Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Mar 2026capital raising announcement▲ GoodMajor
Raised about A$5.0m from institutional investors at A$0.029 per share, heavily oversubscribed. Funds go to permitting, well planning and rig contracting for the Augusta-1 exploration well, targeted for Q1 2027 and subject to funding. Adds cash to the A$6.8m held at December.
24 Apr 2024capital raising announcement● NeutralMajor
Raised A$9.9m before costs through a placement of 3.29bn shares at A$0.003, a 40% discount to the last close. Same size as the November 2023 raise, at a lower price. Funds the Hickory-1 costs, resource work and Namibia. Company says it is funded for 12 months.
What it means for a shareholder
3.29bn new shares at A$0.003 to raise about A$9.9m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.00133% to 0.00117% of the company. To keep it you'd need 43,651 more shares - about A$131 at the issue price.
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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.
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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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 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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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.
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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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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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2 Sept 2021capital raising announcement● NeutralMajor
88E raises A$23.96m through a placement of 855.9m shares at A$0.028, a 12.5% discount to the last close. Funds go to the Merlin-2 appraisal well, lease payments and working capital. Shares on issue rise to about 14.4bn; 50m broker options at A$0.05 are proposed.
What it means for a shareholder
856m new shares at A$0.028 to raise about A$24.0m. That's 5.9% dilution: every existing holder's slice gets 5.9% smaller. If you held A$1,000 of shares (35,714 at the issue price), your slice goes from 0.000264% to 0.000248% of the company. To keep it you'd need 2,257 more shares - about A$63 at the issue price.
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22 Mar 2021capital raising announcement▲ GoodMajor
Contractor ELKO International will subscribe for 360m shares at A$0.018, 225% above the February placement of A$0.008, with no fees, to fund the Merlin-1 cost overruns. Shares on issue rise to 12.52bn. Merlin-1 surface casing is set and drilling continues toward 6,000 ft.
What it means for a shareholder
360m new shares at A$0.018 to raise about A$6.5m. That's 5.0% dilution: every existing holder's slice gets 5.0% smaller. If you held A$1,000 of shares (55,556 at the issue price), your slice goes from 0.000808% to 0.000768% of the company. To keep it you'd need 2,911 more shares - about A$52 at the issue price.
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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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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.
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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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.
12 Nov 2018capital raising announcement▲ GoodMajor
Shortfall from the rights issue placed to institutions: about A$10m from ~556m shares at A$0.018, lifting the total raised to roughly A$13.6m. Cash was A$8.1m at 30 Sep 2018; funds go to Winx-1, lease rentals, loan interest. Shares on issue rise to 6.33bn.
29 Oct 2018capital raising announcement▼ BadMajor
The rights issue raised only A$3.64m of the up-to-A$14.33m: 202.3m shares were taken up and 593.6m remain as shortfall. The company may place the shortfall until 26 January 2019. Far less than the full amount sought.
What it means for a shareholder
202m new shares at about A$0.018 to raise about A$3.6m. That's 3.1% dilution: every existing holder's slice gets 3.1% smaller. If you held A$1,000 of shares (55,577 at the issue price), your slice goes from 0.000873% to 0.000846% of the company. To keep it you'd need 1,765 more shares - about A$32 at the issue price.
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12 Oct 2018capital raising announcement● Neutral
Confirms the rights issue offer document and acceptance forms were dispatched to shareholders on 12 October 2018. Administrative notice only.
8 Oct 2018capital raising announcement● Neutral
Letter to option holders: options carry no right to join the rights issue unless exercised and shares allotted before the 10 October record date. Exercise paperwork had to arrive by 5pm WST on 9 October. Administrative.
8 Oct 2018capital raising announcement● Neutral
Standard letter to eligible shareholders explaining the rights issue options: take up all, part, or nothing (and be diluted). Repeats the A$0.018 price and timetable; adds only that total shares after the offer would be about 6,367m.
8 Oct 2018capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia, New Zealand and the UK that they cannot take part in the rights issue and will not receive the offer document. Administrative.
5 Oct 2018capital raising announcement● Neutral
Required legal notice for the rights issue, restating the A$14.33m raise at A$0.018 and a maximum of 795,884,235 new shares. Notes shareholders who do not take part will be diluted and the company may place any shortfall with institutions. Administrative; nothing new.
5 Oct 2018capital raising announcement● Neutral
The formal offer document for the rights issue: up to 795,884,235 shares at A$0.018 (1p), one for every seven held. It is a reduced-disclosure document and the offer is not underwritten. Repeats the terms announced on 3 October; no new figures.
What it means for a shareholder
796m new shares at A$0.018 to raise about A$14.3m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (55,556 at the issue price), your slice goes from 0.000873% to 0.000776% of the company. To keep it you'd need 6,944 more shares - about A$125 at the issue price.
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