Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Feb 2020drilling progress report▲ Good
The Permit to Drill was approved on 11 February, so all permits for Charlie-1 were in hand. The ice road was over 80% complete, rig mobilisation was due in about 10 days, and spud remained on track for late February.
3 Feb 2020capital raising announcement● Neutral
Administrative follow-up confirming the 238,095,240 shares issued at A$0.021 for A$5.0m. The 93.2m shares under the 7.1A capacity diluted holders by 1.34%. Commission was 6% plus a A$50,000 management fee.
What it means for a shareholder
238m new shares at A$0.021 to raise about A$5.0m. That's 3.3% dilution: every existing holder's slice gets 3.3% smaller. If you held A$1,000 of shares (47,619 at the issue price), your slice goes from 0.000693% to 0.00067% of the company. To keep it you'd need 1,650 more shares - about A$35 at the issue price.
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24 Jan 2020capital raising announcement● NeutralMajor
Placement of 238 million shares at A$0.021 to raise A$5.0m, a premium to the A$0.0125 September placement. Cash was A$15.9m at 31 December 2019 including JV cash. Funds cover any Charlie-1 cost above Premier's US$23m carry; the company cites a higher well cost. Shares rise to 7.11bn.
What it means for a shareholder
238m new shares at A$0.021 to raise about A$5.0m. That's 3.3% dilution: every existing holder's slice gets 3.3% smaller. If you held A$1,000 of shares (47,619 at the issue price), your slice goes from 0.000693% to 0.00067% of the company. To keep it you'd need 1,649 more shares - about A$35 at the issue price.
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15 Jan 2020drilling progress report● Neutral
Ice road about 25% built. Permit to Drill submitted, approval expected late January, the last major permit. First cash calls under the farm-out received. Spud timing to be refined later.
27 Dec 2019drilling progress report● Neutral
Snow trail from the Dalton Highway is complete and ice road construction is due to start before end-2019. Charlie-1 spud remains on track for February 2020. Logistics update with no new result.
27 Nov 2019farm in farm out completion▲ GoodMajor
All conditions to the Premier farm-out were satisfied and final agreements executed 26 November 2019, closing the thread expected for end-November. Charlie-1 Plan of Operations approved 22 November; the final permit (Permit to Drill) is due in January. Spud still February 2020.
19 Nov 2019investor presentation● Neutral
November 2019 presentation repeats known facts: Premier carry up to US$23m, Charlie-1 spud February 2020 (480 MMBO net mean prospective). Snapshot shows cash A$10.1m at 30 September 2019 and 6,872m shares. No new events.
15 Oct 2019drilling scheduled▲ Good
Rig contract signed with Nordic-Calista for the Charlie-1 appraisal well, with spud planned for February 2020 and flow testing to conclude by April. Two key permits remain. Premier farm-out conditions are expected to be met by end-November. Gross mean prospective resource is 1.6bn barrels.
20 Sept 2019capital raising announcement● Neutral
Confirms the 540 million shares were issued at A$0.0125 to raise A$6.75m before costs, diluting existing holders by 7.86%. Commission was 6% plus GST. Administrative follow-up to the 13 September placement.
What it means for a shareholder
540m new shares at A$0.0125 to raise about A$6.8m. That's 7.8% dilution: every existing holder's slice gets 7.8% smaller. If you held A$1,000 of shares (80,000 at the issue price), your slice goes from 0.00126% to 0.00116% of the company. To keep it you'd need 6,782 more shares - about A$85 at the issue price.
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13 Sept 2019capital raising announcement● NeutralMajor
Placement of 540 million shares at A$0.0125 to raise A$6.75m, on top of A$6.5m cash at 30 June 2019. Funds cover possible Charlie-1 costs above Premier's carry, lease rentals, loan interest and new ventures. Issue price is below the A$0.018 raised at in late 2018. Shares on issue rise to 6.87bn.
13 Sept 2019half year report● Neutral
Half-year report to 30 June 2019 restates the period's events: Winx-1 failure, Icewine preferred bidder and approvals, and the Premier farm-out signed 23 August. The visible text shows no financial figures. Largely a repeat of earlier announcements.
2 Sept 2019investor presentation● Neutral
September 2019 investor presentation; the visible text is only the cover and legal disclaimers. No new figures or events can be confirmed from the text provided.
23 Aug 2019farm in farm out agreement▲ GoodMajor
Premier Oil signed to farm into 60% of Icewine Area A, paying up to US$23m for the Charlie-1 appraisal well in Q1 2020. 88E keeps 30% and Burgundy 10%. Resolves the farm-out thread begun in March; Premier may earn 50% of Area B or C for US$15m.
6 Aug 2019material agreement▲ Good
88 Energy and Burgundy signed an exclusivity agreement with the Icewine preferred bidder until 31 August 2019. The bidder pays a US$500,000 fee, non-refundable unless the JV parties cause the deal to fail, to fund early 2020 drilling costs. Final farm-out terms are still being agreed.
26 June 2019farm in farm out agreement▲ Good
The Icewine conventional farminee has completed internal approvals, including board sign-off. The deal still needs closing documents and standard conditions precedent. Well planning for 2020 drilling is ramping up. The partner is not named here.
23 May 2019joint venture update▼ BadMajor
Icewine conventional farm-out nears a decision in June, but no guarantee. HRZ shale: Icewine#2 site (Franklin Bluffs) is now seen as marginally outside the revised fairway, and the formal farm-out slips to 2H 2019. Western Blocks reprocessing tender in 3Q.
15 Apr 2019investor presentation● Neutral
AGM presentation slides for April 2019; the visible text is only the cover and legal disclaimers. No new figures or events can be confirmed from the text provided.
26 Mar 2019joint venture update● Neutral
Partner Red Emperor reports Winx-1 has been plugged and abandoned, rig demobilised, with the well on or slightly under budget. Its performance bond refund (US$1.05m share) is under way. Mostly repeats 88 Energy's position.
20 Mar 2019joint venture update● NeutralMajor
After Winx-1, 88E says a preferred bidder is selected for the Icewine conventional farm-out, with no guarantee of a deal. The HRZ shale farm-out is planned for mid-2019, and the Yukon inversion is finished. Winx-1 data will be reviewed for remaining Western Blocks potential.
13 Mar 2019joint venture update▼ Bad
Partner Red Emperor's release repeating the Winx-1 final report: low oil saturations, no production test, well to be plugged and abandoned. Duplicates 88 Energy's announcement.
13 Mar 2019joint venture update▼ Bad
Partner Otto Energy's release repeating 88 Energy's final Winx-1 result: low oil saturations, no hydrocarbon samples, well to be plugged and abandoned. Duplicates 88 Energy's announcement.
13 Mar 2019drilling result▼ BadMajor
Winx-1 is a disappointment: wireline logs show low oil saturations in the Nanushuk and Torok, no hydrocarbons recovered, and clay limiting flow. No production test; well to be plugged and abandoned. Ends the 144 MMbbl net prospect test.
7 Mar 2019joint venture update● Neutral
Partner Red Emperor's release repeating that Winx-1 reached 6,800 feet and wireline logging is starting. Duplicates 88 Energy's update.
6 Mar 2019drilling progress report▲ Good
Winx-1 reached total depth of 6,800 feet on 3 March, with all pre-drill targets intersected and multiple potential pay zones identified. A roughly 10-day wireline logging program starting 6 March will decide whether to production test.
4 Mar 2019joint venture update● Neutral
Partner Red Emperor's release repeating 88 Energy's update on Nanushuk and Torok shows and the planned wireline logging. Duplicates 88 Energy's announcement.
4 Mar 2019drilling result▲ GoodMajor
Winx-1 intersected the primary Nanushuk targets at 4,667–4,901 feet with elevated gas, oil shows and resistivity, and shows in the Torok at 6,052 feet. Management calls this encouraging but too early; wireline logging will decide on testing.
1 Mar 2019drilling result▼ BadMajor
Winx-1 recorded weak to moderate oil shows at 4,460–4,530 feet in the Nanushuk, but early analysis suggests high water saturation and a zone at the lower end of commerciality. The shallower Seabee target showed no oil. Drilling continues to deeper targets.
1 Mar 2019other● Neutral
ASX paused trading in 88 Energy pending a further announcement. Given the timing it appears to precede the Winx-1 drilling update (inference); the notice itself gives no reason.
26 Feb 2019annual report● Neutral
Appendix 4G key to corporate governance disclosures, lodged with the annual report for the year to 31 December 2018. Administrative; no new operational or financial information.
26 Feb 2019annual report● Neutral
Annual report for the year to 31 December 2018. The chairman calls Winx-1, now drilling, potentially among the most significant ASX-listed wells of 2019. Notes 88E operates four projects across 355,000 net acres and honours the late director Brent Villemarette. Financials not shown in the text provided.
