Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Feb 2019annual report● Neutral
Corporate governance statement stating the company complies with each ASX Principles recommendation (3rd Edition). Notes the board is too small for a separate remuneration and nomination committee. Administrative; no new operational or financial information.
26 Feb 2019drilling progress report● Neutral
Winx-1 began drilling the intermediate section on 25 February, at about 2,640 feet, after the blowout preventer inspection was completed. The main Nanushuk targets (~4,500 feet) come next. No hydrocarbon results yet; more data needed.
22 Feb 2019joint venture update● Neutral
Partner Red Emperor's release repeating that Winx-1 surface casing was run at about 2,500 feet and intermediate drilling starts the week of 25 February. Duplicates 88 Energy's update.
22 Feb 2019drilling progress report▲ Good
Winx-1 reached about 2,500 feet on 20 February and surface casing was run as planned. After cementing and pressure tests, the intermediate section holding the main Nanushuk target starts the week of 25 February. No hydrocarbon results yet.
22 Feb 2019joint venture update● Neutral
Partner Otto Energy's release repeating that Winx-1 reached about 2,500 feet on 20 February and surface casing was run, with intermediate-section drilling due the week of 25 February. Duplicates 88 Energy's update.
18 Feb 2019drilling spud▲ GoodMajor
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.
15 Feb 2019joint venture update● Neutral
Partner Red Emperor's release repeating that the rig is on location, crew-up was called on 14 February, and spud is on schedule for 15 February. Duplicates 88 Energy's update.
15 Feb 2019drilling progress report▲ Good
Rig arrived on location 7 February and the 'crew-up' call was made on 14 February, which usually means spud within 24 hours. Winx-1 spud is on schedule for 15 February 2019; no drilling results yet.
6 Feb 2019joint venture update● Neutral
Partner Red Emperor's release repeating that Nordic Rig#3 mobilisation is under way, ice road, pad and cellar are complete, and spud is scheduled for 15 February 2019. Duplicates 88 Energy's update.
5 Feb 2019drilling progress report▲ Good
Nordic Rig#3 began moving on 1 February to the Winx-1 site, about 90 miles away. Ice road, ice pad and cellar are complete, and spud is now scheduled for about 15 February 2019, in line with the earlier mid-late February window.
31 Jan 2019investor presentation● Neutral
Pre-spud presentation on the Winx-1 well on the Western Blocks, using the Nordic Rig #3. Text provided is mostly disclaimers and shows no new figures or results.
24 Jan 2019joint venture update● Neutral
Partner Otto Energy's release: Winx-1 ice road about 85% complete, Nordic Rig 3 passed a third-party inspection with only minor issues, mobilisation in about seven days, spud mid-late February 2019. Duplicates 88 Energy's update.
24 Jan 2019drilling progress report● Neutral
Winx-1 ice road is about 85% complete and Nordic Rig 3 passed a third-party inspection with only minor issues. Rig mobilisation starts in about a week; spud still scheduled mid-late February 2019. On plan, no new results.
18 Jan 2019joint venture update● Neutral
Partner Otto Energy's release repeating the Winx-1 Permit to Drill approval on 16 January, with rig mobilisation in early February and spud mid-late February 2019. Duplicates 88 Energy's update.
18 Jan 2019joint venture update● Neutral
Partner Red Emperor's release repeating the Winx-1 Permit to Drill approval, with the ice road about 50% complete and spud mid-late February 2019. Also cites Oil Search's Pikka-B hydrocarbon find nearby. Duplicates 88E's news.
17 Jan 2019regulatory community update▲ GoodMajor
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.
7 Jan 2019joint venture update● Neutral
Partner Otto Energy's release repeating that Winx-1 ice road work started 2 January, the Permit to Drill was submitted and spud is mid-late February 2019. Duplicates 88 Energy's update.
7 Jan 2019joint venture update● Neutral
Partner Red Emperor's release repeating that Winx-1 ice road construction has begun, the Permit to Drill was submitted and spud is on schedule for mid-late February 2019. Duplicates 88 Energy's update.
7 Jan 2019drilling progress report● Neutral
Ice road construction for Winx-1 began 2 January and the Permit to Drill was submitted on schedule. Spud is now expected mid-late February 2019, a slightly more specific window than before.
20 Dec 2018joint venture update● NeutralMajor
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.
17 Dec 2018joint venture update● Neutral
Partner Otto Energy's release repeating that all major Winx-1 permits bar the Permit to Drill are granted and spud is on schedule for February 2019. Otto pays 25% of well cost for 22.5%. Duplicates 88E's update.
17 Dec 2018regulatory community update▲ Good
All major permits for Winx-1 are granted except the Permit to Drill, due for submission by year-end with approval expected January. Ice road and pad work start January; spud on schedule for February 2019. Resolves the 31 Dec permit milestone, bar the final permit.
17 Dec 2018joint venture update● Neutral
Partner Red Emperor's release repeating that all major Winx-1 permits except the Permit to Drill are granted, with spud on schedule for February 2019. Duplicates 88 Energy's own update; nothing new for 88E holders.
12 Nov 2018capital raising announcement▲ GoodMajor
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.
7 Nov 2018resource reserve update▲ GoodMajor
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.
30 Oct 2018director officer appointment▼ BadMajor
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.
29 Oct 2018capital raising announcement▼ BadMajor
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.
What it means for a shareholder
202m new shares at about A$0.018 to raise about A$3.6m. That's 3.1% dilution: every existing holder's slice gets 3.1% smaller. If you held A$1,000 of shares (55,577 at the issue price), your slice goes from 0.000873% to 0.000846% of the company. To keep it you'd need 1,765 more shares - about A$32 at the issue price.
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23 Oct 2018resource reserve update▲ GoodMajor
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.
12 Oct 2018capital raising announcement● Neutral
Confirms the rights issue offer document and acceptance forms were dispatched to shareholders on 12 October 2018. Administrative notice only.
8 Oct 2018capital raising announcement● Neutral
Letter to option holders: options carry no right to join the rights issue unless exercised and shares allotted before the 10 October record date. Exercise paperwork had to arrive by 5pm WST on 9 October. Administrative.
