Proactiveinvestors Australia 88 Energy Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia 88 Energy Ltd RSS feed en Mon, 17 Jun 2019 13:00:35 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190610140557_14105194/ Mon, 10 Jun 2019 23:05:57 +1000 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190610140557_14105194/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190610140026_14105189/ Mon, 10 Jun 2019 23:00:26 +1000 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190610140026_14105189/ <![CDATA[RNS press release - Alaska Projects Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190523070007_14084383/ Thu, 23 May 2019 16:00:07 +1000 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190523070007_14084383/ <![CDATA[News - 88 Energy anticipates Icewine farm-out decision in June ]]> https://www.proactiveinvestors.com.au/companies/news/220833/88-energy-anticipates-icewine-farm-out-decision-in-june-220833.html 88 Energy Ltd (LON:88E) shares rose on Thursday after the explorer told investors that a final decision is expected next month for the anticipated farm-out of interests in the conventional portion of Project Icewine in Alaska.

In a statement, the company said that the process is continuing with the preferred bidder and third party due diligence work is now largely complete.

For the unconventional portion of Project Icewine, it noted that the formal farm-out process has been deferred into the second half of 2019 though ‘soft’ farm-out activity is presently underway with interested parties.

READ: continues to look forward to an Icewine farm-out

New analysis of the shale discovery has significantly advanced the understanding of the HRZ ((Highly Radioactive Zone) shale play, 88 Energy added.

It highlighted that the majority of its acreage remains within revised prospectivity fairway and that the disappointing Icewine-2 well is now seen to be marginally outside the revised fairway.

"Final decision on approval for the conventional farm-out is now scheduled for June 2019 and we remain optimistic of a favourable outcome for our shareholders in the very near term,” said Dave Wall, 88 Energy;s managing director.

“It is also encouraging that recent analysis of the HRZ provides both some answers as to why Icewine#2 did not flow as expected but also that the play remains prospective on our leasehold."

The company also updated on the ‘Yukon leases’ where talks are underway with owners of nearby resources with a view to optimising a monetisation strategy, while at the ‘western blocks’ data aggregation work is continuing and the company is tendering for reprocessing work slated for the third quarter.

In afternoon trading, shares in 88 Energy were 8.6% higher at 0.82p.

 -- Adds share price --

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Thu, 23 May 2019 08:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220833/88-energy-anticipates-icewine-farm-out-decision-in-june-220833.html
<![CDATA[RNS press release - Quarterly Update & Appendix 5B ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190418070557_14045608/ Thu, 18 Apr 2019 16:05:57 +1000 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190418070557_14045608/ <![CDATA[News - 88 Energy continues to look forward to an Icewine farm-out ]]> https://www.proactiveinvestors.com.au/companies/news/218822/88-energy-continues-to-look-forward-to-an-icewine-farm-out-218822.html 88 Energy Ltd (LON:88E) continues to look forward to a potential farm-out deal for its Project Icewine conventional project area in Alaska.

In a quarterly update, the explorer said it expects that the deal is targeted in the second quarter.

“The farm-out process has now progressed to the next stage, with a preferred bidder selected and discussions underway,” the company said.

WATCH: 88 Energy's chief talks Icewine farm-out

It would potentially tee up an ‘exploration/appraisal’ well next year, the company told investors.

In the meantime, the company also intends to advance its shale portfolio. It noted that evaluation work continued in the past quarter, following the two prior HRZ shale wells, and, it is planning to launch a separate farm-out process during the current year.

88 Energy also provided a debrief of the Winx exploration well which failed to find commercial hydrocarbons, though it was completed on time, without incident, and slightly under budget.

It noted that the processing of 3D seismic data for the Yukon project area is now complete, and currently a resource estimation process is underway.

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Thu, 18 Apr 2019 07:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218822/88-energy-continues-to-look-forward-to-an-icewine-farm-out-218822.html
<![CDATA[RNS press release - AGM Presentation ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190415070006_14040298/ Mon, 15 Apr 2019 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190415070006_14040298/ <![CDATA[News - 88 Energy’s exploration partner Red Emperor continues to evaluate Alaska potential ]]> https://www.proactiveinvestors.com.au/companies/news/217193/88-energys-exploration-partner-red-emperor-continues-to-evaluate-alaska-potential-217193.html 88 Energy Ltd’s (LON:88E, ASX:88E) exploration partner Red Emperor Resources (LON:RMP, ASX:RMP) has issued a statement reaffirming its intention to continue the pursuit of oil in the Nanushuk play.

It comes as 88 Energy has plugged and abandoned the Winx-1 well which unearthed more than one potential oil zone, but, none were found to be sufficiently promising to conduct further testing.

Red Emperor, in a statement, noted that 88 Energy as project operator completed the programme on time and without incident in a very challenging environment, and, that the programme was delivered ‘on or slightly under budget’.

WATCH: 88 Energy's chief expects Icewine farm- out in a matter of weeks

It added: “RMP would like to reiterate its forward plan to further evaluate and integrate the valuable data acquired at Winx-1, as well as potentially reprocess the Nanuq 3D seismic (2004), in order to evaluate the remaining Nanushuk prospectivity on the Western Leases.

“There are several working theories that will be assessed over the coming months, including whether there is potential for better-developed sands updip and in closer proximity to the successful Horseshoe-1/1A and Stony Hill-1 wells.”

The small-cap explorer added that it is “financially well placed” to continue its evaluation plans for the project, located on Alaska’s North Slope, highlighting that it has around A$4.6mln of cash and that the process to recoup funds (cUS$1.05mln) from a performance bond is now underway.

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Tue, 26 Mar 2019 07:41:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217193/88-energys-exploration-partner-red-emperor-continues-to-evaluate-alaska-potential-217193.html
<![CDATA[RNS press release - Alaska Projects Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190320070004_14008222/ Wed, 20 Mar 2019 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190320070004_14008222/ <![CDATA[Media files - 88 Energy's chief expects Icewine farm-out in a matter of weeks ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12656/88-energy-s-chief-expects-icewine-farm-out-in-a-matter-of-weeks-12656.html Wed, 20 Mar 2019 10:06:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12656/88-energy-s-chief-expects-icewine-farm-out-in-a-matter-of-weeks-12656.html <![CDATA[News - 88 Energy outlines Alaska opportunities as farm-out deal moves closer ]]> https://www.proactiveinvestors.com.au/companies/news/216811/88-energy-outlines-alaska-opportunities-as-farm-out-deal-moves-closer-216811.html 88 Energy Ltd (LON:88E) has presented a picture of a portfolio that retains multiple significant opportunities in Alaska, in the wake of the recent Winx-1 exploration well disappointment.

The company, in a statement, specifically highlighted that it is closer to a deal in a farm-out process to bring a partner into the exploration of conventional prospects in the Project Icewine area.

It said that a ‘preferred bidder’ has now been selected in the process, which launch last August, and, negotiations over a potential deal are now taking place – though, as is customary with such announcements, it cautioned that there is no guarantee that the parties will agree on terms or close out the transaction.

"The progression of the farm-out process to the preferred bidder phase is encouraging but no deal is done until it is done,” said Dave Wall, 88 Energy chief executive.

READ: Cantor Fitzgerald keeps ‘buy’ on 88 Energy despite Winx-1 disappointment

“The team at 88 Energy continues to advance the status of all our Alaskan projects resulting in substantial value add activity throughout 2019."

At the same time, the company noted a significant increase in industry activity in the acreage to the west of Project Icewine. ConocoPhillips acquired 3D seismic around 15 miles away, and, 88 Energy said it is aware of a multi-client 3D seismic acquisition planned in the vicinity of the Icewine.

Efforts continue to bring a partner into the HRZ shales discovery, within the Project Icewine acreage, which will see a data room open-up in ‘mid-2019’ as a formal farm-out process gets underway.

In the conventional exploration area described as ‘the Yukon leases’ the company noted that it has now completed the final processing of 3D seismic data. Interpretation and resources estimation work are now taking place.

Evaluation of findings

The company also continues to evaluate the findings of the Winx-1 well – which encountered multiple sub-commercial hydrocarbon zones – to determine the remaining resource potential of the acreage.

It noted that several working theories that will be assessed over the coming months, including whether there is potential for better-developed sands updip and in closer proximity to successful wells in the region.

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Wed, 20 Mar 2019 07:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216811/88-energy-outlines-alaska-opportunities-as-farm-out-deal-moves-closer-216811.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190319140603_14007843/ Wed, 20 Mar 2019 01:06:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190319140603_14007843/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190319140031_14007836/ Wed, 20 Mar 2019 01:00:31 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190319140031_14007836/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190313164107_14001280/ Thu, 14 Mar 2019 03:41:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190313164107_14001280/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190313163549_14001267/ Thu, 14 Mar 2019 03:35:49 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190313163549_14001267/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190313110554_14000773/ Wed, 13 Mar 2019 22:05:54 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190313110554_14000773/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190313110032_14000763/ Wed, 13 Mar 2019 22:00:32 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190313110032_14000763/ <![CDATA[RNS press release - Operations Update - Winx-1 Final Report ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190313070005_13999823/ Wed, 13 Mar 2019 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190313070005_13999823/ <![CDATA[News - Cantor Fitzgerald keeps ‘buy’ on 88 Energy despite chopping back its target price after Winx-1 disappointment ]]> https://www.proactiveinvestors.com.au/companies/news/216403/cantor-fitzgerald-keeps-buy-on-88-energy-despite-chopping-back-its-target-price-after-winx-1-disappointment-216403.html Cantor Fitzgerald has kept its ‘buy’ rating on 88 Energy Limited (LON:88E) despite chopping back its target price to 2.7p from 4.4p in the wake of a disappointing final report on the Winx-1 well in Alaska.

In a note to clients, analysts at the City broker pointed out that analysis of the wireline logging programme for Winx-1 has indicated low oil saturations in the primary Nanushuk topset targets, and testing/sampling indicates that reservoir quality and fluid mobility is insufficient to warrant testing at this location.

READ: 88 Energy’s latest analysis reveals disappointing result for Alaska exploration well

They noted that the secondary Torok target also exhibited low saturations and failed to flow, so the well will now be plugged and abandoned, with the data gained to be integrated with reprocessed 3D over the Western Leases to evaluate the remaining prospectivity.

The Cantor analysts said: “While a disappointing result after promising early signs during drilling, we would note that Winx only represented c16% and c5% of the net resource base across our RENAV and 88E’s wider portfolio.”

They added: “Focus will now shift to the proposed farm-out of the Icewine conventional portfolio, where a deal is targeted this quarter.”

The analysts said their target price cut reflects the removal of Winx from its valuation for 88 Energy.

However, with 88 Energy shares trading at 0.85p, down 35.8% on Tuesday’s close, Cantor repeated its ‘buy’ stance on the stock.

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Wed, 13 Mar 2019 14:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216403/cantor-fitzgerald-keeps-buy-on-88-energy-despite-chopping-back-its-target-price-after-winx-1-disappointment-216403.html
<![CDATA[News - 88 Energy’s latest analysis reveals disappointing result for Alaska exploration well ]]> https://www.proactiveinvestors.com.au/companies/news/216348/88-energys-latest-analysis-reveals-disappointing-result-for-alaska-exploration-well-216348.html 88 Energy Ltd (LON:88E) has revealed final results from the Winx-1 well, which will disappoint investors as multiple zones that were seen to have oil potential have not warranted further testing.

The explorer said in a statement that it had successfully completed a programme of wireline logging and it had started a full petrophysical analysis and review.

Initial results from zones in the primary target formation, the Nanushuk, found low oil saturations while reservoir quality and fluid mobility are described as being insufficient to warrant production testing.

Zones in the deeper secondary target area, the Torok formation, similarly exhibited low oil saturation. They did not flow hydrocarbons in the initial tests.

Mixed results

"The early encouragement seen at Winx has not been confirmed by the results from the wireline logging programme, despite many of the hallmarks of a successful Nanushuk play being present,” said Dave Wall, 88 Energy chief executive.

“Analysis of the data is ongoing; however, it is deemed unlikely to change the current view in a material fashion.”

It follows last week’s whip-saw trading as the first set of results, from the top Nanushuk zone, led to initial disappointment and negative trading sentiment before subsequent statement’s highlighted the observation of oil shows which then saw expectations rise again for the well.

On AIM, 88 Energy shares pulled back around 20% down to 0.79p on 1 March before rallying to a London close of 1.34p on Tuesday 12 March.

High volatility evident as trading began, with 88 Energy shares losing as much as 50% of their value in early trades. Changing hands at 0.84p the share was down about 37% after ten minutes of trading.

Exploration partner Red Emperor Resources (LON:RMP), meanwhile, lost 88% of its value to trade at 0.6p per share, following a 5.08p per share close on Tuesday.

Wall added: “We appreciate that this is disappointing for investors but, at the same time, we look to the future and continue our forward path to ultimate success at our projects in Alaska.

“An update will be provided on the broader Alaska project portfolio in the near term."

--Updated to include share price details for 88 Energy and Red Emperor--

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Wed, 13 Mar 2019 07:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216348/88-energys-latest-analysis-reveals-disappointing-result-for-alaska-exploration-well-216348.html
<![CDATA[RNS press release - Notice of Annual General Meeting ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190312091913_13998841/ Tue, 12 Mar 2019 20:19:13 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190312091913_13998841/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190306164041_13992899/ Thu, 07 Mar 2019 03:40:41 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190306164041_13992899/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190306163530_13992888/ Thu, 07 Mar 2019 03:35:30 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190306163530_13992888/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190306140538_13992684/ Thu, 07 Mar 2019 01:05:38 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190306140538_13992684/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190306140020_13992677/ Thu, 07 Mar 2019 01:00:20 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190306140020_13992677/ <![CDATA[RNS press release - Operations Update - Total Depth Reached ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190306070006_13991492/ Wed, 06 Mar 2019 18:00:06 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190306070006_13991492/ <![CDATA[News - 88 Energy confirms Winx-1 well reached total depth and hit multiple potential pay zones ]]> https://www.proactiveinvestors.com.au/companies/news/215885/88-energy-confirms-winx-1-well-reached-total-depth-and-hit-multiple-potential-pay-zones-215885.html 88 Energy Ltd (LON:88E) shares jumped on Wednesday, continuing the recovery following a big drop last week after it told investors that on 3 March, the Winx-1 exploration well reached its total depth of 6,800 feet.

It added that all the well’s pre-drill targets were intersected by the well and multiple potential pay zones were identified, including a zone within the Nanushuk primary target.

READ: 88 Energy sees encouragement in additional Winx well results

A wireline logging programme, scheduled to take place immediately, aims to confirm prospectivity ahead of possible production testing, 88 Energy added

“Encouragingly, we encountered multiple potential pay zones in the primary target as well as one of the secondary targets,” said Dave Wall, 88 Energy managing director.

“Whilst it is still early days, we are well placed and look to the wireline program with measured optimism."

Today’s statement follows an earlier announcement on Monday, which walked back previous negativity that came after last week’s initial result in the shallower part of the Nanushuk – where ‘weak to moderate’ oil shows were determined by the exploration partners to be at the low end of the range that could be considered commercial.

This week, 88 Energy highlighted additional zones had been found and its communications to investors have struck a more positive sentiment.

Nevertheless, further evaluation work and testing will need to be concluded successfully before any definitive conclusions can be made regarding the potential discoveries.

In early afternoon trading, 88 Energy shares were 29.7% higher at 1.20p, back near six-month highs, having dropped to 0.79p last Friday.

 -- Adds share price --

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Wed, 06 Mar 2019 07:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215885/88-energy-confirms-winx-1-well-reached-total-depth-and-hit-multiple-potential-pay-zones-215885.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190304164056_13989601/ Tue, 05 Mar 2019 03:40:56 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190304164056_13989601/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190304163543_13989591/ Tue, 05 Mar 2019 03:35:43 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190304163543_13989591/ <![CDATA[RNS press release - Additional Interim Results from Drilling ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190304070045_13988298/ Mon, 04 Mar 2019 18:00:45 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190304070045_13988298/ <![CDATA[News - 88 Energy sees encouragement in additional results from Winx-1 exploration well ]]> https://www.proactiveinvestors.com.au/companies/news/215684/88-energy-sees-encouragement-in-additional-results-from-winx-1-exploration-well-215684.html 88 Energy Ltd (LON:88E) has walked back some of Friday’s negativity with additional results and analysis of the Winx-1 exploration well.

The explorer last week reported the initial well results, saying that ‘weak to moderate’ oil shows were observed in the well’s primary target, though analysis suggested the potential discovery was “at the lower end of the range required for commerciality.”

READ: 88 Energy well encounters ‘weak to moderate’ oil shows

Drilling resumed deeper in the well to test another secondary target.

Today, the company told investors that shows were also observed in the Torok formation, a secondary exploration target.

A comprehensive programme of well logging will now take place and, subject to the findings, the joint venture partners may proceed with a well stimulation and testing programme.

"There are early signs of encouragement at multiple horizons in the Winx well; however, it is too early to say whether these will result in a commercial discovery at this stage as more data and analysis is required,” said Dave Wall, 88 Energy managing director.

"The forward program, to be implemented over the coming days, is designed to improve confidence in the interpretation and assist in the decision to proceed with production testing, if appropriate."

Well results in more detail

Providing additional details of the Winx-1 well results to date, the company noted that the primary Nanushuk targets were encountered between 4,667 and 4,901 feet. It said that elevated mud gas readings, oil shows and an increase in LWD (logging-while-drilling) resistivity were observed in multiple topset features.

88 Energy highlighted that “data obtained by the Joint Venture from a nearby successful Nanushuk well has proven comparable to that observed in Winx-1 over the same topset features, providing early encouragement.” It added that such interpretations require validation.

It said that the well intersected the top of the Torok Formation at a depth of 4,913 feet and targets were encountered at approximately 6,052 feet.

Like with the Nanushuk areas of interest, the company said that elevated mud log gas readings associated with oil shows were observed and similarly there was elevated LWD resistivity.

Signs appear promising

In a note to clients, analysts at Cantor Fitzgerald commented: “The company had suffered a rough day’s trading on Friday after announcing that a shallower Nanushuk interval looked to be at the lower end of the range required for commerciality, due to high water saturation.”

They added: “It remains too early to call whether the discoveries will prove of commercial size, with further data and analysis required to determine the plan for stimulation and testing. However, signs appear promising and we would expect the shares to recover strongly this morning.”

The analysts reiterated its ‘buy’ rating and 4.4p target price on 88 Energy shares which in afternoon trading were changing hands at 0,90p, up 13.9%.

 -- Adds analysts comment, share price --

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Mon, 04 Mar 2019 07:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215684/88-energy-sees-encouragement-in-additional-results-from-winx-1-exploration-well-215684.html
<![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190301090541_13987000/ Fri, 01 Mar 2019 20:05:41 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190301090541_13987000/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190301090017_13986996/ Fri, 01 Mar 2019 20:00:17 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190301090017_13986996/ <![CDATA[RNS press release - Interim Results from Drilling ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190301074500_13986835/ Fri, 01 Mar 2019 18:45:00 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190301074500_13986835/ <![CDATA[News - 88 Energy’s exploration well encounters ‘weak to moderate’ oil shows in primary target ]]> https://www.proactiveinvestors.com.au/companies/news/215598/88-energys-exploration-well-encounters-weak-to-moderate-oil-shows-in-primary-target-215598.html 88 Energy Ltd (LON:88E) told investors that the Winx-1 exploration well observed oil shows but preliminary analysis indicates that they were “at the lower end of the range required for commerciality.”

The shows were observed in the Nanushuk formation which was the well’s primary target, meanwhile, no oil shows were present in a shallower secondary target.

88 Energy described the Nanushuk shows as ‘weak to moderate’, with initial petrophysical analysis indicating potentially high water saturation.

Drilling continues to test deeper objectives, 88 Energy said.

On AIM, 88 Energy shares dropped 0.26p or 24% to 0.77p.

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Fri, 01 Mar 2019 08:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215598/88-energys-exploration-well-encounters-weak-to-moderate-oil-shows-in-primary-target-215598.html
<![CDATA[RNS press release - Drilling of Primary Target Interval Commences ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190226073004_13981666/ Tue, 26 Feb 2019 18:30:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190226073004_13981666/ <![CDATA[News - 88 Energy advancing towards Winx exploration targets ]]> https://www.proactiveinvestors.com.au/companies/news/215286/88-energy-advancing-towards-winx-exploration-targets-215286.html 88 Energy Ltd (LON:88E) revealed it is approaching its target in the Winx exploration well in Alaska.

The explorer, in a statement, said that the drilling of Winx-1 was now entering the interval where the primary Nanushuk targets are anticipated.

It added that the targets are expected to be found at a depth of approximately 4,500 feet, and, the current depth is around 2,640 feet.

READ: 88 Energy optimistic as it prepares for Alaska exploration well

“Logging while drilling tools on the bottom hole assembly, combined with mud gas ratios and cuttings analysis, will provide initial insight into any potential hydrocarbon bearing intervals encountered during the drilling of the intermediate section,” the company said.

“Additional data and analysis, including from wireline logging and potentially production testing will be required to provide more definitive results.”

Winx-1 is targeting multiple objectives for some 400mln barrels of gross prospective resources, which is 144mln net to 88 Energy.

The well will aim to extend the Nanushuk oil play fairway, as it is located around four miles from the Repsol drilled Horseshoe discovery well.

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Tue, 26 Feb 2019 07:41:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215286/88-energy-advancing-towards-winx-exploration-targets-215286.html
<![CDATA[RNS press release - ASX Lodgement of Annual Report ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190225100725_13980308/ Mon, 25 Feb 2019 21:07:25 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190225100725_13980308/ <![CDATA[News - 88 Energy optimistic as it prepares for Alaska exploration well ]]> https://www.proactiveinvestors.com.au/companies/news/215221/88-energy-optimistic-as-it-prepares-for-alaska-exploration-well-215221.html 88 Energy Ltd (LON:88E) chairman Michael Evans has told investors he and the company look to the future with considerable optimism, as presently a drill rig is on location for the potentially high impact Winx-1 exploration well on Alaska’s North Slope.

“The well will test a conventional oil prospect, defined by 3D seismic, in the Nanushuk play fairway on the Alaskan North Slope with a gross mean unrisked prospective resource of 400 million barrels,” Evans said in the explorer’s financial results statement.

“It is arguably one of the most significant wells to be drilled by an ASX listed entity in 2019 and offers substantial upside to 88E shareholders in the event of success.”

READ: 88 Energy drill programme continues to advance Winx-1

“As we approach the drilling of this well, it is worth reminding ourselves of why 88E chose to explore in Alaska.

“At the outset, 88 Energy cast the net far and wide in search of a project that could make a meaningful difference; one which would capture investor attention with significant upside.

“The north slope of Alaska offers vast potential remaining to be discovered.”

Evans added: “We all know the process of evaluation is not without risk; however, we look to the future with considerable optimism as we unlock both the conventional and unconventional potential of our Alaskan exploration acreage.”

In terms of the financial results, the pre-revenue explorer reported an A$5.99mln loss for 2018.

It ended the twelve month period with A$23.82mln of cash and equivalents.

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Mon, 25 Feb 2019 11:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215221/88-energy-optimistic-as-it-prepares-for-alaska-exploration-well-215221.html
<![CDATA[RNS press release - Operations Update: Surface Casing Successfully Run ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190222070005_13978031/ Fri, 22 Feb 2019 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190222070005_13978031/ <![CDATA[News - 88 Energy drill programme continues to advance Winx-1 ]]> https://www.proactiveinvestors.com.au/companies/news/215104/88-energy-drill-programme-continues-to-advance-winx-1-215104.html 88 Energy Ltd (LON:88E) has updated on the drilling operations at the Winx-1 well in Alaska, telling investors that the surface casing has been run down to 2,500 feet.

It now expects to start drilling the intermediate section of the well next week.

The company anticipates that the Nanushuk formation, the primary target of the well, in the intermediate section.

READ: 88 Energy’s promising Alaska well

Winx-1 is targeting multiple objectives for some 400mln barrels of gross prospective resources, which is 144mln net to 88 Energy.

The well will aim to extend the Nanushuk oil play fairway, as it is located around four miles from the Repsol drilled Horseshoe discovery well.

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Fri, 22 Feb 2019 07:34:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215104/88-energy-drill-programme-continues-to-advance-winx-1-215104.html
<![CDATA[RNS press release - Operations Update ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190218070007_13971941/ Mon, 18 Feb 2019 18:00:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190218070007_13971941/ <![CDATA[News - 88 Energy confirms Winx-1 exploration drilling is underway ]]> https://www.proactiveinvestors.com.au/companies/news/214782/88-energy-confirms-winx-1-exploration-drilling-is-underway-214782.html 88 Energy Ltd (LON:88E) confirmed that drilling operations kicked off at the Winx-1 well, in Alaska, on Friday.

The drilling began on schedule, it added.

As of yesterday, the well had been drilled down as far as 880 feet, and, the company noted that next in the plan is to drill down to around 2,500 feet before setting the surface casing.

READ: 88 Energy continues to advance Alaska assets

It noted that regular updates will be made during drilling operations.

Winx-1 is targeting multiple objectives for some 400mln barrels of gross prospective resources, which is 144mln net to 88 Energy.

The well will aim to extend the Nanushuk oil play fairway, as it is located around four miles from the Repsol drilled Horseshoe discovery well.

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Mon, 18 Feb 2019 07:37:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214782/88-energy-confirms-winx-1-exploration-drilling-is-underway-214782.html
<![CDATA[RNS press release - Operations Update - Spud on Schedule ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190215070003_13970349/ Fri, 15 Feb 2019 18:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190215070003_13970349/ <![CDATA[News - 88 Energy set for immediate spud of Winx-1 exploration well ]]> https://www.proactiveinvestors.com.au/companies/news/214692/88-energy-set-for-immediate-spud-of-winx-1-exploration-well-214692.html 88 Energy Ltd (LON:88E) this morning issued a statement telling investors it is on schedule to spud the Winx-1 exploration well later today.

The explorer said in a statement that the drill rig arrived on site as planned last week, rig-up operations have gone smoothly and final preparations are underway before the spud.

READ: 88 Energy prepares to drill promising Alaska well

Regular investor updates are planned as drilling operations progress, it added.

Winx-1 is targeting multiple objectives for some 400mln barrels of gross prospective resources, which is 144mln net to 88 Energy.

The well will aim to extend the Nanushuk oil play fairway, as it is located around four miles from the Repsol drilled Horseshoe discovery well.

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Fri, 15 Feb 2019 07:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214692/88-energy-set-for-immediate-spud-of-winx-1-exploration-well-214692.html
<![CDATA[RNS press release - Operations Update - Rig Mobilisation Under Way ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190205070007_13957921/ Tue, 05 Feb 2019 18:00:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190205070007_13957921/ <![CDATA[News - 88 Energy prepares to drill promising Alaska well ]]> https://www.proactiveinvestors.com.au/companies/news/213954/88-energy-prepares-to-drill-promising-alaska-well-213954.html 88 Energy Limited (ASX:88E, LON:88E) said drilling will get underway on Alaska’s North Slope later this month on a well targeting a prospective resource of 400mln barrels of oil.

Winx-1 is around four miles east of Horseshoe-1/1A, which significantly extended the highly successful Nanushuk play fairway to the south.

The drill bit is expected to start turning on February 15 after the mobilisation of Nordic Rig Number 3.

READ: 88 Energy continues to advance Alaska assets

This follows the completion of the ice road and pad, along with the installation of a cellar. If successful, Winx-1 will take around 50 days.

88 Energy has a 40% interest in the project and it is partnered with Red Emperor Resources (LON:RMP), which has a 31.5% interest.

Alaska’s North Slope is a fully-fledged, confirmed conventional oil province - so unlike with the HRZ shale, 88 Energy’s other targeted play, it doesn’t have to blaze a trail as an early mover.

Major oil firms have already unearthed world-class discoveries. At Prudhoe Bay, some 15bn barrels of crude has been produced and more recent exploration successes have found several billions more in new finds.

88 Energy has shot 3D seismic across its acreage (well, about 25% of it), and, has upgraded multiple leads into ‘drillable’ prospects. It describes them as ‘stacked prospects’ which means there’ll be opportunities to test multiple targets with individual wells.

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Tue, 05 Feb 2019 07:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213954/88-energy-prepares-to-drill-promising-alaska-well-213954.html
<![CDATA[RNS press release - Corporate Presentation ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190131070013_13952776/ Thu, 31 Jan 2019 18:00:13 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190131070013_13952776/ <![CDATA[RNS press release - Quarterly Report & Appendix 5B ]]> https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190125070003_13946334/ Fri, 25 Jan 2019 18:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/3837/LSE20190125070003_13946334/ <![CDATA[News - 88 Energy continues to advance Alaska assets ]]> https://www.proactiveinvestors.com.au/companies/news/213331/88-energy-continues-to-advance-alaska-assets-213331.html 88 Energy Ltd (LON:88E), in its quarterly report, updated investors on its progress in Alaska where it is advancing both conventional and unconventional oil and gas assets.

Exploration drilling is anticipated in the coming weeks with the Winx-1 well.

Winx-1 is targeting multiple objectives for some 400mln barrels of gross prospective resources, which is 144mln net to 88 Energy.

READ: 88 Energy prepares to mobilise rig for Winx-1

At the same time, the company is continuing a farm-out process to bring in a partner for its shale project and it has been engaged with what it describes as “high-calibre parties”. The deadline was recently extended for bids which are now targeted by the end of first quarter 2019.

Separately, work continues to evaluate the HRZ shale following the Icewine-2 well.

In the Yukon area, meanwhile, the company continues to process seismic data and during the quarter a maiden resource estimate of 90mln barrels of oil was announced.

Subsequently, 88 Energy’s wholly owned subsidiary Regenerate Alaska was named ‘highest bidder’ for an additional 1,920 gross acres and formal award is anticipated in mid-2019.

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Fri, 25 Jan 2019 08:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213331/88-energy-continues-to-advance-alaska-assets-213331.html