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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
25 Jan 2017quarterly activities report● Neutral
Amended re-release of the December quarter report. The visible text is the same as the original, with bullet formatting changes only; no new substance is confirmed.
25 Jan 2017quarterly activities report● Neutral
December quarter report: Icewine#2 Plan of Operations approved, rights to up to ~190,000 more net acres, and the A$11m placement completed. Repeats the post-quarter 1.47 billion barrel conventional total. Cash figures are truncated.
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.
31 Oct 2016quarterly activities report● Neutral
September quarter report: Icewine#2 redesigned as a vertical well, permitting on track for year-end, spud still 1Q2017. Repeats the 758 million barrel top-5 conventional leads and the completed A$11m placement. Financial figures are truncated.
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.
28 July 2016quarterly activities report▲ Good
June quarter: net cash A$20.3m after the A$25m placement (A$23.7m net of costs). Exploration spend A$14.1m, including A$4.1m of Bank of America borrowings. Modelled mid-case breakeven oil price is US$39/bbl; Icewine#2H rig tender began July, spud still Q1 2017.
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.
6 May 2016drilling progress report▲ Good
2D seismic acquisition is done: 662 of 750 line-km shot, with the rest and some 3D inline data bought from Alaska Seismic Ventures, within a ~US$3m budget. Award notices arrived for 172,937 acres; net payment of US$4.25m is due before final award.
29 Apr 2016quarterly activities report● Neutral
March quarter report: exploration spend A$9.559m, largely funded by A$6.265m of Bank of America borrowings, and net cash of A$7.491m at quarter end. Notes the A$25m raising and a Managing Director salary rise from A$300,000 to A$400,000 from 1 May. Otherwise repeats known Icewine progress.
22 Apr 2016capital raising announcement▲ GoodMajor
Raises A$25m through a placement of 715m shares at an effective A$0.035, above the A$10-15m target. Funds go to 750km of 2D seismic, the ~174,000-acre payment and Icewine #2H planning, with a spud planned Q1 2017. Shares on issue rise to 3.89 billion.
11 Apr 2016investor presentation● Neutral
April investor presentation repeats known points: Phase I complete, 1.4-3.6 billion barrel prospective resource, 77.5% interest, and Icewine #2H spud scheduled for Q1 2017. It lists 3,177m shares and 548m options, and seeks a partner or funding for the next well.
7 Apr 2016admin correction● Neutral
Corrects the 6 April resource release after a typographical error in the D&M report. The report covers the whole ~272,000 acres, is current to 31 March, and has no flow-rate modelling. The internal estimate table now includes the wet gas window; 90% of mean liquids sit in the volatile oil window.