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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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%.
31 Oct 2023quarterly activities report● Neutral
September quarter: Hickory-1 flow test still on schedule for Q1 2024 with Rig-111 contracted. Cash was A$10.2m with no debt. Longhorn averaged 335 BOE/d gross, down from 370 last quarter, due to gas-plant maintenance. Largely repeats known updates.
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.
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.
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 2023quarterly activities report● Neutral
June quarter: Hickory-1 remains suspended awaiting winter flow testing, Leonis seismic was reprocessed, and Longhorn averaged 370 BOE/d gross, with the Texas acquisition noted. Cash fell to A$7.3m from A$26.3m, with no debt; a A$1.1m Longhorn distribution was received.
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.