Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2017asset acquisition disposition▲ Good
88E was announced high bidder on two parcels totalling ~32,800 gross acres in the North Slope 2017W lease sale. Formal award is expected in 2018, subject to approvals. Burgundy has a right to back in to ~2,590 acres of Parcel 1.
27 Nov 2017investor presentation● Neutral
November 2017 investor presentation on Project Icewine. The visible text is only disclaimers; the content is truncated, so no new information can be identified here.
25 Oct 2017asset acquisition disposition● NeutralMajor
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.
10 Oct 2017quarterly activities report● Neutral
September quarter report: Icewine#2 averaged 1.85 mcf/d, with 19.9% of fluid recovered before the 18 September winter shut-in; testing resumes April/May 2018. The JV took up 76,996 gross acres. Cash was A$19.2m, down from A$31.6m in June.
2 Oct 2017investor presentation● Neutral
October 2017 investor presentation on Icewine#2 operations. The visible text is only disclaimers; the content is truncated, so no new information can be identified here.
21 Sept 2017well test result▼ BadMajor
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.
12 Sept 2017well test result● Neutral
Icewine#2 is flowing ~55 barrels a day of frac fluid with gas of 2-4 mcf a day (max 8). Cumulative fluid recovered is 19.0%. The company says this gas is not representative and more fluid must be removed; a strategy decision is due within two weeks.
4 Sept 2017well test result● Neutral
Icewine#2 flow testing restarted 31 August after the ~7-week shut-in, flowing ~70 barrels a day of frac fluid with only minor hydrocarbon signs (gas hydrates). Pressure data suggests limited reservoir connection until the last 24 hours; 17.25% of injected fluid recovered so far.
24 Aug 2017drilling progress report● Neutral
Icewine#2 flow testing restart is delayed one week to the week of 28 August, due to minor fine-tuning of the testing procedure. No new test results.
17 Aug 2017asset acquisition disposition▲ GoodMajor
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.
4 Aug 2017half year report● Neutral
Half-year report to 30 June 2017 restates the period's events: A$17m placement, 1.47 billion barrel conventional prospective resource (gross, unrisked), and Icewine#2 drilled, stimulated and shut in with ~16% fluid recovered. Financial statements are truncated; no new developments seen.
19 July 2017quarterly activities report● Neutral
June quarter report: Icewine#2 was drilled, stimulated and flowed back (~16% fluid recovered, trace hydrocarbons) before the 10 July shut-in. Exploration spend was A$13.7m. Cash at quarter end was A$31.6m including joint venture accounts; costs expected within budget.
18 July 2017well test result● Neutral
Icewine#2 was shut in on 10 July for six weeks; 16% of fluid had been recovered with trace hydrocarbons. The joint venture says it must analyse how the well's performance to date affects the HRZ play's probability of success, including comparing flowback against expectations. No new data.
10 July 2017well test result▼ BadMajor
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.
4 July 2017drilling progress report● Neutral
Flowback continues with ~15.3% of stimulation fluid recovered, still 100% water. A rise in salinity possibly indicates some reservoir fluid starting to return. Plan unchanged, with shut-in or artificial lift still possible. No hydrocarbon flow yet.
26 June 2017well test result● Neutral
Flowback began 19 June; ~13% of stimulation fluid recovered, all water. The upper and lower zones were found to be in communication, so the plug between them was drilled out. Only trace hydrocarbons were seen; up to 30% fluid recovery may be needed before hydrocarbons flow.
20 June 2017drilling progress report● Neutral
Both Icewine#2 stimulation stages were completed, with over 98% of the intended proppant injected into the HRZ reservoir. Flowback starts from the upper zone, then both zones are comingled. Lab analysis of samples will take four to six weeks. No flow rates yet.
19 June 2017drilling progress report▲ Good
Stage 1 (lower HRZ) stimulation was completed as planned with all proppant placed; stage 2 (upper HRZ) was expected to finish within about twelve hours. Flowback, sampling and a choke-opening test follow over coming weeks. No flow rates yet; lab analysis will take four to six weeks.
13 June 2017regulatory community update● Neutral
The Alaska regulator approved the stimulation application. Two stages (lower and upper HRZ) are planned around 17 June, with up to two weeks of flowback, then two more weeks of comingled cleanup before flow rates may be reported. The company cautions key uncertainties remain.
6 June 2017drilling progress report● Neutral
Rig demobilised and stimulation design finalised, with the application lodged with the State. Stimulation is planned around 17 June. The company says pore pressure appears higher than expected, so the planned micro stimulation (DFIT) is dropped. It lists key uncertainties still unresolved.
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.
5 Apr 2017quarterly activities report● Neutral
March quarter report: repeats the 1.47 billion barrel gross (1.14 billion net) conventional prospective resource, the Doyon rig contract, rig mobilisation, and the A$17m placement. The Icewine#2 Permit to Drill was submitted, with April spud on schedule. Cash figures are truncated.
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.
