Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 July 2024quarterly activities report● Neutral
June quarter: cash A$7.9m (down from A$17.5m), though the A$9m raise is noted. Longhorn workovers lifted output to 395 BOE/d, June 456. Leonis resource and Namibia seismic recapped; Phoenix contingent resource targeted Q4 2024. Company says it is funded for 12 months.
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.
18 Apr 2024quarterly activities report● Neutral
March quarter: cash A$17.5m, no debt. Hickory-1 flowed oil from two reservoirs. Longhorn averaged 328 BOE/d gross. Operating cash outflow fell to A$0.77m from A$1.44m in Q4 2023. Phoenix farm-out is planned after post-test analysis. Largely repeats known results.
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 2024agm notice● Neutral
Letter to shareholders on the AGM, now stated as 13 May 2024 at Subiaco, which differs from the 2 May date previously notified. Materials are online. Administrative notice.
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.
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 2024agm notice● Neutral
The AGM is set for 2 May 2024 in Subiaco, with a director to be elected. Nominations close 18 March 2024. Administrative notice.
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.
30 Jan 2024quarterly activities report● Neutral
December quarter: cash A$18.2m, no debt, after the placement. Longhorn averaged 355 BOE/d gross. The Hickory-1 flow test is due to start in February. A cost review will cut direct employment costs from Q1 2024. Mostly repeats known updates.
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.
14 Dec 2023agm notice● Neutral
Cover letter notifying shareholders of a General Meeting on 15 January 2024 in Subiaco. The agenda was not provided in this text, so the business is unknown. Administrative.
