Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Mar 2021drilling spud● NeutralMajor
Merlin-1 began drilling on 10 March 2021, targeting 645m barrels gross, with results expected within about four weeks. 88E's share of cost rose to US$4m from US$1.4m, with cash of US$13m. Harrier-1 is now unlikely this season, a slip from the late March plan.
9 Mar 2021annual report● Neutral
Annual report for 2020. The Chairman notes Rig 111 is on location for Merlin-1 and that 88E now operates projects across 444,517 net acres, including Tract 29 and Umiat. David Wall will depart after Peregrine drilling. Financial statements were not in the text provided.
9 Mar 2021annual report● Neutral
Appendix 4G, the ASX key to the corporate governance disclosures for 2020, signed by David Wall and pointing to the website statement. Administrative filing with no new information.
9 Mar 2021annual report● Neutral
Corporate governance statement for 2020, approved 9 March 2021. It says the board is too small to benefit from separate committees, so the full board performs those duties. Governance disclosure only, with no new operational or financial news.
2 Mar 2021drilling scheduled● Neutral
Merlin-1 spud is now set for 8 March 2021 after minor weather delays, with drilling to a maximum of 6,000 ft and wireline logging to follow. Management says success could mean over 300m barrels net to 88E. Harrier-1 remains subject to permits and Merlin results.
23 Feb 2021resource reserve update● Neutral
88E released the ERCE Peregrine prospective resource report (completed January 2020 for XCD): 1,636 MMstb total mean unrisked, including Merlin 645m and Harrier 417m barrels. Chance of success is 37% for Merlin and 24% for Harrier. This formalises figures already quoted.
19 Feb 2021drilling progress report● Neutral
Rig 111 mobilisation to Merlin-1 has begun, with spud now the first week of March 2021 and drilling taking about 3-4 weeks. Pantheon's nearby Talitha-A well showed encouraging early results that may extend into Icewine. Eastern Icewine leases were also relinquished.
12 Feb 2021capital raising announcement● NeutralMajor
88E raised up to A$12.0m through a placement of up to 1,500m shares at A$0.008, funding Merlin-1 and Harrier-1 cost overruns, flow testing and Umiat abandonment. Managing Director David Wall will resign and leave in May 2021; CFO Ashley Gilbert will take over. Shares on issue rise to 12.16bn.
What it means for a shareholder
1.50bn new shares at A$0.008 to raise about A$12.0m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.00182% to 0.00149% of the company. To keep it you'd need 27,286 more shares - about A$218 at the issue price.
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1 Feb 2021regulatory community update▲ Good
The Merlin-1 permit to drill was approved on 29 January, ahead of the expected 12 February. Rig 111 is nearly commissioned, and spud is expected late February/early March 2021. This removes the permit risk raised on 25 January.
27 Jan 2021regulatory community update▲ Good
The BLM says the Merlin-1 drilling permit is nearly complete, with the Assistant Secretary intending to sign. Field work resumes after a 6-day delay and the trading halt is lifted. Spud is now late February/early March, resolving the permit scare.
25 Jan 2021regulatory community update▼ Bad
88E is seeking clarity on a 60-day US Interior Department suspension of drilling-permit authority that could affect the Merlin-1 permit, applied for 12 January with approval expected by 12 February. The BLM is still processing it. Spending was minimised; the impact on operations is uncertain.
22 Jan 2021other● Neutral
ASX paused trading in 88E pending a further announcement. The text gives no reason; the 25 January update refers to a trading halt.
22 Jan 2021drilling progress report▲ Good
Snow road equipment is mobilising to Merlin-1, with 34 of about 90 miles built, and spud remains planned for mid-late February 2021. Lease AA095899 (Tract 29) was formally awarded, effective 1 January. Merlin-1 targets 645m barrels gross mean prospective; 88E is carried on the first US$10m.
21 Jan 2021quarterly activities report● Neutral
December quarter report restates the Peregrine farm-out terms, the ERCE Icewine resource (1,111 MMboe net unrisked), Area A at 75%, and the Umiat purchase. It adds that the Tract 29 lease award was notified on 20 January. Mostly repeats known items.
11 Jan 2021asset acquisition disposition▲ GoodMajor
88E agreed to buy the Umiat Oil Field, next to Peregrine, for a 4% overriding royalty plus taking on about US$1m of abandonment liability for two old wells. A 2015 Ryder Scott estimate put gross 2P reserves at 123.7m barrels (94m to 88E). A well commitment is due by Aug 2022.
8 Jan 2021asset acquisition disposition▲ GoodMajor
88E, through subsidiary Regenerate Alaska, was named high bidder on Tract 29 (23,446 acres) in the Coastal Plain lease sale. It sits next to the Yukon Leases and the producing Point Thomson field. Consistent with the strategy of aggregating nearby acreage.
7 Jan 2021drilling scheduled● Neutral
Snow road construction has started for Peregrine, Rig 111 is being commissioned, and Merlin-1 spud remains on track for mid-to-late February 2021. 88E is also studying uses for the Torok gas (over 1 TCF gross mean prospective), and now targets an Icewine farm-out in 3Q 2021.
24 Dec 2020agm notice● Neutral
All eight resolutions at the 24 December 2020 general meeting passed. They ratified the November placement shares and approved director participation and performance rights for the Managing Director. Administrative follow-up to the A$10m raising.
10 Dec 2020investor presentation● Neutral
December 2020 presentation restates Peregrine's executed farm-out and February 2021 Merlin-1 spud, plus the 1.77bn boe Icewine resource. It shows 10,602m shares, A$17.2m unaudited cash and a A$90m market capitalisation at A$0.08. Largely repeats known facts.
7 Dec 2020contract award▲ GoodMajor
88E signed a rig contract for Rig 111 to drill Merlin-1 and Harrier-1 at Peregrine (about 6,000 ft each), with Merlin-1 spud planned for mid-to-late February 2021. Separately, about 25% of the gross Icewine lease area was dropped, leaving 231,000 net acres.
4 Dec 2020farm in farm out agreement▲ GoodMajor
88E signed the Peregrine farm-out with Alaska Peregrine Development Company: APDC earns 50% by paying US$11.3m toward the Merlin-1 well (estimated gross cost US$12.6m). 88E pays US$1.3m, with costs above a US$10m carry shared equally. This completes the farm-out process announced in November.
4 Dec 2020other● Neutral
ASX paused trading in 88E pending a further announcement. This was followed the same day by the Peregrine farm-out announcement.
18 Nov 2020capital raising announcement● NeutralMajor
88E raised up to A$10.07m through a placement of up to 1,678m shares at A$0.006, well below the A$0.021 paid in January 2020. Directors plan to take part, subject to approval. Cash was A$4.6m at 30 September; funds go to Peregrine wells, rentals and loan interest.
10 Nov 2020resource reserve update▲ GoodMajor
ERCE independently estimates Icewine prospective resources near Charlie-1 at 1.77bn boe gross mean unrisked, including 1.4bn barrels of oil in the Seabee. This follows the Charlie-1 results and the rise to 75% interest. Seabee flow rates remain untested; a farm-out for 2022 drilling starts immediately.
9 Nov 2020farm in farm out agreement▲ Good
A preferred bidder has been selected for the Peregrine farm-out after competitive bids, with final documents expected within weeks. First well spud is planned for late February 2021. No terms disclosed yet.
22 Oct 2020quarterly activities report● Neutral
September quarter report restates the Charlie-1 final petrophysics (net pay 398 ft versus 280 ft), HRZ peak-oil maturity, completed XCD acquisition and Peregrine farm-out progress. Mostly repeats known items; the financial section was truncated in the text provided.
19 Oct 2020asset acquisition disposition▲ GoodMajor
Icewine 'Area A' leases around Charlie-1 formally re-assigned to 88E, lifting its interest from 30% to 75% (about 85,000 net acres). This completes the Premier withdrawal thread. An independent resource estimate is due within weeks; Peregrine farm-out has non-binding offers.
23 Sept 2020investor presentation▲ Good
Seismic attribute work shows the Merlin and Harrier prospects at Peregrine have a fluid-factor signature similar to the Willow oil field to the north. The Peregrine farm-out data room has been open several weeks, with a deal targeted before year-end 2020 and drilling in 1Q2021.
11 Sept 2020resource reserve update▲ GoodMajor
Final Charlie-1 petrophysics lift net pay to 398 ft from 280 ft, mostly from the Lima oil discoveries in the Seabee. Torok gas-to-oil ratio remains uncertain. A data room for the next Icewine farm-out opens soon; resource estimates to follow.
2 Sept 2020half year report● Neutral
Half-year report to 30 June 2020 recaps Charlie-1 drilling, plugging within budget, the XCD takeover (completed 17 August) and the Western Blocks leases being relinquished in the half. Financial figures were not shown in the text provided.
