Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 May 2017drilling progress report▲ Good
The 4.5-inch production liner was cemented successfully over the weekend, resolving last week's failed attempt. Rig demobilisation is about to begin; main stimulation is expected in the third week of June, with flow testing still on schedule for late June.
22 May 2017drilling progress report● Neutral
Wireline logs were acquired with excellent data quality, which the company says is confirmatory to Icewine#1. The 4.5-inch production liner could not be cemented because of hole conditions and is being repaired and re-run. The company says the testing schedule is unchanged.
17 May 2017drilling result▲ GoodMajor
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.
9 May 2017drilling progress report● Neutral
Intermediate hole completed at 10,715 feet on 8 May; casing being cemented before drilling the production interval to about 11,400 feet. Still on schedule, with production testing expected late June/early July.
3 May 2017drilling progress report● Neutral
Surface hole finished at 2,978 feet on 27 April, casing cemented and blow-out preventer tested. Drilling now in the intermediate section (about 3,000 to 10,710 feet), on schedule and without incident. No new result.
26 Apr 2017drilling spud▲ GoodMajor
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.
7 Apr 2017drilling progress report▲ GoodMajor
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.
21 Mar 2017drilling progress report▲ Good
The Arctic Fox rig has mobilised to the Franklin Bluffs pad for Icewine#2, with cellar and conductor installation under way. Spud remains on schedule for April 2017, and the HRZ stimulation and flow test is expected June-July 2017.
14 Mar 2017admin correction● Neutral
Required disclosure on the 6 March placement: 459,459,460 shares at A$0.037 raised A$17m before costs. Dilution is 11.02%, with 10.00% under the 7.1A capacity. Commission was 6% plus GST. Gives detail on the existing raise; no new capital.
10 Mar 2017other▲ Good
S&P Dow Jones Indices notice of March 2017 quarterly rebalance. 88 Energy is listed among additions to the All Ordinaries Index effective 20 March 2017. The rest is a list of other companies' changes.
6 Mar 2017capital raising announcement● NeutralMajor
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.
What it means for a shareholder
459m new shares at A$0.037 to raise about A$17.0m. That's 9.9% dilution: every existing holder's slice gets 9.9% smaller. If you held A$1,000 of shares (27,027 at the issue price), your slice goes from 0.000648% to 0.000584% of the company. To keep it you'd need 2,978 more shares - about A$110 at the issue price.
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17 Feb 2017investor presentation● Neutral
February 2017 Icewine#2 update presentation featuring the Doyon Arctic Fox rig. Visible text is only disclaimers; the rest is truncated, so nothing new can be confirmed beyond the same-week rig contract news.
16 Feb 2017annual report● Neutral
Appendix 4G for the year ended 31 December 2016, lodged with the annual report. It points to the corporate governance statement on the company's website. Administrative compliance form; no new substance.
16 Feb 2017annual report● Neutral
2016 annual report. The chairman says market capitalisation grew from about A$25m to A$188m over the year and cites Hardman Resources as a model. Financial statements and operations detail are truncated, so no results can be given.
16 Feb 2017contract award● NeutralMajor
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.
16 Feb 2017annual report● Neutral
Corporate governance statement for the 2016 financial year. The company says it complies with each ASX Principles recommendation and has no separate remuneration and nomination committee, as the board handles those matters. Visible text is policy description with no new operating or financial information.
13 Jan 2017resource reserve update▲ GoodMajor
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.
13 Jan 2017admin correction● Neutral
Amended re-release of the same day's conventional prospectivity review; the visible text matches the original (1.47 billion barrels gross, Icewine#2 plan approved). Only minor formatting differences are visible, so no new substance is confirmed.
15 Dec 2016asset acquisition disposition▲ GoodMajor
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.
2 Dec 2016drilling progress report▲ Good
Icewine#2 permitting is on track, with two major permits passing milestones, and rig and vendor contracts expected within weeks. Spud is now 'late Q1 2017'. 2D seismic processing is finished; conventional leads are matured, with volumes due before year end.
25 Oct 2016capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
275m new shares at A$0.040 to raise about A$11.0m. That's 6.6% dilution: every existing holder's slice gets 6.6% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.000642% to 0.0006% of the company. To keep it you'd need 1,765 more shares - about A$71 at the issue price.
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18 Oct 2016resource reserve update▲ GoodMajor
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.
5 Sept 2016investor presentation● Neutral
September presentation supporting the same day's release: Icewine#2 redesign to a vertical well and preliminary 2D seismic results. The visible text is disclaimers; the detail is truncated, so nothing new can be confirmed.
5 Sept 2016drilling scheduled▲ GoodMajor
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.
26 Aug 2016price query● Neutral
Answering a second ASX price and volume query, the company says it knows of no unannounced information and is in compliance with the Listing Rules. Operations are as previously released; initial 2D seismic results are now expected late August or early September.
22 Aug 2016half year report● Neutral
Half-year report to 30 June 2016, with the visible text recapping Project Icewine: 77.5% interest, 271,119 gross acres, Phase I complete and Icewine#2H planning. Financial statements are truncated, so no results figures can be given.
22 July 2016other● Neutral
Administrative release of an updated Securities Trading Policy, amended to comply with the EU Market Abuse Regulation and revised AIM Rules in force from 3 July 2016. It replaces the May 2015 policy. No operational or financial substance.
14 July 2016price query● Neutral
Answering an ASX price and volume query, the company says it knows of no unannounced information. It attributes the share price fall to the UK 'Brexit' vote, now reverting. Icewine#2H spud stays Q1 2017, permitting due end 2016, seismic results August.
17 June 2016investor presentation● Neutral
June 2016 presentation on the Icewine#2H well and the HRZ shale play. The visible text is mostly disclaimer; the body is truncated, so no new figures can be confirmed. Likely repeats earlier known points (inference).
8 June 2016regulatory community update▲ GoodMajor
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.
