Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Mar 2024drilling progress report● Neutral
Upper SFS flow testing at Hickory-1 is nearly complete after pre-frac work ran longer than estimated, partly due to weather. Results are due around the end of the week, then a ~14-day SMD-B test. Still fully funded; demobilisation now expected mid-April.
11 Mar 2024drilling progress report● Neutral
Flow test operations have started at Hickory-1, with the wellbore prepared and Upper SFS perforation next, followed by SMD-B. 88E added engineering advisers and can draw on Pantheon staff experience. The full program is scheduled to finish in March 2024. No results yet.
1 Mar 2024other▼ Bad
S&P Dow Jones index rebalance notice, not issued by 88E. It lists 88 Energy among removals from the All Ordinaries effective 18 March 2024. It carries no company news.
28 Feb 2024drilling progress report● Neutral
Hickory-1 flow test mobilisation is complete and the blow-out preventers are being tested. About five days of wellbore preparation precede perforating the Upper SFS. Two roughly ten-day tests are planned, Upper SFS then SMD-B. No test results yet.
22 Feb 2024farm in farm out completion▲ GoodMajor
Namibia's Ministry of Mines and Energy approved the transfer of a 20% PEL 93 interest to 88E, completing Stage 1 of the Monitor farm-in. About 200 line-km of 2D seismic is planned for mid-2024, with a possible first well from H2 2025.
19 Feb 2024joint venture update▲ Good
Phoenix partner Burgundy remitted the outstanding US$1.75m balance of its 2023 cash calls, after the 31 January 2024 extended deadline had passed, and said it was committed to its share of the Hickory-1 flow test cost. Rig-111 mobilisation was expected to finish within 7-10 days.
8 Feb 2024auditor change● Neutral
BDO Audit Pty Ltd replaces BDO Audit (WA) Pty Ltd as auditor after the latter resigned with ASIC consent. The reason given is BDO restructuring its audit practice. Shareholders will vote to confirm the appointment at the next AGM.
5 Feb 2024drilling progress report● Neutral
Hickory-1 flow test permitting is complete, with the final AOGCC frac permit received, and ice pad construction has begun. Rig-111 mobilisation is scheduled for mid-February 2024. Upper SFS is to be tested first, then SMD-B. No new results.
12 Jan 2024drilling scheduled● Neutral
Hickory-1 flow test and stimulation is set to start mid-February 2024 on a fully funded US$11m gross budget. Upper SFS and SMD-B are each to be tested for about ten days. The company notes offset vertical tests flowed 50-100 BOPD, with horizontal wells modelled 6-12 times higher.
21 Dec 2023regulatory community update● NeutralMajor
The US land agency BLM approved a 12-month suspension of the Peregrine leases (125,735 acres) from 1 Dec 2023 to 30 Nov 2024, amid proposed NPR-A rules. No physical work occurs, and about A$0.5m of Q1 2024 rentals is relieved. Farm-out awaits regulatory resolution.
20 Dec 2023other● Neutral
Year-end shareholder letter restating known plans: Hickory-1 flow test results expected March 2024, Leonis certified resource and farm-out in 1H24, Namibia 2D seismic results in 2H24, and a five-workover Longhorn program. Says flow test is fully funded after the November placement. No new results.
15 Dec 2023asset acquisition disposition▲ GoodMajor
88E bought a further ~64.4% non-operated interest in 1,262 net acres next to Project Longhorn in Texas for US$0.35m (US$0.26m net). Net 2P reserves are 0.68 MMBOE. Five workovers are approved for 1H 2024, targeting 600-675 BOE/d gross by end 2024.
8 Dec 2023security holder rights change● Neutral
Top 20 and distribution schedule for the new listed options (A$0.0075, expiring 15 Dec 2026): 488.9m options held by 162 holders, the top 20 holding 60.5%. Administrative.
5 Dec 2023capital raising announcement● Neutral
Prospectus for the options attached to the November placement: up to 488.9m free options (1 per 3 placement shares) plus 50m broker options to Euroz and Inyati. Administrative step that implements known terms.
5 Dec 2023joint venture update● NeutralMajor
Phoenix partner Burgundy paid US$2.0m of US$3.745m overdue cash calls. 88E extended the default standstill to 31 January 2024; if the US$1.745m balance is unpaid, 88E receives 50% of Burgundy's Phoenix working interest.
29 Nov 2023capital raising announcement● NeutralMajor
Placement raising A$9.9m via 2.2bn shares at A$0.0045, with 1 option per 3 shares (A$0.0075, expiring Dec 2026). It funds the Hickory-1 flow test and Namibia, including cover for Phoenix partner Burgundy's unpaid cash calls, whose cure deadline was 30 November.
What it means for a shareholder
2.20bn new shares at A$0.0045 to raise about A$9.9m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (222,222 at the issue price), your slice goes from 0.001% to 0.000914% of the company. To keep it you'd need 22,103 more shares - about A$99 at the issue price.
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14 Nov 2023investor presentation● Neutral
November 2023 investor update. Only the disclaimer was provided, so no new substance can be reported.
13 Nov 2023investor presentation● Neutral
Investor presentation on the Namibian PEL 93 farm-in announced the same day. Text provided is only the disclaimer, so no new information can be reported.
13 Nov 2023farm in farm out agreement● NeutralMajor
88E signed a three-stage farm-in with Monitor to earn up to 45% of onshore Namibian licence PEL 93 (18,500 km2), a new country for the company. Stage 1 costs US$3.7m for 20%; total spend up to US$18.7m. Government approval is expected by Q1 2024.
6 Nov 2023resource reserve update▲ GoodMajor
NSAI certified a maiden Basin Floor Fan contingent resource at Project Phoenix: 250 MMBOE gross best estimate (136m bbl liquids, 628 BCF gas), confirming Hickory-1 as a discovery before flow testing. Net entitlement is about 157 MMBOE at ~63%.
30 Oct 2023resource reserve update▲ Good
88E has hired NSAI to certify a maiden contingent resource for the deepest Hickory-1 reservoir (Basin Floor Fan), after Pantheon's declaration next door. It expects the estimate in November 2023, which may confirm Hickory-1 as a discovery.
17 Oct 2023security holder rights change● Neutral
The small holding sale facility is complete: 212.2m shares held by 7,362 holders were sold at an average A$0.00644. The company says the smaller shareholder base will cut administration and corporate costs.
12 Oct 2023regulatory community update● Neutral
Alaska portfolio update: Hickory-1 flow test is targeted for early Q1 2024. Leonis maiden resource estimate is now expected by Q1 2024 (earlier guided Q3/Q4 2023), with farm-out in 2024. Icewine West has new mapped prospects, and Peregrine has N12 and N13 added.
21 Sept 2023drilling progress report▲ Good
Upper Slope Fan mapping at Hickory-1 is complete, and the reservoir is more extensive than first mapped, correlating over 4 miles to Icewine-1 shows. Its resources are not yet estimated. Flow test modelling is done, with testing now targeted for Q1 2024.
14 Sept 2023admin correction● Neutral
Computershare's Perth office moves to Level 17, 221 St Georges Terrace from 18 September 2023. Administrative notice with no business substance.
13 Sept 2023security holder rights change● Neutral
Small holding sale facility update: 862 holders keeping 27.3m shares via retention forms. After others sold or topped up, 212.2m shares remain to be sold by Euroz Hartleys. Administrative.
8 Sept 2023half year report● Neutral
Half-year report to 30 June 2023. Only headings were provided, with no figures or narrative, so no new substance can be reported.
5 Sept 2023contract award▲ GoodMajor
88E signed a rig contract with All American Oilfield for Rig-111 to flow test Hickory-1, which targets 647m bbl (pre-drill estimate). Permitting is on schedule, with operations planned as early as possible in the 2023/24 Alaskan winter. Post-well analysis continues.
31 Aug 2023capital raising announcement● NeutralMajor
The shortfall was placed in full, bringing total proceeds to A$8.0m cash, plus A$4.0m of shares (~667m at A$0.006) issued to Longhorn operator Lonestar to part-fund the first two Bighorn Phase 2 wells. Shares on issue become ~22.1bn.
29 Aug 2023capital raising announcement▼ BadMajor
The rights issue closed with only A$3.3m of valid applications (553m shares) against the A$12.06m on offer. The remaining 1.46bn shares go to a shortfall placement at the same A$0.006. Existing cash was A$7.3m at 30 June.
