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88 Energy Limited - Quarterly Report

RNS Number : 4609M
88 Energy Limited
21 January 2021
 

This announcement contains inside information.

 

 

QUARTERLY REPORT

 

 

 

Report on Activities for the Quarter ended 31 December 2020

 

 

Highlights

 

 

Project Icewine

·   Large Independently Assessed Resource estimate at Project Icewine, integrating the results from Charlie-1, finalised in the quarter;

·   In-house analysis has commenced on various commercialisation options for the gas condensate discovered in the Torok Formation by 88E's Charlie-1 well in 2020;

·   Farm-out process for 2022 drilling at Project Icewine commenced in the quarter; and

·   "Area A" leases at Project Icewine formally re-assigned to 88 Energy and rationalisation of non-commercial leases occurred in the quarter.

 

Project Peregrine

·   Farm-out executed on 4th December 2020 with Alaska Peregrine Development Company LLC ("APDC") in relation to the farmout of its 100% owned Project Peregrine, located in the NPR-A region of the North Slope of Alaska. The details of the farmout are summarised below:

o APDC to earn 50% in Project Peregrine by contributing US$11.3m towards the cost of the Merlin-1 well (estimated gross cost US$12.6m);

o 88E to contribute $1.3m, representing its 50% share over and above a US$10m carry;

o All additional costs associated with the project above the US$10m carry will be borne equally by APDC and 88E.

·   Permitting and planning work related to drilling of up to two wells at Project Peregrine, commencing February 2021, remains on schedule; and

·   Rig contract executed for drilling at Project Peregrine in December 2020.

 

 

Yukon Leases

·   Discussions continue with nearby resource owners to optimise the monetisation strategy of the acreage, with permitting continuing for future potential exploration drilling - subject to farm-out.

 

Subsequent to Period End - Umiat Oil Field Acquisition & Award of Tract 29 Lease

·   On 8th January, 88 Energy, via its wholly owned subsidiary Emerald House LLC, entered into a Sale and Purchase Agreement with Malamute Energy, Inc and Renaissance Umiat LLC (Sellers) to acquire the Umiat Oil Field.

·   On 20th January, 88 Energy, via its wholly owned subsidiary Regenerate Alaska Inc, was notified of the formal award of lease AA095899 (associated with Tract 29).

 

Project Icewine

 

     

Large Independently Assessed Resource at Project Icewine

 

Independent Prospective Resources estimates were prepared at Project Icewine for prospects in the vicinity of the recently drilled Charlie-1 well by ERCE Equipoise Pte Ltd (ERCE) and are tabulated below. Significantly, the majority of the resource has been estimated within the Seabee formation, which has been interpreted as part of one large stratigraphic accumulation over multiple, potentially connected, sand bodies in the Lima Fan System. Excellent oil saturations were observed in cores taken from this horizon during the drilling of Charlie-1. There was no flow test at this horizon in Charlie-1 and, consequently, reservoir deliverability remains to be established. However, given the significant size of the estimated resource, 88 Energy is confident that it will be able to attract a partner to fund drilling of additional wells to evaluate the flow potential in the Seabee. The Company is also optimistic about the potential for light oil in the Torok, which could enhance value substantially.

 

Prospect (Reservoir)

Expected Phase / (Chance of Phase)4

Unrisked Net Entitlement to 88E Prospective Resources (MMboe)1,2,3

Geological Chance of Success (COS)

Chance of Development

(COD)6

1U

2U

3U

Mean

Lima Fan (Seabee)

Oil (100%)

134.1

612.6

1755.9

888.6

40%

30%

Stellar F1 (Torok)

Oil (60%)

4.7

17.0

50.6

25.3

70%

30%

Stellar F3-1 (Torok)

Oil (60%)

1.9

6.8

23.3

11.0

60%

30%

Stellar F4 (Torok)

Oil (60%)

6.2

22.1

76.7

36.9

60%

30%

Stellar F5/6 (Torok)

Oil (60%)

7.2

27.2

102.0

46.0

20%

30%

Stellar F2 (Torok)

Gas (60%)

13.2

35.8

83.9

44.1

80%

10%

Stellar F3-2 (Torok)

Gas (60%)

16.0

46.3

115.7

59.0

80%

10%

Total





1,110.95



 

1. 88 Energy net resources have been calculated using a 75% working interest and 16.5% royalty

2. Prospective Resources have been assessed on the basis that they are unconventional in nature

3. MMboe estimates include condensate but exclude associated gas and assume a conversion of 6,000scf equivalent to 1bbl

4. Prospects are subject to a phase risk (oil vs gas). ERCE has volumetrically assessed most likely phase only. Phase risk has not been applied to the unrisked numbers.

5. The unrisked means, which have been arithmetically summed, are not representative of the expected total from the prospects and implies a success case in all reservoir intervals

6. Quantifying the chance of development (COD) requires consideration of both economic contingencies and other contingencies, such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing.  As many of these factors are outside the knowledge of ERCE they must be used with caution.

 

Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

 

Project Icewine Leases and Operations

 

88E's working interest on approximately 40% of the gross Project Icewine lease position increased in the quarter from 30% to 75% in the area surrounding the recently successful Charlie-1 well (a net increase of ~85,000 acres) following the re-assignment of leases in "Area A". 

 

In addition, as part of the annual review of leases, the Icewine joint venture has determined that several leases at Project Icewine are no longer considered prospective and, consequently, a decision has been made to not renew these leases. These leases represent approximately 25% of the gross lease position, resulting in a 231,000 net acreage position for 88E in the Central North Slope. This will reduce the ongoing rental costs at the project as focus shifts to the farm-out effort in the vicinity of the recently drilled Charlie-1 well.

 

In a new development, Pantheon Resources (AIM:PANR) announced that its Talitha-A well, located close to the northern border of the 88E central acreage position, is scheduled to spud in January '21. Several of the prospective horizons in Talitha-A are interpreted to extend into 88E acreage.

 

In-house analysis also commenced in the quarter on various commercialisation options for the gas condensate discovered in the Torok Formation by 88E's Charlie-1 well in 2020. The discovered resource comprises over 1 TCF of independently estimated gross mean prospective gas as well as associated condensate. The commercialisation options include, but are not limited to, possible local power generation, compressed natural gas as well as potential for conversion to hydrogen using steam methane reforming (SMR) with carbon capture and storage (CCS) processes. It is expected that this work will move to a formal feasibility stage during 2021.

 

Farm-out of Project Icewine is ongoing, with a deal targeted in 3Q 2021.

 

Project Peregrine

 

Farm-out Executed

 

88 Energy executed definitive documents with Alaska Peregrine Development Company LLC ("APDC") in the quarter in relation to the farmout of its 100% owned Project Peregrine, located in the NPR-A region of the North Slope of Alaska.

 

The details of the farmout are summarised below:

o APDC to earn 50% in Project Peregrine by contributing US$11.3m towards the cost of the Merlin-1 well (estimated gross cost US$12.6m)

o 88E to contribute $1.3m, representing its 50% share over and above a US$10m carry; and

o All additional costs associated with the project above the US$10m carry will be borne equally by APDC and 88E.

 

Project Peregrine - Drilling Operations

 

88 Energy executed a rig contract in the quarter with All American Oilfield, LLC for the use of Rig 111 to drill the Merlin-1 and Harrier-1 wells at its Project Peregrine in the NPR-A region of the North Slope of Alaska. Both wells are planned for drilling to a Total Depth of ~6,000' in order to intersect the prospective Nanushuk topset horizons that are located on trend to existing discoveries to the north of the project area.

 

Operations remain on track for the scheduled February spud of the Merlin-1 well at 88 Energy's Project Peregrine. Merlin-1 will target the Nanushuk topset play that has been recently successful in offset acreage as well as elsewhere on the North Slope of Alaska. Schedule permitting, the Harrier-1 well will be drilled directly after Merlin-1 has been completed and, potentially, flow tested.

 

All American Oilfield's Rig 111 is currently being re-assembled post deconstruction as part of the commissioning process prior to handover and mobilisation to site in February 2021.

 

Permitting and planning remains on schedule for the spud of Merlin-1 in mid to late February 2021.

 

Yukon Leases & Tract 29

Subsequent to period end 88 Energy, via its wholly owned subsidiary Regenerate Alaska Inc, was named high bidder on Tract 29 in the 2021 Coastal Plain Lease Sale. Tract 29 is comprised of 23,446 acres and is adjacent to 88 Energy's existing Yukon Leases as well as the Point Thomson gas condensate field, which is currently in production.

 

The acquisition of these leases represents a logical step in the Company's aggregation strategy for oil resources in this part of the North Slope, where existing infrastructure provides a potential pathway to commercialisation.

 

Additional details on the lease sale can be found here: Lease Sale.pdf

 

Discussions continued during the quarter with nearby lease owners to optimise the monetisation strategy for existing discovered resources located in the vicinity of the Yukon Leases. The Yukon Leases contain the 86 million barrel Cascade Prospect*, which was intersected peripherally by Yukon Gold-1, drilled in 1994, and classified as an historic oil discovery. 88 Energy recently acquired 3D seismic (2018) over Cascade and, on final processing and interpretation, high-graded it from a lead to a drillable prospect. The Yukon Leases are located adjacent to ANWR and in close proximity to recently commissioned infrastructure.

 

Permitting to continue ahead of a future possible drilling campaign - subject to farm-out.

 

* Refer announcement 7 November 2018

Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

 

Subsequent to Period End - Umiat Oil Field Acquisition

On 8th January, 88 Energy, via its wholly owned subsidiary Emerald House LLC, entered into a Sale and Purchase Agreement with Malamute Energy, Inc and Renaissance Umiat LLC (Sellers) to acquire the Umiat Oil Field. The consideration for the purchase was a 4% ORRI and assumption of the liability for the abandonment of the Umiat-18 and Umiat-23H wells, drilled by Linc Energy in 2013/2014. The estimated cost to abandon the two wells is approximately US$1m.

 

The Umiat Oil Field is covered by two leases comprising 17,633 acres, which are in a unit that was formed in September 2019 with an initial 10 year term. The current conditions of the unit stipulate a well commitment (exploration or appraisal) by 31st August 2022.

 

Umiat was discovered in the mid-1940s with 11 appraisal wells drilled by 1953, several of which were tested. Umiat-5 flowed 268 barrels per day on a 3 month test and Umiat-8 had a peak flow rate of 5.9mmcf/d of natural gas during a 4 day test. Little work was done until 2013/2014 when Linc Energy drilled two wells, Umiat-18 and Umiat-23H. Umiat-23H was tested with a maximum flow rate of 800 barrels per day and sustained flow of 200 barrels per day.

 

Substantial engineering and environmental work was also done by Linc Energy in support of a potential future development. One of the routes for access to infrastructure runs directly through 88 Energy's Project Icewine leasehold where there are significant independently estimated resources of oil and gas. 88 Energy will now undertake a full field review to determine at what oil price Umiat may be commercial as a stand-alone development and whether optimisation of the previous development plan is possible. In the event of a discovery at Project Peregrine, where drilling is imminent, it is expected that Umiat would contribute significant value to any development.

 

Pricing Assumptions

Oil price assumptions used in the independent report were estimated to average $67.49/bbl for 2015,

$66.03 for 2016, $86.66 for 2017, $89.06 for 2018, $97.51 for 2019, $109.54 for 2020, $112.61 for

2021, $114.92 for 2022, $119.61 for 2023, $124.34 for 2024 and held constant thereafter. The average price received during production is $109.

 

ASX Reserves and Resources Reporting Notes

(i) The reserves and prospective resources information in this document is effective as at 1 December, 2015 (Listing Rule (LR) 5.25.1). There have been no material changes to any of the information used to estimate the reserves since the report was produced.

(ii) The reserves information in this document has been estimated and is classified in accordance with SPEPRMS (Society of Petroleum Engineers Petroleum Resources Management System) (LR 5.25.2).

(iii) The reserves information in this document is reported according to the Company's economic interest in each of the reserves and prospective resource net of royalties (LR 5.25.5).

(iv) The reserves resources information in this document has been estimated by the deterministic method based on performance methods, volumetric methods, analogy and reservoir simulation methods, or a combination of methods (LR 5.25.6).

(v) Operating costs assumed to be $15/bbl, development costs assumed to be $10.34/bbl with peak production of 30,000 barrels of oil per day and average price received of $109/bbl (LR 5.31.1)

(vi) 88 Energy is 100% working interest owner and operator of the project (via its fully owned subsidiary Emerald House LLC), subject to standard regulatory approvals (LR 5.31.2).

(vii) The two leases in the Umiat Unit are designated AKAA-081726 and AKAA-084141 (LR 5.31.3)

(viii) The classification of reserves has been based on data from 14 historical well penetrations in the field and subsequent engineering work. The total plan calls for 35 wells, 24 producers and 11 injectors (LR 5.31.4).

(ix) All of the reserves are classified as undeveloped (LR 5.31.5).

(x) The Umiat Oil Field Unit was recently formed to allow for development of the field to commence within a 10 year window, commencing in September 2019. Numerous environmental and engineering studies have been undertaken to confirm various paths to market with oil sales via the TransAlaska Pipeline System where crude is predominantly sold based on the ANS West Coast oil price. Standard government and environmental approvals will be required prior to commencement of full field development. (LR 5.31.6).

(xi) 1P reserves are currently not estimated as there is no plan of development in place that includes all of the necessary approvals required to enter into production. (LR 5.31.8).

 

Reserves Table (barrels of oil; '000)

Gross Reserves

Net Reserves to 88E Revenue Entitlement

1P

2P

3P

1P

2P

3P

-

123,693

57,156

-

94,007

43,439

 

Corporate

·    Exploration and evaluation expenditure totalled A$2.0m gross (Sept'20 Quarter A$1.2m), primarily associated with expenditure on the Charlie-1 post well testing as well as Project Peregrine well planning and permitting;

·    Lease rental payments totalled $2.0m in the quarter;

·    Cash call proceeds received from Joint Venture partners in the quarter totalled A$7.6m (Sept'20 Quarter A$0.9m);

·    Payments in relation to the debt facility interest totalled A$0.6m (US$0.3m) and debt repayment of A$0.4m;

·    Proceeds from the capital raising during the quarter totalled $9.9m before costs; and

·    Administration and other operating costs, net of government payments, totalled A$0.36m and staff costs of A$0.5m.

 

At the end of the quarter, the Company had cash reserves of A$14.8m, including cash balances held in Joint Venture bank accounts relating to Joint Venture Partner contributions totalling A$5.2m.

 

The below graphics can be found in the pdf version of this announcement available from the Company's website;

-     Lima Fan Complex

-     Icewine Lease Position and Prospectivity

-     Merlin-1 and Harrier-1 location in relation to recent discoveries to the north

-     88 Energy Revised Acreage Map Alaska with Tract 29 (green)

-     Umiat Oil Field Location

 

Information required by ASX Listing Rule 5.4.3:

 

Project Name

Location

Area (acres)

Interest at beginning of Quarter

Interest at end of Quarter




Project Icewine

Onshore, North Slope Alaska

~231,000

64%

~59%

Yukon Leases

Onshore, North Slope Alaska

    15,235

100%

100%

Project Peregrine

Onshore, North Slope Alaska (NPR-A)

      195,373

100%

        100%*

* APDC to earn 50% in Project Peregrine by contributing US$11.3m towards the cost of the Merlin-1 well (estimated gross cost US$12.6m).  It is anticipated that the earn-in will complete in Q1 2021 and therefore will reduce the working interest in the project to 50%.

 

Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM Rules for Companies, the technical information and resource reporting contained in this announcement was prepared by, or under the supervision of, Dr Stephen Staley, who is a Non-Executive Director of the Company. Dr Staley has more than 35 years' experience in the petroleum industry, is a Fellow of the Geological Society of London, and a qualified Geologist / Geophysicist who has sufficient experience that is relevant to the style and nature of the oil prospects under consideration and to the activities discussed in this document. Dr Staley has reviewed the information and supporting documentation referred to in this announcement and considers the prospective resource estimates to be fairly represented and consents to its release in the form and context in which it appears. His academic qualifications and industry memberships appear on the Company's website and both comply with the criteria for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and standards adopted by the Society of Petroleum Engineers "Petroleum Resources Management System" have been applied in producing this document.

 

Media and Investor Relations:

 

88 Energy Ltd

Dave Wall, Managing Director       

Tel: +61 8 9485 0990

Email: admin@88energy.com

 

Finlay Thomson, Investor Relations

 

Tel: +44 7976 248471

EurozHartleys Ltd

Dale Bryan

 

Tel: + 61 8 9268 2829

Cenkos Securities                                       

Neil McDonald/Derrick Lee

 

Tel: + 44 131 220 6939

 

 

 

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity

88 Energy Limited

ABN


Quarter ended ("current quarter")

80 072 964 179


31 December 2020

 

Consolidated statement of cash flows

Current quarter
$A'000

Year to date (12 months)
$A'000

1.

Cash flows from operating activities

-

-

1.1

Receipts from customers

1.2

Payments for

(69)

(170)


(a)   exploration & evaluation


(b)   development

-

-


(c)   production

-

-


(d)   staff costs

(505)

(1,477)


(e)   administration and corporate costs

(447)

(1,317)

1.3

Dividends received (see note 3)

-

-

1.4

Interest received

-

2

1.5

Interest and other costs of finance paid

(568)

(2,237)

1.6

Income taxes paid

-

-

1.7

Government grants and tax incentives

85

259

1.8

Other (XCD - redundancy payments)

-

(177)

1.9

Net cash from / (used in) operating activities

(1,504)

(5,118)


2.

Cash flows from investing activities

-

-

2.1

Payments to acquire or for:


(a)   entities


(b)   tenements

(2,033)

(2,692)


(c)   property, plant and equipment

-

-


(d)   exploration & evaluation

(1,985)

(38,394)


(e)   investments

-

-


(f)    other non-current assets

-

-

2.2

Proceeds from the disposal of:

-

-


(a)   entities


(b)   tenements

-

-


(c)   property, plant and equipment

-

-


(d)   investments

-

-


(e)   other non-current assets

-

-

2.3

Cash flows from loans to other entities

-

-

2.4

Dividends received (see note 3)

-

-

2.5

Other  -      Joint Venture Contributions

-     XCD Energy takeover costs

-     XCD Energy open cash

7,612

-

-

32,183

(869)

435

2.6

Net cash from / (used in) investing activities

3,594

(9,337)


3.

Cash flows from financing activities

9,870

14,870

3.1

Proceeds from issues of equity securities (excluding convertible debt securities)

3.2

Proceeds from issue of convertible debt securities

-

-

3.3

Proceeds from exercise of options

-

-

3.4

Transaction costs related to issues of equity securities or convertible debt securities

(478)

(840)

3.5

Proceeds from borrowings

-

-

3.6

Repayment of borrowings

(399)

(399)

3.7

Transaction costs related to loans and borrowings

-

-

3.8

Dividends paid

-

-

3.9

Other (provide details if material)

-

-

3.10

Net cash from / (used in) financing activities

8,993

13,631


4.

Net increase / (decrease) in cash and cash equivalents for the period



4.1

Cash and cash equivalents at beginning of period

4,681

15,903

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(1,504)

(5,117)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

3,594

(9,337)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

8,993

13,631

4.5

Effect of movement in exchange rates on cash held

(918)

(235)

4.6

Cash and cash equivalents at end of period

14,845

14,845

 

5.

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter
$A'000

Previous quarter
$A'000

5.1

Bank balances

14,845

4,681

5.2

Call deposits

-

-

5.3

Bank overdrafts

-

-

5.4

Other (provide details)

-

-

5.5

Cash and cash equivalents at end of quarter (should equal item 4.6 above)

14,845

4,681

a)           

6.

Payments to related parties of the entity and their associates

Current quarter
$A'000

6.1

Aggregate amount of payments to related parties and their associates included in item 1

13

6.2

Aggregate amount of payments to related parties and their associates included in item 2

-

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

6.1       Payments relate to Director and consulting fees paid to Directors. All transactions involving directors and associates were on normal commercial terms.

 

7.

Financing facilities
Note: the term "facility' includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

Total facility amount at quarter end
$US'000

Amount drawn at quarter end
$US'000

7.1

Loan facilities

16,008

16,008

7.2

Credit standby arrangements

-

-

7.3

Other (please specify)

-

-

7.4

Total financing facilities

16,008

16,008




7.5

Unused financing facilities available at quarter end

-

7.6

Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

On the 23rd of March 2018, 88 Energy Lt's 100% controlled subsidiary Accumulate Energy Alaska Inc entered into a US$ 16.5 million debt refinancing agreement to replace the existing Bank of America debt facility. The key terms to the facility are noted in the ASX announcement released on 26th of March 2018. The facility is secured by available Production Tax Credits.

 

8.

Estimated cash available for future operating activities

$A'000

8.1

Net cash from / (used in) operating activities (item 1.9)

(1,504)

8.2

(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))

(1,985)

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(3,490)

8.4

Cash and cash equivalents at quarter end (item 4.6)

14,845

8.5

Unused finance facilities available at quarter end (item 7.5)

-

8.6

Total available funding (item 8.4 + item 8.5)

14,845




8.7

Estimated quarters of funding available (item 8.6 divided by item 8.3)

4.3

Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.

8.8

If item 8.7 is less than 2 quarters, please provide answers to the following questions:


8.8.1     Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?


Answer: N/A

 


8.8.2     Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?


Answer: N/A

 


8.8.3     Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?


Answer: N/A

 


Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

 

Compliance statement

1        This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2        This statement gives a true and fair view of the matters disclosed.

 

 

Date:                21st January 2021

 

 

Authorised by:  By the Board

(Name of body or officer authorising release - see note 4)

 

Notes

1.          This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2.          If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.          Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4.          If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".

5.          If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

 

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Market Report: Silver surges to five-month high and ASOS buy Topshop brands...

The Market Report with Katie Pilbeam. FTSE 100 started the week higher after a horrendous end on Friday amid high volatility caused by the GameStop/Reddit rush. London’s leading index advanced 47 points to 6,456 in early trading. Silver companies were the latest beneficiaries of the...

3 weeks, 4 days ago

30 min read