9 Aug 2023capital raising announcement● Neutral
Confirms the rights issue offer document and personalised entitlement forms were dispatched to shareholders on 9 August 2023. Administrative notice, no new substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Aug 2023capital raising announcement● Neutral
Letter telling holders with registered addresses outside Australia, New Zealand and the UK that they cannot take part in the A$0.006 rights issue. Administrative, no new substance.
9 Aug 2023capital raising announcement● Neutral
Cover letter sending the rights issue offer to eligible holders (1-for-10 at A$0.006, up to ~A$12m, closing 22 August 2023). Shortfall can be applied for, and Euroz Hartleys is lead manager. Repeats known terms; administrative.
31 July 2023investor presentation● Neutral
July 2023 investor update. Only the cover and disclaimer text was provided, so no new substance can be reported.
31 July 2023capital raising announcement● Neutral
Formal offer document for the 1-for-10 rights issue at A$0.006 (£0.0031) to raise up to about A$12.0m. Offer runs 9-22 August 2023. It is a shortened-disclosure document, not a prospectus, and describes the shares as speculative.
31 July 2023capital raising announcement● NeutralMajor
88E launched a non-renounceable 1-for-10 rights issue at A$0.006 to raise up to about A$12.0m, a 15% discount to the 15-day VWAP of A$0.007. Funds are for Hickory-1 flow testing, Longhorn wells, Alaska lease rentals and Leonis planning; about 2.0bn new shares if fully taken up.
What it means for a shareholder
2.00bn new shares at about A$0.006 to raise about A$12.0m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.000829% to 0.000754% of the company. To keep it you'd need 16,577 more shares - about A$99 at the issue price.
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31 July 2023resource reserve update● NeutralMajor
ERCE updated Peregrine prospective resources after the Merlin-2 result, adding two new Nanushuk targets (N13, N12) in a smaller acreage position; the stacked prospects total is shown as 2,423 (units cut off). This revises the 2021 estimate of ~1.62bn bbl; a farm-out is still being considered.
31 July 2023security holder rights change● Neutral
Letter to holders of less-than-marketable parcels (71,428 or fewer shares, about 8,847 of ~19,793 holders, ~1.32% of shares) under a small holding sale facility. Shares are sold at no cost unless holders return a retention form by 11 September 2023. Administrative.
3 July 2023asset acquisition disposition▲ GoodMajor
88E agreed to buy a ~45% non-operated interest in 435 net acres about 4 miles south of Longhorn in Texas, for US$1.5m (US$1.1m net to 88E), with net 2P reserves of 1.1 MMBOE. Two new wells are planned in 2H 2023, targeting ~500 BOE/d gross at Longhorn by year end.
27 June 2023regulatory community update▲ Good
Reprocessing of the Storms 3D seismic over Project Leonis (awarded April 2023) is complete, and the Upper Schrader Bluff prospect is assessed at up to 60 km2. A maiden independent resource estimate is planned after interpretation work finishes in Q3, with a farm-out targeted.
23 June 2023drilling progress report● Neutral
Hickory-1 is cased and suspended, with flow testing of up to four zones targeted for the 2023/24 Alaskan winter. Rig selection is expected 'imminently' and stimulation fluid choice is being worked through. Post-well core analysis is described as encouraging; no flow rates yet.
11 May 2023investor presentation● Neutral
Presentation for the 11 May 2023 AGM. Only the cover and disclaimer text was provided, so no new substance can be reported. It does not show the AGM voting outcome or the spill motion result.
2 May 2023agm notice▼ BadMajor
With proxies at under 4% of shares, the board warned that the remuneration report and Ms Kendrick's re-election would fail and the conditional spill motion would pass. That would force a spill meeting within 90 days and non-executive directors would vacate. The board urges votes for Resolutions 1-5 and against 6.
20 Apr 2023regulatory community update▲ GoodMajor
Alaska's DNR formally awarded all ten Project Leonis leases, about 25,430 acres, to 88E's subsidiary, resolving the highest-bidder status from November 2022. A historical well showed over 200 ft of bypassed pay. Further technical assessment, funding and possible farm-out are still needed.
19 Apr 2023investor presentation● Neutral
April 2023 presentation of initial Hickory-1 results and forward plan. Only the cover and disclaimer text was provided, so no new substance can be reported.
11 Apr 2023well test result▲ GoodMajor
Wireline logging confirmed multiple pay zones in Hickory-1: about 450 ft net pay and over 2,000 ft gross, with 9-12% average porosity. The company says pre-drill expectations were met or exceeded. The well will be cased and suspended for flow testing as early as the 2023/24 winter; no flow rates yet.
3 Apr 2023drilling result▲ GoodMajor
Hickory-1 reached total depth of 10,650 ft with preliminary net pay indicated across all pre-drill targets, plus a new Upper SFS reservoir not previously intersected on Phoenix. Cost is under US$13.5m gross. Pay figures await wireline confirmation; the Kuparuk target was not drilled.
29 Mar 2023drilling progress report▲ Good
Hickory-1 passed through all three primary SMD reservoirs at about 8,820 ft, with oil shows and logging data indicating potential pay, though not yet confirmed. The company will now stop at about 11,000 ft, skipping the smaller Kuparuk target, which is deferred to later flow testing.
23 Mar 2023drilling progress report● Neutral
Hickory-1 surface hole was drilled to 3,570 feet, cased, and the blowout preventer tested successfully, following the 9 March spud. The rig is preparing to drill ahead to the primary targets within about two weeks. No reservoir results yet.
10 Mar 2023drilling spud▲ GoodMajor
Drilling of the Hickory-1 exploration well began on the evening of 9 March 2023 (Alaska time), on schedule. It targets up to six reservoirs and 647m barrels net unrisked prospective resource, to a maximum 12,500 ft. Surface hole first, then about two weeks to depth. No results yet.
8 Mar 2023other● Neutral
Corporate governance statement for 2022, current at 8 March 2023, describing how the company followed ASX governance recommendations. Board duties for committees are handled by the full board. Administrative; no business substance.
8 Mar 2023annual report● Neutral
2022 annual report to 31 December 2022. The chairman's letter reviews known events: the ~73% Longhorn interest (over A$4m net cash flow returned), Phoenix renaming, A$14.9m raise, Hickory-1 rig contract and Project Leonis bid. Financial statements were not in the provided text.
8 Mar 2023other● Neutral
Appendix 4G governance disclosure key for the year ended 31 December 2022, pointing to the company's website governance statement. Administrative filing with no business substance.
28 Feb 2023regulatory community update▲ GoodMajor
Alaska's DNR approved the Toolik River Unit over the western and central Project Phoenix leases, resolving the pending unit decision. Leases are extended beyond their primary term with an exploration plan to February 2028. Eastern leases were excluded for now, pending more data.
27 Feb 2023drilling progress report● Neutral
Ice pad for Hickory-1 is nearly complete and rig mobilisation is about to start, with spud still on track for early March. Surface hole to 3,500 ft takes up to two weeks, then about two more weeks to the 12,500 ft target depth. No new results.
6 Feb 2023capital raising announcement● NeutralMajor
88E raised A$17.5m gross via a placement of 1,842,105,263 shares at A$0.0095, a 20.8% discount. Funds cover Hickory-1, the Project Leonis acreage payment and new ventures; the company says it is funded for 12+ months. Total shares rise to 20.1bn, diluting holders.
What it means for a shareholder
1.84bn new shares at A$0.0095 to raise about A$17.5m. That's 9.2% dilution: every existing holder's slice gets 9.2% smaller. If you held A$1,000 of shares (105,263 at the issue price), your slice goes from 0.000576% to 0.000523% of the company. To keep it you'd need 10,616 more shares - about A$101 at the issue price.
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6 Feb 2023drilling scheduled▲ Good
The Alaska regulator approved the Permit to Drill for Hickory-1, clearing a key approval flagged earlier. Ice-pad construction starts and the rig mobilises mid-February, with spud on track for early March. Cost is about US$13.5m gross (about US$10m net to 88E).
2 Feb 2023investor presentation● Neutral
February 2023 investor presentation; only the disclaimer text was provided, so no new substance can be reported.
15 Dec 2022investor presentation● Neutral
December 2022 presentation on Project Phoenix and the Hickory-1 well; the text provided is only the cover and disclaimer, so no new substance can be reported.
7 Dec 2022contract award▲ GoodMajor
88E signed a rig contract with Nordic-Calista for Rig-2 to drill Hickory-1, spud planned late February/early March 2023 to 12,500 ft. Icewine East is renamed Project Phoenix, now focused on conventional reservoirs. A unit application is open for comment, with a decision due by 1 March 2023.