Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
3 May 2023agm notice● Neutral
Voting instructions for the 11 May 2023 AGM across the Australian, UK CREST and OTC registers, with proxy deadlines. Administrative, with no business substance.
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.
26 Apr 2023quarterly activities report▲ Good
March quarter: Hickory-1 was drilled, logged, then cased and suspended on budget, with flow testing of up to four reservoirs planned for winter 2023/24. Leonis was awarded. Longhorn averaged 425 BOE/day gross. Cash was A$26.3m with no debt.
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.
6 Apr 2023agm notice● Neutral
Cover letter inviting shareholders to the 11 May 2023 AGM, saying hard copies of the notice will not be posted and materials are online. Administrative, with no business substance.
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.
23 Mar 2023agm notice● Neutral
The AGM is set for 11 May 2023 in Subiaco, with a director election on the agenda. Director nominations close 30 March 2023. Administrative notice only.
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.
Create a free account to see this worked out for your own holding.
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.
25 Jan 2023quarterly activities report● Neutral
December quarter: cash was A$14.1m with no debt. Hickory-1 is scheduled to spud around 1 March 2023, with approvals expected by end January. Longhorn finished its final two 2022 work-overs and a A$1.5m distribution was received.
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.
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.
24 Oct 2022quarterly activities report▲ Good
September quarter: cash rose to A$17.5m with no debt after the A$14.9m placement (A$13.9m net). Hickory-1 location chosen and permitting under way. Longhorn's fourth work-over is done and a A$0.9m distribution was received. Harrier basin modelling was reported as encouraging.
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.
