13 May 2025admin correction● Neutral
Updated Appendix 3A.3 confirming the completed consolidation, with final post-consolidation figures adjusted for fractional rounding (1,157,350,417 shares). Administrative update with no new news.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 May 2025security holder rights change● Neutral
The 1-for-25 consolidation is complete: shares fall from about 28.93bn to about 1.157bn. Listed options now exercise at A$0.1875 and warrants at £0.0975. Completes the process approved on 6 May.
6 May 2025security holder rights change● Neutral
Shareholders approved the 1-for-25 share consolidation on 6 May 2025, as proposed in April. Post-consolidation trading starts on a deferred settlement basis on 8 May.
4 Apr 2025security holder rights change● NeutralMajor
Proposes a 25-for-1 share consolidation, cutting about 28.9bn shares to about 1.157bn, subject to shareholder approval at the 6 May 2025 AGM. Options and warrants are adjusted too; listed option exercise price goes from A$0.0075 to A$0.1875.
31 Mar 2025joint venture update▲ Good
Burgundy paid the final US$2.2m (A$3.4m) of the overdue Hickory-1 flow test cash call, on top of US$1m in February, settling the balance. Cash is now over A$10m. The Phoenix horizontal well is planned for mid-2026, and the carry still depends on Burgundy raising capital in 2025.
11 Mar 2025annual report● Neutral
Appendix 4G and corporate governance statement for 2024, lodged with the annual report. Administrative filing with no company news.
11 Mar 2025annual report● Neutral
2024 annual report. The chairman says the share price has not reflected technical successes such as the Hickory-1 flow test, Leonis resource and ten Namibian closures. The visible text shows no new financial figures.
18 Feb 2025investor presentation● Neutral
February 2025 investor presentation; the visible text is only the disclaimer and cover, with no new figures or news.
17 Feb 2025farm in farm out agreement▲ GoodMajor
Binding terms agreed for Burgundy to fund up to US$39m of Phoenix costs for up to 50% more interest. Phase 1 (US$29m) carries the 2025/26 horizontal well and cuts 88E from ~75% to 35%. This resolves the Burgundy carry talks, but depends on Burgundy raising capital in 2025.
30 Jan 2025resource reserve update▲ GoodMajor
Maiden internal prospective resource for the Canning prospect at Leonis: 283 MMbbl net mean (unrisked). Combined with the Upper Schrader Bluff prospect, Leonis totals 664 MMbbl net mean. Tiri-1 targets both zones, scheduled H1 2026, depending on finding a farm-out partner.
31 Dec 2024joint venture update● Neutral
Burgundy paid US$1m of its US$4m overdue cash call; the deadline for the remaining US$3m moved to 15 February 2025 with a US$100,000 extension fee. Burgundy still wants to carry 88E's 2025/26 costs for extra interest; terms are under review.
12 Dec 2024asset acquisition disposition▲ GoodMajor
88E was declared highest bidder on four lease blocks (about 10,203 acres) next to Project Leonis, taking it to 14 leases and about 35,634 acres, targeting a new Canning prospect. Formal award is expected 1H 2025; a well is planned for 1H 2026.
10 Dec 2024drilling result▲ Good
Monitor's first interpretation of the PEL 93 seismic confirms 10 structural closures, some up to about 100 km2. 88E must validate this independently; a prospective resource estimate is targeted for 1H 2025. Further seismic is possible, including over a new lead 11.
31 Oct 2024drilling result▲ Good
Processing of the 203 line-km of PEL 93 seismic is finished, showing good data quality and significant structures not yet interpreted in-house. Interpretation with partner Monitor starts soon; a maiden prospective resource is now aimed for Q1 2025 (earlier guidance said H1 2025).
10 Oct 2024investor presentation● Neutral
October 2024 presentation repeating the September Phoenix resource upgrade (378 MMBOE gross 2C) and farm-out plans. Shows 28.9bn shares, share price A$0.002 and market cap about A$57.9m. Nothing new on operations.
18 Sept 2024resource reserve update▲ GoodMajor
Independent ERCE contingent resources for the SMD-B and SFS reservoirs add 128 MMBOE gross (81 net) to Phoenix, lifting 2C by over 50%. Combined with the BFF, Phoenix 2C is about 378 MMBOE gross (239 net). Formal farm-out to start Q4 2024.
2 Sept 2024half year report● Neutral
Half-year report to 30 June 2024. The visible text recaps the Hickory-1 flow test results (peak ~70 and ~50 bopd) and the Texas production assets; the truncated text shows no new figures.
19 Aug 2024joint venture update● NeutralMajor
Partner Burgundy committed to pay US$0.35m soon, and 88E extended its standstill on the roughly US$3m flow-test cost to 31 Dec 2024, rather than taking half of Burgundy's interest. Burgundy is also in talks to carry 88E's 2025/26 horizontal well costs for more interest; no guarantee. Contingent resource due Q4.
26 July 2024other● Neutral
Amended securities trading policy adopted from 26 July 2024, replacing the July 2016 policy. Administrative notice with no company news.
24 July 2024drilling progress report▲ Good
PEL 93 seismic finished on time and within budget: 203 line-km acquired, which meets the licence commitment for the renewal period. Interpretation expected Q4 2024, leading to a certified prospective resource. Neighbour Recon Africa spudded Naingopo-1 on 7 July.
8 July 2024drilling progress report● Neutral
2D seismic acquisition has begun on Namibia's PEL 93 (88E 20% WI), about 200 line-km by Polaris, due to finish in Q3 2024. Follows the May contract award. A neighbouring operator is about to spud the first of up to four wells.
4 June 2024resource reserve update▲ GoodMajor
Maiden internal prospective resource for Project Leonis (100% WI): net mean 381 MMbbl of oil in the Upper Schrader Bluff, from the Tiri prospect. Permitting has begun for the Tiri-1 well; drilling depends on a farm-out partner, with no guarantee one is found.
10 May 2024contract award▲ GoodMajor
The 200-line-km 2D seismic program on Namibia's PEL 93 was awarded to Polaris, already paid for under the Monitor farm-in. Acquisition starts mid-2024 and finishes Q3, with processing in Q4. A first well is possible as early as 2H 2025.
24 Apr 2024capital raising announcement● NeutralMajor
Raised A$9.9m before costs through a placement of 3.29bn shares at A$0.003, a 40% discount to the last close. Same size as the November 2023 raise, at a lower price. Funds the Hickory-1 costs, resource work and Namibia. Company says it is funded for 12 months.
What it means for a shareholder
3.29bn new shares at A$0.003 to raise about A$9.9m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.00133% to 0.00117% of the company. To keep it you'd need 43,651 more shares - about A$131 at the issue price.
Create a free account to see this worked out for your own holding.
19 Apr 2024flow test result● Neutral
Clarifies the Hickory-1 results: Upper SFS had only ~10.5 hours of established flow (~19 bbl oil), and SMD-B flowed oil over ~16 hours (~4 bbl). The 70 and 50 bopd peaks were instantaneous rates. Plans are resource work, a farm-out and early production design.
17 Apr 2024investor presentation● Neutral
April 2024 investor presentation. The visible text is only the disclaimer; no new information is shown.
15 Apr 2024flow test result▲ GoodMajor
Hickory-1 SMD-B flowed light oil at a peak of ~50 bopd (~39 API) under nitrogen lift, a second oil flow after the Upper SFS. Contingent resource assessment for the SFS and SMD is expected in 2H 2024, with farm-out and/or early low-capital production under consideration.
2 Apr 2024flow test result▲ GoodMajor
Hickory-1 Upper SFS flowed light oil naturally, peaking at over 70 bopd (~40 API) from a 20ft interval. This is the first oil flowed to surface in 88E's Alaska projects. The company will seek a contingent resource for the Upper and Lower SFS. SMD-B test follows.
28 Mar 2024annual report● Neutral
2023 annual report. The chairman's letter restates known items: Hickory-1 flow test underway, the 250 MMBOE BFF contingent resource, Leonis certified resource due 1H24, and Yukon acreage divested. The visible text carries no new figures.
28 Mar 2024other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, confirming the governance statement is current at 31 December 2023. Administrative filing with no company news.