gross output about 300 BOE/day. It is the company's first producing asset.

asset acquisition disposition

88E raises A$32m (A$30m net) via a placement of 914.3m shares at A$0.035, a 10.3% discount to the 30-day VWAP; shares on issue rise to about 15.73bn. Merlin-2 drill and wireline cost is now about US$28m. The company also says it does not intend to issue shares to the drilling contractor, reversing the 6 December plan. A non-binding deal for a Permian Basin producing asset is flagged.

capital raising announcement

The BLM approved the Merlin-2 Permit to Drill, resolving the permit thread. The rig is commissioned and moving to site, but spud has slipped from February to early March 2022, with drilling expected to take 3-4 weeks including logging.

regulatory community update

88E signs a rig contract with Doyon Drilling for the Arctic Fox rig to drill the Merlin-2 appraisal well, to 8,000 feet permitted depth, with spud scheduled for February 2022. The well targets 652 million barrels (unrisked, 56% chance of success).

contract award

88E raises A$23.96m through a placement of 855.9m shares at A$0.028, a 12.5% discount to the last close. Funds go to the Merlin-2 appraisal well, lease payments and working capital. Shares on issue rise to about 14.4bn; 50m broker options at A$0.05 are proposed.

capital raising announcement

Merlin-1 post-well review confirms light oil (mid-30s to low-40s API) in the N20 and N18 targets, plus a new N19 sand, with 41 feet of net log pay. Peregrine prospective resource is now about 1.6bn barrels; Merlin-2 appraisal well planned Q1 2022, 56% chance of success.

resource reserve update

Philip Byrne was appointed Non-Executive Chairman and Joanne Kendrick a Non-Executive Director, and Robert Benkovic joined as Chief Operating Officer. Chairman Michael Evans retired from the Board after more than seven years.

director officer appointment

The Peregrine buyout from APDC completed, with 633m shares issued, 190.6m fewer than first projected. 88E now holds 100% of Peregrine, with 13.54bn shares on issue. APDC has paid its outstanding Merlin-1 cash calls.

asset acquisition disposition

88E agrees to sell its Alaskan tax credits for US$18.7m cash, against US$19.1m approved, and to repay its US$16.1m Brevet loan early, with penalties waived. This clears the debt due December 2022 and leaves US$2.6m extra cash.

debt financing

88E buys APDC's 50% of Peregrine, returning to 100%, for US$14m in shares plus a 1.5% royalty and reserve-linked cash payments (US$10m at 100m bbl 2P). APDC says it could not fund future seasons. This reverses the December 2020 farm-out, and 88E can farm out again.

farm in farm out agreement

Merlin-1 fluid samples showed up to ~70% hydrocarbon, likely oil, but the readings are qualitative and may be mostly water. 88E's share of well cost is now about US$9m (versus US$4m earlier estimated). It will issue 345m shares at A$0.025 to vendors in part payment.

drilling result

Ashley Gilbert becomes Managing Director from 10 May 2021, replacing the resigning David Wall, as previously flagged. Sarah Smith, acting Company Secretary 2014-2020, takes over as Company Secretary, and Gilbert steps down as CFO.

director officer appointment

Merlin-1 reached 5,267 ft and logs show several possible pay zones, including a new horizon not targeted before. Equipment failure and poor hole condition prevented sampling the two best zones, so a discovery is unconfirmed. Too late in the season to flow test; the well will be plugged.

drilling result

The final condition for the Umiat Oil Field purchase is met: two old wells have been plugged and abandoned. Umiat holds 17,633 acres next to Peregrine, with a well commitment due 31 August 2022. Wireline logging continues at Merlin-1, with preliminary results expected over the weekend.

asset acquisition disposition

Contractor ELKO International will subscribe for 360m shares at A$0.018, 225% above the February placement of A$0.008, with no fees, to fund the Merlin-1 cost overruns. Shares on issue rise to 12.52bn. Merlin-1 surface casing is set and drilling continues toward 6,000 ft.

capital raising announcement

Merlin-1 began drilling on 10 March 2021, targeting 645m barrels gross, with results expected within about four weeks. 88E's share of cost rose to US$4m from US$1.4m, with cash of US$13m. Harrier-1 is now unlikely this season, a slip from the late March plan.

drilling spud

88E raised up to A$12.0m through a placement of up to 1,500m shares at A$0.008, funding Merlin-1 and Harrier-1 cost overruns, flow testing and Umiat abandonment. Managing Director David Wall will resign and leave in May 2021; CFO Ashley Gilbert will take over. Shares on issue rise to 12.16bn.

capital raising announcement

88E agreed to buy the Umiat Oil Field, next to Peregrine, for a 4% overriding royalty plus taking on about US$1m of abandonment liability for two old wells. A 2015 Ryder Scott estimate put gross 2P reserves at 123.7m barrels (94m to 88E). A well commitment is due by Aug 2022.

asset acquisition disposition

88E, through subsidiary Regenerate Alaska, was named high bidder on Tract 29 (23,446 acres) in the Coastal Plain lease sale. It sits next to the Yukon Leases and the producing Point Thomson field. Consistent with the strategy of aggregating nearby acreage.

asset acquisition disposition

88E signed a rig contract for Rig 111 to drill Merlin-1 and Harrier-1 at Peregrine (about 6,000 ft each), with Merlin-1 spud planned for mid-to-late February 2021. Separately, about 25% of the gross Icewine lease area was dropped, leaving 231,000 net acres.

contract award

88E signed the Peregrine farm-out with Alaska Peregrine Development Company: APDC earns 50% by paying US$11.3m toward the Merlin-1 well (estimated gross cost US$12.6m). 88E pays US$1.3m, with costs above a US$10m carry shared equally. This completes the farm-out process announced in November.

farm in farm out agreement

88E raised up to A$10.07m through a placement of up to 1,678m shares at A$0.006, well below the A$0.021 paid in January 2020. Directors plan to take part, subject to approval. Cash was A$4.6m at 30 September; funds go to Peregrine wells, rentals and loan interest.

capital raising announcement

ERCE independently estimates Icewine prospective resources near Charlie-1 at 1.77bn boe gross mean unrisked, including 1.4bn barrels of oil in the Seabee. This follows the Charlie-1 results and the rise to 75% interest. Seabee flow rates remain untested; a farm-out for 2022 drilling starts immediately.

resource reserve update

Icewine 'Area A' leases around Charlie-1 formally re-assigned to 88E, lifting its interest from 30% to 75% (about 85,000 net acres). This completes the Premier withdrawal thread. An independent resource estimate is due within weeks; Peregrine farm-out has non-binding offers.

asset acquisition disposition

Final Charlie-1 petrophysics lift net pay to 398 ft from 280 ft, mostly from the Lima oil discoveries in the Seabee. Torok gas-to-oil ratio remains uncertain. A data room for the next Icewine farm-out opens soon; resource estimates to follow.

resource reserve update

88E completed compulsory acquisition and now owns 100% of XCD Energy's shares and listed options, finishing the takeover announced in April 2020. XCD's Peregrine project (about 195,000 acres) is now wholly within the group.

business combination

88E reached 90.97% of XCD shares and 93.31% of options by 8 July 2020 and will compulsorily acquire the rest on the same terms (2.4 and 0.7 shares). Offers close 13 July; XCD trading is likely suspended from 16 July.

business combination

88E declared its XCD offers unconditional and final (2.4 shares per XCD share, 0.7 per option, no increase), with payment within 7 business days. It holds 59.27% of XCD shares, so the takeover is now effectively assured; it plans compulsory acquisition if it reaches 90%.

business combination

Lab tests on Charlie-1 show the Torok liquid is about 50 degrees API but still condensate gas, with a gas-oil ratio of 17,000-23,500 cf/bbl. 88E sees signs of oil updip and in the Seabee, and says its original Heavenly location will anchor the ongoing farm-out. More lab results are due.

well test result

88E and XCD agreed to merge under a Bid Implementation Agreement, with improved terms: 2.4 new 88E shares per XCD share (valued at 1.2 cents) and 0.7 per option. XCD's board unanimously recommends acceptance, subject to the independent expert. XCD holders would own about 20% of the combined group; equity valued at about $8.9m.

business combination

88 Energy announced its intention to make an off-market takeover bid for XCD Energy, an Alaska North Slope explorer: 1.67 new 88E shares per XCD share (valued at 1.0 cent) and 0.5 per listed option. XCD holders would own up to 15% of the combined group. No agreement yet; holders of 18.5% of XCD shares have pre-bid agreements.

business combination

Third-party log interpretation shows over 280 feet of net pay across the Seabee, Torok and Kuparuk, which the company says compares favourably with pre-drill expectations. Lab work must confirm it and will lead to a revised prospective resource. Cost cuts exceed A$750,000 a year.

resource reserve update

Charlie-1 found gas condensate in the Torok Formation (Middle and Lower Stellar) but Indigo was water-bearing, Charlie poorly developed and Lower Lima too poor to sample. Premier will withdraw and the well will be plugged. 88E expects no drilling cost. Mixed result, ending the oil-focused pre-drill hopes.

drilling result

Charlie-1 began drilling at 0600 on 2 March 2020 Alaska time, the well 88E has built toward since 2016. Premier funds costs up to US$23m. Targets total 1.6bn barrels gross (480 MMBO net) prospective; flow testing is expected to finish in April.

drilling spud

Placement of 238 million shares at A$0.021 to raise A$5.0m, a premium to the A$0.0125 September placement. Cash was A$15.9m at 31 December 2019 including JV cash. Funds cover any Charlie-1 cost above Premier's US$23m carry; the company cites a higher well cost. Shares rise to 7.11bn.

capital raising announcement

All conditions to the Premier farm-out were satisfied and final agreements executed 26 November 2019, closing the thread expected for end-November. Charlie-1 Plan of Operations approved 22 November; the final permit (Permit to Drill) is due in January. Spud still February 2020.

farm in farm out completion

Placement of 540 million shares at A$0.0125 to raise A$6.75m, on top of A$6.5m cash at 30 June 2019. Funds cover possible Charlie-1 costs above Premier's carry, lease rentals, loan interest and new ventures. Issue price is below the A$0.018 raised at in late 2018. Shares on issue rise to 6.87bn.

capital raising announcement

Premier Oil signed to farm into 60% of Icewine Area A, paying up to US$23m for the Charlie-1 appraisal well in Q1 2020. 88E keeps 30% and Burgundy 10%. Resolves the farm-out thread begun in March; Premier may earn 50% of Area B or C for US$15m.

farm in farm out agreement

Icewine conventional farm-out nears a decision in June, but no guarantee. HRZ shale: Icewine#2 site (Franklin Bluffs) is now seen as marginally outside the revised fairway, and the formal farm-out slips to 2H 2019. Western Blocks reprocessing tender in 3Q.

joint venture update

After Winx-1, 88E says a preferred bidder is selected for the Icewine conventional farm-out, with no guarantee of a deal. The HRZ shale farm-out is planned for mid-2019, and the Yukon inversion is finished. Winx-1 data will be reviewed for remaining Western Blocks potential.

joint venture update

Winx-1 is a disappointment: wireline logs show low oil saturations in the Nanushuk and Torok, no hydrocarbons recovered, and clay limiting flow. No production test; well to be plugged and abandoned. Ends the 144 MMbbl net prospect test.

drilling result

Winx-1 intersected the primary Nanushuk targets at 4,667–4,901 feet with elevated gas, oil shows and resistivity, and shows in the Torok at 6,052 feet. Management calls this encouraging but too early; wireline logging will decide on testing.

drilling result

Winx-1 recorded weak to moderate oil shows at 4,460–4,530 feet in the Nanushuk, but early analysis suggests high water saturation and a zone at the lower end of commerciality. The shallower Seabee target showed no oil. Drilling continues to deeper targets.

drilling result

Winx-1 began drilling at 15:15 on 15 February (Alaska time), on schedule, and was at 880 feet by 17 February. Next step is deepening to about 2,500 feet for surface casing. The 400 MMbbl gross (144 net) prospect is now being tested.

drilling spud

The Alaska regulator approved the Winx-1 Permit to Drill on 16 January, the final major permit, completing permitting. Rig mobilisation is planned for early February and spud remains mid-late February 2019. Also notes Oil Search's nearby Pikka-B well reportedly found hydrocarbon-bearing sand.

regulatory community update

Icewine conventional farm-out deadline extended because more bidders asked; deal now targeted for 1Q 2019, slipping from end-2018. Baker Hughes' initial HRZ review was consistent with earlier work; Yukon inversion results due February 2019; Winx-1 still February.

joint venture update

Shortfall from the rights issue placed to institutions: about A$10m from ~556m shares at A$0.018, lifting the total raised to roughly A$13.6m. Cash was A$8.1m at 30 Sep 2018; funds go to Winx-1, lease rentals, loan interest. Shares on issue rise to 6.33bn.

capital raising announcement

First resource for the 100%-owned Yukon leases: 90 MMBO net mean prospective, mostly the Cascade prospect, with break-even said to be under US$40/bbl. Combined with Icewine (2,211) and Western Blocks (144), total net conventional potential is 2,445 MMBO. Winx-1 still due February 2019.

resource reserve update

Non-executive director Brent Villemarette has died suddenly, from a known health condition. He joined the board when the company was Tangiers Petroleum and was described as a key figure in its rebirth. No replacement is mentioned.

director officer appointment

The rights issue raised only A$3.64m of the up-to-A$14.33m: 202.3m shares were taken up and 593.6m remain as shortfall. The company may place the shortfall until 26 January 2019. Far less than the full amount sought.

capital raising announcement

After 3D seismic inversion, Icewine conventional prospective resource rises to 2,896 MMBO gross mean unrisked (2,211 MMBO net to 88E), up from 1.75bn net in September. Prospective, not proven. The farm-out is still targeted before end-2018.

resource reserve update

88E announced a 1-for-7 non-renounceable rights issue at A$0.018 per share to raise up to about A$14.33m, not underwritten. Funds are for Winx-1 testing and possible cost overruns, lease rentals and working capital. Winx-1 spud is set for February 2019; directors intend to take up their entitlements.

capital raising announcement

88E added 45,239 net acres, taking its position to 371,478 net acres: an ASRC lease over 28,453 acres (100% net) and a 69.1% interest in 24,269 acres from Great Bear. Cost was US$206,388 net to 88E. Some ASRC acreage is covered by prospects in the farm-out package.

asset acquisition disposition

88E signed a rig contract with Nordic-Calista (Rig 3) to drill Winx-1 on the Western Blocks in 1Q2019. The prospect is 400MMbbl gross mean unrisked (144MMbbl net to 88E), 25-30% chance of success. Moves the Western Blocks well from plan towards execution.

contract award

Definitive agreements for the Western Blocks were signed with Great Bear, Otto and Red Emperor. 88E holds 36% (32% after Great Bear's back-in) and has paid its share of the US$3.0m bond; a well is due by 30 May 2019. Also: Icewine farm-out dataroom opened, and a US$5.66m credit certificate was issued.

farm in farm out completion

The joint venture suspended Icewine#2 without reaching a representative flow rate, ending the vertical test that began in 2017. It now sees horizontal appraisal wells as the next step and has begun an HRZ farm-out; Dave Wall called the result disappointing.

drilling result

88E, with Otto Energy and Red Emperor, signed a binding term sheet to acquire most of Great Bear's interest in four Western Blocks leases next to the 2017 Horseshoe oil discovery. 88E would hold 36%; well due by 31 May 2019. Prospect: 400MMbbl gross mean unrisked, 25-30% chance of success.

farm in farm out agreement

Nitrogen lift began at Icewine#2; gas averages 571mcf/d, about 24.8% (142mcf/d) hydrocarbon. Total fluid returned is 23% of frac fluid versus the 30% target. Separately, the Yukon Gold and Western Margin leases from the Dec 2017 round were formally awarded.

drilling progress report

88E raised up to A$17m via an oversubscribed placement of up to 460m shares at A$0.037. Cash was US$10.5m at 31 March against a US$6.5m work programme. Funds cover 3D seismic processing, ~A$5m of lease payments and debt interest; shares on issue rise to ~5.56bn.

capital raising announcement

The ~450 km2 Icewine 3D seismic survey finished 28 March on schedule and budget; early products are due June 2018, and the formal farm-out is expected to start mid-2018. A further ~96 km2 3D survey over the Yukon Gold leases was also completed 1 April, with results in Q4 2018.

drilling progress report

The US$16.5m Bank of America loan was refinanced on substantively similar terms, with maturity extended from 30 June 2018 to 30 December 2022, and assigned to Brevet Capital Advisors. Repayment is still expected from ~US$21m of Alaska cash credits.

debt financing

About 98% of the listed A$0.02 options were exercised (405m), raising A$8.1m, ahead of the 2 March expiry. The underwriter will take up the 8.7m-share shortfall. This resolves the option expiry thread and boosts cash for Icewine work.

capital raising announcement

Hartleys and Xcel underwrite the ~340m listed 88EO options (A$0.02, expiring 2 March) up to A$6.75m, for a 4.5% fee. This guarantees funding for Icewine#2 work, new acreage and 3D seismic, following A$19.2m cash at September.

capital raising announcement

The JV took up 43% of the newly awarded 2016-round leases, with 88E taking a 25% interest and Burgundy the rest. Gross acreage rises to 458,097 (286,589 net to 88E). The company cites balancing acreage against its cash position and avoiding dilution.

asset acquisition disposition

Icewine#2 was shut in 18 September for winter after natural flow stopped, with ~2 mcf/d gas and 19.9% of fluid recovered. Testing resumes with artificial lift in April/May 2018, deferring the HRZ result. BoA debt is US$17.7m, with ~US$1.19m repayment imminent.

well test result

Flow testing on Icewine#2 will restart the week of 21 August. The JV was awarded 109,817 gross acres on 7 July from the December 2016 bids and took up 76,996 (48,864 net); total is now 348,116 gross acres. About 256,000 acres remain subject to award.

asset acquisition disposition

After ~16% of stimulation fluid recovered (all water), Icewine#2 will be shut in for six weeks to allow pressure build-up and soaking. The company says further analysis is needed on whether the well's performance affects the probability of success for the HRZ play. Departure from earlier optimistic tone.

well test result

Icewine#2 reached total depth of 11,450 feet on 15 May, on schedule. Logging is under way; main stimulation is planned for the third week of June, followed by cleanup and a choked-back production test.

drilling result

Icewine#2 spudded at 1915 on 24 April (Alaska time) and the Arctic Fox rig is drilling the surface hole. This is the first well since Icewine#1 in 2015; production testing is still on schedule for late June/early July.

drilling spud

Alaska regulator issued the Icewine#2 Permit to Drill on 6 April, so all permits needed to spud are now approved. Spud is scheduled for the week beginning 24 April, with stimulation and production testing on track for June/July. Resolves the open permit thread.

drilling progress report

Oversubscribed placement raising A$17m through 459,459,460 shares at A$0.037, plus 4.05m fee shares. Funds cover Icewine#2 cost overruns, lease payments on the new acreage and ongoing exploration. Shares on issue rise to 4,632,693,932, following the A$11m raise at A$0.04 in October.

capital raising announcement

Rig contract signed with Doyon Drilling for the Arctic Fox rig to drill Icewine#2, mobilising 30 March to 30 April. Spud slips from late Q1 to early Q2 2017, a few weeks later than the earlier plan. Resolves the open rig contract thread.

contract award

Conventional review complete: a further 710 million barrels gross added, taking unrisked prospective resources to 1.47 billion barrels gross (1.14 billion net). Icewine#2's Plan of Operations was approved 23 Dec; only the Permit to Drill remains, spud late Q1 2017.

resource reserve update

The JV was declared high bidder on ~142,560 acres (88E 77.5%), and partner Burgundy on another 279,360 acres, with 88E holding a 30% back-in right at cost. Net position could exceed 400,000 acres; 88E's net deposit was US$600k, with the balance due on award.

asset acquisition disposition

Agreed A$11m placement to two US institutions: 275m shares at A$0.04 plus 137.5m options at A$0.055 (five-year). Maxim Group takes a 7% fee. Dilution is 7.1%; funds are for Icewine#2 (1Q2017), Alaska growth opportunities and working capital.

capital raising announcement

Internal estimate of 758 million barrels of unrisked prospective recoverable oil (gross) across the top five conventional leads, 587 million net to 88E at 77.5%. About 20 leads are mapped from the 2016 seismic; the Alpha lead holds 118 million barrels.

resource reserve update

Icewine#2 well design changed from a horizontal to a vertical well with multi-stage stimulation, cutting completion cost by about US$5m. The company says it is fully funded from current cash. Early 2D seismic shows features consistent with a basin floor fan play.

drilling scheduled

Award of the additional 172,937 acres is finalised, giving 271,119 gross acres (210,250 net at 77.5%). This resolves the pending award. Icewine #2H design is in final stages, tenders start in July, and spud remains Q1 2017. Early well modelling suggests better economics.

regulatory community update

Raises A$25m through a placement of 715m shares at an effective A$0.035, above the A$10-15m target. Funds go to 750km of 2D seismic, the ~174,000-acre payment and Icewine #2H planning, with a spud planned Q1 2017. Shares on issue rise to 3.89 billion.

capital raising announcement

DeGolyer & MacNaughton's independent prospective resource for the HRZ rises to 1.4 billion barrels oil equivalent (unrisked mean, gross), with geologic chance of success up from 40% to 60%. The company's own estimate is 3.6 billion. These are undiscovered, unrisked prospective volumes. Delivers the resource report awaited since February.

resource reserve update

Company says Phase I at Icewine is complete and its three main risks (brittleness, thermal maturity, permeability) are substantially reduced, building on the Icewine #1 core results. Phase II starts with planning for the horizontal Icewine #2H well. Bank of America approved seismic funding; resource report due mid-April.

drilling result

Integrated core and log analysis shows 196 ft gross and 180.5 ft net pay (92%), effective porosity 11%, TOC 3.55% and hydrocarbon saturation above 70%. Icewine #1 cost US$16.61m versus US$16.58m budget. Horizontal Icewine #2H planning started; seismic cut to a cheaper 2D survey from mid-March.

drilling result

Final thermal maturity analysis puts Icewine #1 in the crossover between volatile oil and condensate windows, matching pre-drill predictions. Most of the ~272,000 acres is mapped as sweetspot. Early rock mechanics look encouraging; an updated resource report is underway. Resolves the thermal maturity thread.

drilling result

Permeability in all 18 HRZ core samples was several times the cutoff, and two samples were too permeable to measure. Porosity is at the upper end of expectations. Management says two of three main risks, thermal maturity and permeability, are substantially de-risked; fraccability remains. Final thermal maturity is due within 7 days.

well test result

Icewine #1 reached its planned 11,600 ft total depth on 24 December within budget. Two HRZ and Pebble Shale cores recovered 97%, and early analysis suggests much of the HRZ lies in the thermal maturity sweetspot. Kuparuk sands (11,262-11,320 ft) showed up to 15% porosity, better than expected, though no closure at this location. Lab results are still pending.

drilling result

Icewine #1 reached the top of the HRZ shale at 11,075 ft, deeper than predicted, with visible gas bleeding from cuttings and persistent oil shows. The company says depth does not affect its thermal maturity model. The SPP closed with A$4.755m of applications, scaled back about 6% to A$4.43m; A$7.43m was raised in total, taking shares to about 3.08b.

drilling progress report

A placement of up to 300 million shares at A$0.01 to raise up to A$3m was completed and oversubscribed. A Share Purchase Plan of up to A$2m (A$15,000 per holder) is also offered. Funds go to the new acreage deposit, seismic and working capital. This funds the 19 November acreage deal.

capital raising announcement

The Icewine joint venture was high bidder on 174,240 new North Slope acres, paying a US$947,000 non-refundable deposit. Total cost is about US$5.5m, subject to formal award. Gross acreage rises to 272,242 acres; the company says HRZ potential is over 2 billion barrels recoverable (internal estimate). A small raising is planned.

asset acquisition disposition

Icewine #1, the company's first well on the Alaska North Slope acreage, spudded 22 October. It targets 11,600 feet in about 30 days, aiming at the HRZ shale. Definitive shale results will take several months of core analysis.

drilling spud

First drawdown on the US$50m Bank of America facility is done, so the bank and 88 Energy now co-fund Icewine #1 costs. Rig mobilisation is complete with spud set for 15 October; the spill plan is expected within days and the permit to drill by week's end.

debt financing

Rig contract signed with Kuukpik Drilling for Rig 5 to drill Icewine #1, on schedule for October spud (mid-October per the MD). Company says it is now funded and has a rig, with a short 39-mile move from Deadhorse.

contract award

Transfer of title from Burgundy to 88 Energy's subsidiary is complete: 87.5% working interest over 69 leases, 98,182 acres. This closes the title thread; interest drops to 78% after Icewine #1 spud, scheduled mid October.

asset acquisition disposition

Binding US$50m Bank of America facility signed after due diligence, replacing the earlier non-binding letter. 88 Energy contributes about US$5.7m. With the A$12m raise it says Icewine #1 is fully funded for an October spud, with up to 85% State rebates.

debt financing

Oversubscribed placement of up to 1,200m shares at A$0.01 to raise A$12m, in two tranches; the second needs approval at a 21 August meeting. Shares would rise to 2,339m. Drilling is budgeted at about US$16.5m, with part reliant on the unfinalised Bank of America facility. Icewine #1 spud is targeted for October.

capital raising announcement

88 Energy signed a conditional agreement and non-binding letter of intent with Bank of America for a US$50m facility. The bank may fund specific projects at its sole discretion, subject to due diligence. It is not committed funding yet; it targets Icewine #1 drilling.

debt financing

Bookbuild completed for a strongly oversubscribed placement of about 700m shares at A$0.01 (about A$7m), with one free option per two shares at A$0.02, expiring 1 March 2018. Funds completion of Icewine; settlement due 27 February 2015. Resolves the funding gap.

capital raising announcement

Prospectus for a placement of up to 600m shares at A$0.01 to raise A$6m (minimum A$3.5m), plus up to A$0.913m oversubscriptions, with a free option per two shares (A$0.02 strike, 3 years). Funds the Icewine acquisition; company to be renamed 88 Energy.

capital raising announcement

DeGolyer and MacNaughton estimate Icewine unconventional prospective resource at 492m barrels recoverable (gross mean, unrisked), 431m net to Tangiers at 87.5%, with 41% chance of geologic success. These are undiscovered, unrisked prospective volumes, not reserves.

resource reserve update

Tangiers entered binding agreements for Project Icewine, onshore Alaska: up to 86,940 net acres (87.5% interest, operator) after apparent high bid at the 19 November lease sale. Upfront cost is a US$520,000 deposit, with about US$3m more due around Q2 2015. This is the first new venture after TAO-1.

asset acquisition disposition

Tangiers paid US$18.56m for TAO-1, leaving about A$1.25m cash. It will exit Tarfaya (25%) by assigning to Galp for US$3.4m or withdrawing by Feb 2015; Galp can claim US$3.4m if not done. It plans a A$1.2m placement at A$0.006, overheads cut by over A$2.5m a year.

asset acquisition disposition

Tangiers was suspended again from 6 August 2014 at its request, pending an announcement on its funding obligation for TAO-1, expected by 12 August. This follows the dry hole and earlier cost-overrun risk.

listing compliance notice

TAO-1 was a dry hole. Drilled to 3,518m, it found no favourable reservoir at Trident and no shows at Assaka, and will be plugged and abandoned. This ends the high-impact test of the 190m barrel net prospective resource for the 25% holder.

drilling result

TAO-1 spud on 26 June 2014, offshore Morocco, with the Ralph Coffman rig. Assaka and the main Trident target are due within about two months; deepening to TMA is contingent on results. No flow testing planned. Tangiers holds 25%.

drilling spud

Tangiers raised a further A$4m via 25m shares at A$0.16, bringing the total to A$9m against the A$10m originally sought. This placement needs AGM approval in early June. Funds cover its share of TAO-1 costs above the US$33m carry.

capital raising announcement

Tangiers placed A$5m of shares (31.25m at A$0.16) to institutions, in two tranches; the second (about 7.5m shares) needs AGM approval. Funds go to its share of TAO-1 costs above the US$33m carry. The US$7.5m back costs go into a joint account for the same purpose.

capital raising announcement

Morocco's ONHYM signed the amended association contract, satisfying the last condition of the Galp farm-out. Galp now owes Tangiers US$7.5m back costs and the US$3m guarantee is returned. TAO-1 is on track for June, resolving the open approval thread.

farm in farm out completion

Tangiers asked for a trading halt after Galp put the TAO-1 well budget at about US$75m (±25%). Tangiers pays 33% above the US$33m carry; it flags a possible US$6m shortfall in the high case, risking its interest, and plans a capital raising.

capital raising announcement

David Wall, a former oil and gas equity analyst, is appointed Managing Director from 14 April 2014 on a A$300,000 base salary plus 4.5m performance shares. An operations update is expected in the near term.

director officer appointment

Michael Evans (founding chair of FAR Limited) becomes non-executive chairman and Dr Stephen Staley a non-executive director, restoring a valid board after the February resignations. Shares resume on AIM today; ASX suspension continues pending the 2013 accounts.

director officer appointment

Galp has signed a novation to secure the Ralph Coffman jack-up rig for TAO-1 offshore Morocco, with the site survey complete and spud scheduled for Q2 2014. NOPTA confirmed cancellation of WA-442-P and NT/P81, ending Australian acreage. New directors are being selected.

drilling scheduled

Tangiers' Jacka takeover lapsed at close on 18 March 2014 because the minimum acceptance condition was not met. Acceptances were released, and Tangiers ceased to be a substantial Jacka holder. The merger planned since December 2013 has failed.

business combination

Jacka says the Tangiers board resignations create uncertainty about the bid and about the A$2.5m loan facility (A$300,000 drawn; A$1.7m of Jacka loans due 13 March). Jacka will now seek alternative transactions. Text is truncated, so its recommendation is unclear.

business combination

Jacka terminated the bid implementation agreement on 7 February, because the Galp farm-in conditions were not met by 1 February; only ONHYM approval is outstanding. Jacka seeks a $300,000 break fee. Tangiers calls the farm-in termination risk 'extremely low'. The offer remains open.

material agreement termination

Executive Chairman Eve Howell and non-executive director Max de Vietri resigned immediately, citing loss of support of several major shareholders. This removes the chair who led the Jacka deal and Africa strategy; replacements not yet named.

director officer appointment

Government will grant no more extensions, so Bonaparte permits WA-442-P and NT/P81 are expected to be cancelled; NT/P83 was already cancelled in December. This ends all Tangiers' Australian acreage, leaving a stated Africa-only focus.

regulatory community update

Morocco's energy and finance ministries approved the assignment of 50% of Tarfaya to Galp, which becomes operator; Tangiers keeps 25%. Galp must spend US$40.5m, including up to US$7.5m back costs to Tangiers. Completes the long-pending farm-out; TAO-1 targeted first half 2014.

farm in farm out completion

Tangiers launches a recommended off-market takeover of Jacka Resources at 0.468 Tangiers shares per Jacka share, valuing Jacka at about A$0.112 a share (approx. A$37m). Tangiers holders would own about 53% of the combined company; Bob Cassie becomes Managing Director.

business combination

Tangiers requested a voluntary trading suspension from 4 December 2013, pending an announcement about a potential corporate transaction. No details given.

other

Foster Stockbroking has fully underwritten the 16c options expiring 31 October, securing about A$7.1m before fees (5% underwriting, 1% management, 2.5m options at 45c). With Galp proceeds, Tangiers expects about A$19m cash. Chairman discounts media reports of Moroccan approval delays.

capital raising announcement

Tangiers terminated the CWH farm-out for WA-442-P and NT/P81 because CWH missed the conditions deadline, despite Tangiers winning a six-month work extension. It is seeking new partners; the permits could be cancelled. Tarfaya ministerial signatures are expected shortly.

material agreement termination

Tangiers executed the Bonaparte farm-out with CWH: CWH funds up to A$35m for 70%, Tangiers keeps 27%, Ansbachall 3%. It resolves the December heads of agreement but remains conditional on a work-commitment extension and a joint operating agreement.

farm in farm out completion

Tangiers' board approved final terms of the Bonaparte farm-out: CWH funds up to A$35m of seismic and drilling for 70%, leaving Tangiers 27% and Ansbachall 3%. Signing is due the week of 20 May. This firms up the December non-binding heads of agreement.

farm in farm out agreement

New 3D seismic confirms the Trident prospect, with Assaka and TMA, at up to 750m barrels recoverable. Tangiers lifts Trident's chance of success to 23% from 14%. Galp still carries the first well, due before mid-2014, with Tangiers holding 25% once Moroccan approval comes.

resource reserve update

Non-binding heads of agreement: CWH Resources would fund $35m of work to earn 70% of the Bonaparte permits WA-442-P and NT/P81, take over as operator, and leave Tangiers with 27% (Ansbachall 3%). Subject to a full agreement, due diligence and approvals. Follows the ISIS-run farm-out process.

farm in farm out agreement

Farm-out agreement with Galp Energia for 50% of Tarfaya Offshore; Galp becomes operator, Tangiers drops from 75% to 25%, ONHYM stays at 25%. Galp spends US$41m, including up to US$7.5m of back costs repaid to Tangiers, and a well before mid-2014. Needs Moroccan approval.

farm in farm out agreement

Share purchase plan closes heavily oversubscribed, raising $2m at 28c instead of the planned $800,000, after $3.8m of applications were scaled back to about 52%. With the $5m placement, total is about $7m, subject to a 16 November shareholder vote on the second tranche.

capital raising announcement

Raise upsized to up to $5.8m: $5m placement of about 18.2m shares at A$0.28 plus an $800,000 share purchase plan. Proceeds are to fund the new board's push into African farm-ins and acquisitions, a shift from the Morocco and Australia focus.

capital raising announcement

Plans a $5m raise: a $4.2m placement at 18p (A$0.28) plus a $0.8m share purchase plan. First tranche of 8,120,500 shares (about £1.45m) issues now; about $2m needs shareholder approval at an EGM in late October.

capital raising announcement

Former Woodside executive Eve Howell becomes Executive Chairman and geologist Max de Vietri joins as non-executive director. Mark Ceglinski and Graham Anderson resign. Howell says the aim is to grow Tangiers into an African petroleum company by acquiring and developing African assets.

director officer appointment

Placement of 3,562,222 shares at 18 pence to UK investors raises about £641,200, run by Old Park Lane. A second small raise within a month, after A$0.85m in August. Use of funds not stated.

capital raising announcement

Tangiers is granted exploration permit NT/P83 in the Arafura Sea, about 15,000 sq km, 100 km north of Darwin, after a work program bid. Initial plans are studies and 500 km of 2D seismic. Adds a third area to the Morocco and Bonaparte portfolio.

asset acquisition disposition

Placement of about 2.57m shares at A$0.33 raises about A$0.85m for working capital, from UK and Australian investors. Priced well below the 50c placement of January 2012 (inference: a notably lower price) and a small raise.

capital raising announcement

ISIS's independent report on the Milligans Fan oil play (Turtle/Barnett permits, 90% held) identifies 14 leads with 683m barrels mean unrisked oil in place and 218m barrels mean prospective resource. First oil volumes for these permits, following the Nova gas estimate. Undrilled and unrisked.

resource reserve update

Tangiers begins trading on London's AIM on 3 February 2012 under ticker TPET, alongside its ASX listing. This completes the Q4 2011 listing target, delayed to February. The company says the A$6.35m placement will fund Morocco and Australia exploration.

listing compliance notice

Placement of about 12.7m shares at 50c (A$0.33 pence-equivalent GBP) raises about $6.35m from US, UK and Australian investors, alongside the AIM listing. Funds go to Morocco and Australia exploration, AIM costs and working capital. Follows $2m raised from Range at 40c.

capital raising announcement

Agreement with Polarcus Samur to shoot about 677 sq km of 3D seismic at Tarfaya over Assaka, Trident and TMA, about 25 days. Completes the Phase 1 work commitment early. The company says this could speed drilling; the three have NSAI best estimate 758m bbl.

contract award

An ISIS Petroleum Consultants report prepared for the AIM listing put Nova, in the 90%-owned Bonaparte Basin permits, at 6.93 TCF mean unrisked gas in place and 3.46 TCF mean unrisked prospective resource over about 450 sq km. That is far below Schlumberger's earlier 47.3 Tcf estimate, and the prospect is still undrilled.

resource reserve update

New seismic interpretation enlarges the Zeus closure at Tarfaya to about 1,030 sq km and maps six more Top Jurassic prospects, about 1,640 sq km in total across eight. These are mapped areas, not volumes; NSAI is to evaluate resources later.

resource reserve update

Range Resources subscribes for 5,000,000 shares at 40c, a $2m placement, to fund the proposed AIM admission and add working capital. This follows the 24.5c share price in August, and adds cash against the $2.43m held at 30 June.

capital raising announcement

RFC Corporate Finance is appointed Nominated Adviser for a proposed AIM (London) listing later this year, advancing the AIM exploration flagged earlier. On admission RFC gets 500,000 options at 50c over 3 years. Listing is not yet confirmed.

material agreement

Schlumberger estimates unrisked gas-in-place of 107 Tcf (best estimate; range 71-148 Tcf) for Nova and Super Nova. This delivers the volumes promised on 4 August for the 90%-owned permits. These are unrisked prospect estimates, not discoveries.

resource reserve update

Schlumberger (WesternGeco) mapping identifies two large deeper gas structures, Nova (crest about 3,425m, 240 sq km) and Super Nova (about 6,085m, 232 sq km), in the 90%-owned Turtle/Barnett permits. Volume estimates are to follow within weeks.

resource reserve update

Independent consultant NSAI puts unrisked prospective oil at 867 million barrels (best estimate; high case 4,959m) across four Tarfaya prospects. This delivers the report due in the June quarter. Tangiers holds 75% and expects to drill at least one well in 2012.

resource reserve update

Rights issue closed on 21 January 2011 fully subscribed. Shareholders took up 79% of entitlements (32.2m options); underwriters take the remaining 8.76m. It raised about $819,000 before costs, completing the pending raising.

capital raising announcement

Raised $1.7m via a placement of 10.69m shares at 16 cents, the maximum under its 15% capacity. A fully underwritten rights issue (1 for 2, 2 cents per right, exercisable at 16 cents to Oct 2013) targets about $712,000. Shares would reach 81.9m.

capital raising announcement

Mark Ceglinski was appointed Chairman on 1 November 2010, following the board changes.

director officer appointment

Rowe, Wale and Dawson resigned and Villemarette and Ceglinski were appointed. The board is now Burgess, Villemarette and Ceglinski, and the 9 November general meeting will be cancelled. Settles the requisition without a vote.

director officer appointment

The company received a requisition to remove chairman Rowe and directors Wale and Dawson and appoint Villemarette and Ceglinski. The board also removed Ivan Burgess as Managing Director; he stays as a non-executive director. A boardroom contest.

director officer appointment

Pancontinental will not proceed with its farm-in to ATP-587-P and Irriculla 2, citing remapping that raised the risk. This reverses its 20 May agreement.

material agreement termination

Tangiers and Pancontinental will withdraw from ATP-587-P and surrender it, to focus on Tarfaya and Turtle/Barnett. Remapping raised the risk. The original vendors cancel 2.125m shares and escrow 2.125m until 30 June 2011. Ends the Irriculla 2 plan.

asset acquisition disposition

Pancontinental announces it will farm in to ATP-587-P for 20%, funding up to $500,000 of the estimated $1.5m Irriculla 2 well. This answers the search for a partner on that permit. Subject to final regulatory approval.

farm in farm out agreement

The remaining shortfall from the entitlement issue was fully placed: 22.79m shares at 4 cents to Carmichael clients, raising $911,528. This completes the raising, bringing total shares to 71.24m, about double the earlier count.

capital raising announcement

DVM accepts award of the Turtle and Barnett permits (W09-Special, NT09-Special) with a 90% interest as operator; Ansbachall holds 10%. Combined P50 is 44m barrels in place. It reverses the 2008 setback. Wells are planned for 2011 and 2012.

asset acquisition disposition

Shareholders took up only 12.12m of 35.62m shares offered, about 34%, leaving a 23.5m-share shortfall. Carmichael will try to place the shortfall. At 4 cents, the take-up raised about $485,000 before any shortfall placement.

capital raising announcement

DVM agrees to acquire a 75% operated interest in the Tarfaya Offshore Block, Morocco (eight permits, over 15,000 sq km). This is the overseas project it had been pursuing. Commitment is US$1m over 2.5 years and three wells over four years. Targets exceed one billion barrels in place.

asset acquisition disposition

DVM launches a 1-for-1 non-renounceable entitlement issue at 4 cents to raise about $1.42m, not underwritten, with DJ Carmichael as broker for any shortfall. The funds are mainly for the new Tarfaya project. The first raising since the 2008 prospectus; it would double the share count.

capital raising announcement

DVM acquires 100% of ATP-587-P, a 946 sq km Eromanga Basin permit in Queensland, for $100,000 cash and 4.25m shares at 4.2 cents, plus a 3% royalty. Targets include 12.8m barrels at Irriculla and 575 BCF of gas. A new project after the setbacks.

asset acquisition disposition

Sphere's chairman has emailed that it is terminating the farm-out over four West African projects, agreed in the September Heads of Agreement. DVM says the notice lacked full board authority and considers the agreement binding. It will pursue legal remedy and compensation.

material agreement termination

On 21 November the WA Joint Authority refused DVM's intention to apply for a production licence over Turtle (WA-13-R); the NT/RL3 response is pending. DVM says that without both licences it cannot continue its development plan, and is assessing options.

regulatory community update

Drillsearch says the Turtle and Barnett retention leases were not renewed and have expired, so it has no interest to sell. The August 2008 sale agreement with DVM has lapsed, ending DVM's planned acquisition of both fields.

material agreement termination

DVM confirms Lake MacLeod 1 reached 894m and logs show no commercial hydrocarbons; the well is being plugged and abandoned. This is DVM's second dry hole after Star Finch 1, ending its 10% farm-in with no discovery.

drilling result

Surface hole drilling at Lake MacLeod-1 began 30 September 2008, with the main drilling planned from about 11 October. DVM earns 10%; the prospect is up to 150m barrels if filled, 30m in EP 461. First test of an early-formed structure in the basin.

drilling spud

DVM signed a heads of agreement with unlisted Sphere Petroleum for 20% of its four West African permits (two offshore Guinea Bissau, two onshore Mali). It has an option to lift this to 50% by 31 December 2008. Subject to government approval and final agreements.

farm in farm out agreement

DVM agreed to acquire 100% of Drillsearch's Turtle (est. 12m barrels) and Barnett (est. 3m barrels) oil fields in the Bonaparte Basin. It pays $500,000 after an initial well, $1.5m from production over two years, and a 2% royalty. Needs government approvals. First new project since Star Finch.

asset acquisition disposition

Wireline logs confirm Star Finch-1 has no economic hydrocarbons, resolving that well as a dry hole. Lake MacLeod-1 is next, with site works delayed by damp ground. The prospect is estimated at up to 150m barrels, or 30m barrels within EP 461.

drilling result

DVM shares were requoted on the ASX at 11.00am on 24 July 2008. Lake MacLeod 1 will be drilled straight after the rig is released from Star Finch 1, and the company is still looking at new projects.

regulatory community update

DVM confirms Star Finch 1 reached the Birdrong Sandstone at 373m with no sign of hydrocarbons. Wireline logging comes next, then the rig moves to Lake MacLeod. Its first well as an explorer looks like a dry hole.

drilling result

Star Finch-1 hit the Mardie Greensand and Birdrong Sandstone, higher than predicted, but no hydrocarbons were seen in returns. Logs will be run; operator moves on to Lake MacLeod-1. A disappointing first sign for DVM's 20% interest.

drilling result

DVM closed its prospectus fully subscribed, raising $750,000 before costs and gaining about 150 new shareholders. It believes it now meets the holder requirement and will seek ASX requotation. Resolves the 280-holder shortfall; the well is expected to reach its target within a week.

capital raising announcement

Operator Empire says Star Finch-1 (EP 460) spudded at 0600 on 8 July 2008, drilling at 27m with DCA Rig 7. Planned total depth is 450m, targeting the Birdrong Sandstone at 390m. DVM holds 20%. This starts the long-awaited first well.

drilling spud

DVM offers up to 3.75m shares at $0.20, each with a free $0.20 option expiring 30 June 2010, to raise up to $750,000. It needs 400 holders with $2,000 parcels to be requoted and has 280. Shares are on a 1-for-7 consolidated basis.

capital raising announcement

After shareholders approved the switch to oil exploration, Leith Wales and Howard Dawson join the board, replacing Steven Nicols and Anthony Crimmins. Chris Rowe takes over as chairman from Robert Marusco. Management says it is speeding up its search for new projects.

director officer appointment

ASX circular confirms the one-for-seven share consolidation is effective 7 April 2008, with fractions rounded up. The company remains suspended after shareholder approval, with new holding statements due 16 April.

security holder rights change

Christopher Rowe, former executive chairman of Cultus Petroleum, is appointed chairman, joining the board on 5 April 2008 after the shareholder meeting. He plans to help expand the exploration portfolio, including projects outside Australia.

director officer appointment

Notice of meeting pitches the switch to oil and gas, citing oil near US$100 a barrel. DVM would commit $800,000 to the two wells. Shareholders vote on the change, a one-for-seven share consolidation and share issues to Ivan Burgess.

investor presentation

DVM confirms the Western Australian government granted joint venture permits EP 460 and EP 461 on 21 February 2008 after native title settlement. This clears the way for Star Finch 1 and Lake MacLeod 1 to drill back-to-back from April-May 2008, as DVM is a participant.

regulatory community update

DVM drops the Holloman Eromanga Basin deal because due diligence was not to its satisfaction. It still plans a shareholder meeting to become an oil and gas explorer, resting on the Western Australian wells and other projects being evaluated.

material agreement termination

DVM farms into three Carnarvon Basin permits with Empire Oil & Gas in Western Australia. It pays 40% of Star Finch 1 for 20%, and 20% of Lake MacLeod 1 for 10%. Wells are planned for April-May 2008. Potential: 50 bcf gas at Star Finch and up to 150m barrels oil at Lake MacLeod, if present.

farm in farm out agreement

Change of direction to oil and gas: Heads of Agreement to acquire from Holloman Energy farm-in rights to earn 66.7% of three Eromanga Basin permits in South Australia. Consideration is 50m shares and 50m 5c options, plus a 62.5m share placement at 4c. Needs shareholder approval; drilling expected mid-February 2008.

farm in farm out agreement

Ivan Burgess, a geologist with 30 years' experience, becomes CEO and director, with a new Perth office. Robert Marusco becomes Chairman as Ross Kestel resigns. Burgess will also review the 17.5% XDK China stake and seek new projects.

director officer appointment

XDK's plans are delayed because PetroChina investment committee approval, needed for the SZT joint venture, is not yet obtained and has no timetable. DVM withdraws about $1.0m of its $1.25m XDK subscription, calling it a long-term opportunity.

joint venture update

Placement of 12.8m shares at 8 cents raises $1.025m, double the 4 cent price of the September 2006 placement. Funds are for expansion, possibly including using pre-emptive rights to increase its XDK stake, and assessing new projects.

capital raising announcement

Due diligence is complete and the company has signed the Subscription and Shareholders Deed with XDK, as foreshadowed on 21 November. It subscribes $1.25m for 17.5% and gets one board seat on XDK's board of up to three.

farm in farm out completion

Binding terms sheet to subscribe $1.25m for 17.5% of Hong Kong company XDK South China Petrochemical, which funds a Chinese fuel-distribution joint venture. This is a move away from digital media advertising. It is subject to due diligence and a shareholders agreement.

material agreement

Placement of 18m shares at 4 cents to raise $720,000, plus 5m free options (2.5 cent exercise price, expiring 30 June 2007) subject to shareholder approval. Funds are for the digital media business, reviewing acquisitions and working capital.

capital raising announcement

Heads of agreement to buy 100% of Perception Pty Ltd, a media and games developer, for 90m shares at $0.05 plus 25m options. Perception holders would own about 42.66% of the company. It is subject to due diligence and shareholder approval.

asset acquisition disposition