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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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 2018quarterly activities report● Neutral
September quarter report largely repeats known items: Icewine resource upgrade to 2,211 MMBO net, Icewine#2 suspension, 45,239 net acres added, Winx rig contract and the rights issue. Farm-out still aimed for year-end; no financial figures visible in the text provided.
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.
8 Oct 2018capital raising announcement● Neutral
Standard letter to eligible shareholders explaining the rights issue options: take up all, part, or nothing (and be diluted). Repeats the A$0.018 price and timetable; adds only that total shares after the offer would be about 6,367m.
8 Oct 2018capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia, New Zealand and the UK that they cannot take part in the rights issue and will not receive the offer document. Administrative.
5 Oct 2018capital raising announcement● Neutral
Required legal notice for the rights issue, restating the A$14.33m raise at A$0.018 and a maximum of 795,884,235 new shares. Notes shareholders who do not take part will be diluted and the company may place any shortfall with institutions. Administrative; nothing new.
5 Oct 2018capital raising announcement● Neutral
The formal offer document for the rights issue: up to 795,884,235 shares at A$0.018 (1p), one for every seven held. It is a reduced-disclosure document and the offer is not underwritten. Repeats the terms announced on 3 October; no new figures.
What it means for a shareholder
796m new shares at A$0.018 to raise about A$14.3m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (55,556 at the issue price), your slice goes from 0.000873% to 0.000776% of the company. To keep it you'd need 6,944 more shares - about A$125 at the issue price.
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5 Oct 2018admin correction● Neutral
Corrects the rights issue timetable: shares trade ex-entitlement on ASX from 9 October 2018, not 10 October. Other dates are unchanged, including the 26 October closing date.
3 Oct 2018capital raising announcement● NeutralMajor
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.
28 Sept 2018asset acquisition disposition▲ GoodMajor
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.
11 Sept 2018investor presentation● Neutral
September 2018 'Diversified Explorer' presentation updating the portfolio, with Nordic Rig #3 on the cover. The text seen is only disclaimer; no new figures are visible.
5 Sept 2018half year report● Neutral
Half-year report to 30 June 2018 restates the period: Icewine#2 suspended after 24.8% of frac fluid recovered, A$17m placement, A$8.7m from option conversions, and the US$16.5m loan refinanced to Dec 2022. Financial statements were not visible in the text provided.
29 Aug 2018contract award● Neutral
Otto Energy's announcement of the same Winx rig contract with Nordic-Calista (Rig 3), drilling early 2019. It repeats 88E's release and adds nothing new for 88E.
29 Aug 2018contract award▲ GoodMajor
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.
29 Aug 2018contract award● Neutral
Red Emperor's announcement that operator 88E signed a rig contract with Nordic-Calista for the Western Blocks 'Winx' prospect, with drilling on schedule for 1Q2019. Duplicates 88E's own release; no new terms for 88E.
3 Aug 2018investor presentation● Neutral
August 2018 Project Icewine portfolio presentation covering the conventional upgrade and the Icewine#2 update. The text is mostly disclaimer; it repeats known facts and shows no new figures.
30 July 2018farm in farm out completion● Neutral
Red Emperor's own announcement of the Western Blocks definitive agreements, giving it 31.5% (28% after back-in). Confirms the US$500k payments split and the 31 Dec 2018 permit deadline for the second payment. Mostly repeats 88E's announcement; also says Red Emperor will resume ASX trading.
30 July 2018farm in farm out completion● Neutral
Otto Energy's own announcement of the same Western Blocks definitive agreements, giving Otto 22.5% (20% after back-in). Terms match 88E's: 400MMbbl gross prospect, well by 30 May 2019. Adds nothing new for 88E shareholders.