Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Mar 2019joint venture update● Neutral
Partner Red Emperor reports Winx-1 has been plugged and abandoned, rig demobilised, with the well on or slightly under budget. Its performance bond refund (US$1.05m share) is under way. Mostly repeats 88 Energy's position.
20 Mar 2019joint venture update● NeutralMajor
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.
13 Mar 2019joint venture update▼ Bad
Partner Red Emperor's release repeating the Winx-1 final report: low oil saturations, no production test, well to be plugged and abandoned. Duplicates 88 Energy's announcement.
13 Mar 2019joint venture update▼ Bad
Partner Otto Energy's release repeating 88 Energy's final Winx-1 result: low oil saturations, no hydrocarbon samples, well to be plugged and abandoned. Duplicates 88 Energy's announcement.
13 Mar 2019drilling result▼ BadMajor
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.
7 Mar 2019joint venture update● Neutral
Partner Red Emperor's release repeating that Winx-1 reached 6,800 feet and wireline logging is starting. Duplicates 88 Energy's update.
6 Mar 2019drilling progress report▲ Good
Winx-1 reached total depth of 6,800 feet on 3 March, with all pre-drill targets intersected and multiple potential pay zones identified. A roughly 10-day wireline logging program starting 6 March will decide whether to production test.
4 Mar 2019joint venture update● Neutral
Partner Red Emperor's release repeating 88 Energy's update on Nanushuk and Torok shows and the planned wireline logging. Duplicates 88 Energy's announcement.
4 Mar 2019drilling result▲ GoodMajor
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.
1 Mar 2019drilling result▼ BadMajor
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.
1 Mar 2019other● Neutral
ASX paused trading in 88 Energy pending a further announcement. Given the timing it appears to precede the Winx-1 drilling update (inference); the notice itself gives no reason.
26 Feb 2019annual report● Neutral
Appendix 4G key to corporate governance disclosures, lodged with the annual report for the year to 31 December 2018. Administrative; no new operational or financial information.
26 Feb 2019annual report● Neutral
Annual report for the year to 31 December 2018. The chairman calls Winx-1, now drilling, potentially among the most significant ASX-listed wells of 2019. Notes 88E operates four projects across 355,000 net acres and honours the late director Brent Villemarette. Financials not shown in the text provided.
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.
25 Jan 2019quarterly activities report● Neutral
December quarter report restates the Icewine conventional upgrade to 2,896 MMBO gross (2,211 net), the farm-out targeted for Q1 2019, and Winx-1 spud on schedule for February. Also notes Regenerate Alaska was highest bidder on ~1,920 more acres, with award expected mid-2019.
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.
