Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Nov 2022asset acquisition disposition▲ GoodMajor
88E was declared highest bidder on 10 North Slope leases, about 25,600 acres south of Prudhoe Bay, named Project Leonis. An old 1985 well logged over 200 ft of possible pay. Formal award is expected 1H 2023; no exploration plan is set yet.
28 Oct 2022investor presentation● Neutral
Updated corporate presentation for the 11 November EGM and London meetings. It adds a resources disclosure and cautionary slide and more references to Hickory-1. No new results or figures are reported.
10 Oct 2022investor presentation● Neutral
October 2022 investor update; only the disclaimer text was provided, so no new substance can be reported.
5 Sept 2022drilling scheduled▲ GoodMajor
Interpretation of the Franklin Bluffs 3D seismic is complete and 88E has chosen the Hickory-1 location for a 1H 2023 well, vertical to about 12,500 ft to test four reservoir units. Anomalies could indicate oil or good reservoir. Permitting has started and approvals are still needed.
23 Aug 2022resource reserve update● Neutral
88E re-issues the Icewine East prospective resource table: 1,030m barrels gross mean unrisked, 647m net, matching the 10 August figures. It clarifies Icewine East (Lee Keeling) and Icewine West (ERCE, Nov 2020) are two separate estimates. It adds no new volumes.
12 Aug 2022capital raising announcement● NeutralMajor
88E raised A$14.9m gross through a placement of 1,655,555,556 shares at A$0.009, an 18.2% discount to the last close. Funds go to the planned 2023 Icewine East well, new ventures and working capital, on top of A$6.1m cash at 31 July. Brokers also get 90m options at A$0.02.
What it means for a shareholder
1.66bn new shares at A$0.009 to raise about A$14.9m. That's 9.1% dilution: every existing holder's slice gets 9.1% smaller. If you held A$1,000 of shares (111,111 at the issue price), your slice goes from 0.000669% to 0.000608% of the company. To keep it you'd need 11,075 more shares - about A$100 at the issue price.
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10 Aug 2022resource reserve update▲ GoodMajor
Independent estimate puts Icewine East's maiden gross mean unrisked prospective resource at 1.03bn barrels (647m net to 88E), fulfilling the resource update promised for 1H 2022. It is prospective, not discovered, and a well is planned for 2023.
10 Aug 2022half year report● Neutral
Half-year report to 30 June 2022. Only the front pages and directors' report were provided, repeating known Icewine mapping, the SAE seismic licence and the Texas acquisition. The report describes the Texas interest as held through a 75% investment in Bighorn Energy LLC. No financial figures were provided.
27 June 2022material agreement▲ GoodMajor
88E licensed SAExploration's Franklin Bluffs 3D seismic over Icewine East, with US$1.0m of the initial fee paid in about 181m new shares at A$0.008. An Icewine East exploration well is planned for 2023, and farm-out efforts continue. Longhorn output is up over 70% since acquisition.
16 May 2022investor presentation● Neutral
AGM presentation; only the disclaimer text was provided, so no new substance can be reported.
10 May 2022resource reserve update▲ Good
Third-party mapping confirms all Pantheon reservoir units extend onto Icewine East. Re-evaluation of Icewine-1 shows comparable or better reservoir quality in some units than Pantheon's oil-flowing zones. An independent resource certification is expected mid-2022.
12 Apr 2022production update▲ Good
Longhorn Texas output passed 400 BOE/day gross at end-March, over 30% above the mid-February acquisition level. The first work-over is done and a first cash distribution of about A$0.6m was received in March.
8 Apr 2022resource reserve update▲ Good
Preliminary third-party mapping suggests the play areas where neighbour Pantheon has flowed oil extend onto 88E's Icewine leases (~75% WI). A resource update is due Q2 2022, and farm-in talks with a third party continue, with no binding deal guaranteed.
30 Mar 2022drilling result▼ BadMajor
Merlin-2 wireline work found the reservoir too tight to recover fluid samples, so no production test will be run. Porosity and permeability look similar to Merlin-1. The well will be plugged, and 3D seismic and the Harrier-1 prospect will be assessed. Management called it disappointing.
23 Mar 2022drilling result▲ Good
Merlin-2 reached total depth of 7,334 feet on 22 March 2022. All three Nanushuk targets showed oil shows and elevated gas, and a 7-10 day wireline program was to confirm whether mobile hydrocarbons were present.
22 Mar 2022admin correction● Neutral
88E re-lodges its top 20 shareholders list and share distribution schedule to fix a typographical error. As at 18 March 2022 it shows 15,885,207,406 shares held by 18,362 holders, plus 220.95m performance rights and 86m unlisted options.
18 Mar 2022annual report● Neutral
Corporate governance statement for 2021, current at 18 March 2022. It reports the full Board performs committee duties, with a review planned during 2022. Administrative disclosure with no new business information.
18 Mar 2022annual report● Neutral
2021 annual report restates the year: Merlin-1 light oil, the buyback of Peregrine's other 50%, the US$18.7m tax credit sale clearing US$16.1m debt, and the A$24m placement. It notes Merlin-2 spudded 7 March 2022. Only the opening pages of the text were provided.
18 Mar 2022annual report● Neutral
Appendix 4G, the standard key pointing to the company's corporate governance disclosures for the year ended 31 December 2021, signed by Ashley Gilbert. Administrative filing with no substance.
17 Mar 2022drilling progress report● Neutral
Merlin-2 surface hole was drilled to 2,005 feet, cased and pressure-tested, on plan. Drilling ahead to the targets is imminent, with total depth of about 8,000 feet expected within up to two weeks, then five to seven days of wireline logging.
9 Mar 2022drilling spud▲ GoodMajor
The Merlin-2 appraisal well began drilling at 7pm on 7 March 2022 (Alaska time), targeting 652 million barrels unrisked. Drilling goes to about 8,000 feet, roughly five weeks in total. Flow testing depends on wireline results, approvals and weather.
4 Mar 2022resource reserve update▲ Good
Pantheon's Talitha-A well, 2.8 miles north of Icewine, recovered light oil in 2022 tests. 88E says the same targets extend into its acreage and will fold the results into an updated Icewine resource estimate in the first half of 2022.
4 Mar 2022other● Neutral
S&P Dow Jones's March 2022 index rebalance lists 88 Energy as an addition to the All Ordinaries index from 21 March 2022. No company action or new information about the business.
1 Mar 2022drilling progress report● Neutral
The Arctic Fox rig has been mobilised to site and Merlin-2 spud is set for the week of 7 March 2022. The well will be drilled to 2,000 feet first, then to 8,000 feet, about five weeks in total. Flow testing depends on wireline results, approvals and weather.
21 Feb 2022asset acquisition disposition▲ GoodMajor
88E signs a binding deal to buy a ~73% non-operated interest in Project Longhorn, Permian Basin, Texas, for US$9.7m (US$7.2m cash, US$2.5m in about 98.1m shares at A$0.035). Net 2P reserves are 2.1 MMBOE and gross output about 300 BOE/day. It is the company's first producing asset.
21 Feb 2022investor presentation● Neutral
Presentation on the Project Longhorn acquisition, restating the US$9.7m price, ~US$4.70 per BOE entry cost on 2.1 MMBOE net 2P, and about 300 BOE/day gross production. It adds a forecast of about US$34m net operating cash flow over five years; no new transaction terms.
14 Feb 2022capital raising announcement● NeutralMajor
88E raises A$32m (A$30m net) via a placement of 914.3m shares at A$0.035, a 10.3% discount to the 30-day VWAP; shares on issue rise to about 15.73bn. Merlin-2 drill and wireline cost is now about US$28m. The company also says it does not intend to issue shares to the drilling contractor, reversing the 6 December plan. A non-binding deal for a Permian Basin producing asset is flagged.
What it means for a shareholder
914m new shares at A$0.035 to raise about A$32.0m. That's 5.8% dilution: every existing holder's slice gets 5.8% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.000193% to 0.000182% of the company. To keep it you'd need 1,764 more shares - about A$62 at the issue price.
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14 Feb 2022investor presentation● Neutral
February 2022 investor update; the text provided is only the disclaimer, so no new information can be drawn from it.
10 Feb 2022regulatory community update▲ GoodMajor
The BLM approved the Merlin-2 Permit to Drill, resolving the permit thread. The rig is commissioned and moving to site, but spud has slipped from February to early March 2022, with drilling expected to take 3-4 weeks including logging.
21 Jan 2022other● Neutral
88E's shares began trading on the US OTCQB market (code EEENF) from 19 January 2022, with B.Riley FBR as sponsor. No new shares were issued; ASX stays the primary listing and AIM the secondary. DTC eligibility is still being sought.
