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Share Price: 0.1575

Bid: 0.155

Ask: 0.16

Change: -0.0025 (-1.54%)

Spread: 0.005 (3.226%)

Open: 0.1625

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Red Emperor, Pantheon, 88 Energy plunge on Alaska well woe

Wed, 13th Mar 2019 11:36

(Sharecast News) - Shares in Red Emperor Resources, Pantheon Resources and 88 Energy all nosedived on Wednesday after testing of the Winx-1 well on the Western Blocks, North Slope of Alaska returned disappointing results.Updates from the companies had previously spoken of encouraging potential pay zones at the prospect but testing has now indicated such low oil saturations and reservoir quality that the well's potential is insufficient to warrant production testing.Dave Wall, managing director of 88 Energy, said: "The early encouragement seen at Winx has not been confirmed by the results from the wireline logging program, despite many of the hallmarks of a successful Nanushuk play being present. Analysis of the data is ongoing; however, it is deemed unlikely to change the current view in a material fashion."According to a statement from 88, reservoir properties appear to be compromised by dispersed clay at Winx-1, which, though often present in other successful Nanushuk wells, has impacted both fluid mobility and oil saturations.Jay Cheatham, chief executive of Pantheon, said: "The wireline logging program at Winx-1 did not confirm the operator's and our earlier optimism which was based on mudlog shows and logging while drilling. Data analysis is continuing and more evaluation is necessary to determine the next steps for the Western Blocks. While disappointing, this does not condemn the Western Blocks where Winx-1 is located."Red Emperor's working interest is 31.5% and 88 Energy is earning 36% by paying 40% of costs, while Pantheon Resources holds a 10% carried interest in the project, with an additional 10% back in right.Just after midday in London, Red Emperor shares were down 83.05% at 0.86p, Pantheon Resources was down 25.77% at 20.92p and 88 Energy's was down 34.79% at 0.86p.

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8 Jan 2024 16:15

UK shareholder meetings calendar

Tuesday 9 January
Agriterra Ltd	AGM
DX Group PLC	GM re acquisition by HIG Capital funds
GENinCode PLC	GM re fundraise
Leeds Group PLC	GM re sale of subsidiary Hemmers-Itex
Smart Metering Systems PLC	GM re acquisition by KKR funds
Wednesday 10 January
Hummingbird Resources PLC	GM re share placement
Ironveld PLC	AGM
Reabold Resources PLC	GM re appointment of new directors
Safestyle UK PLC	EGM re approve winding up of company
Scirocco Energy PLC	GM re proposed disposal of interests in Energy Acquisitions Group Ltd
Versarien PLC	GM re capital reorganisation
Thursday 11 January
Pennpetro Energy PLC	AGM
R&Q Insurance Holdings Ltd	GM re sale of Accredited to Onex Corp
Ten Entertainment Group PLC	GM re takeover by Trive funds
Friday 12 January
Ashington Innovation PLC	AGM
Dukemount Capital PLC	AGM
Monday 15 January
88 Energy Ltd	GM re fundraising
Mondi PLC	GM re special dividend
SRT Marine Systems PLC	GM re fundraising
Strip Tinning Holdings PLC	GM re fundraising

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15 Dec 2023 16:58

TRADING UPDATES: 88 Energy expands Texas footprint with acquisitions

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

15 Dec 2023 11:26

88 Energy secures new Texas acreage

(Sharecast News) - 88 Energy announced the acquisition of additional oil and gas production assets in the Texas Permian Basin on Friday, marking a significant expansion of its regional footprint.

5 Dec 2023 20:01

EARNINGS AND TRADING: Lowland Investment NAV falls but dividend hiked

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

29 Nov 2023 14:30

EARNINGS AND TRADING: Northern Bear boosts profit, Esken loss widens

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

28 Nov 2023 16:53

TRADING UPDATES: Upland Resources completes technical study at Sarawak

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

13 Nov 2023 21:58

TRADING UPDATES: 88 Energy signs farm-in deal with Monitor Exploration

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

6 Nov 2023 17:07

IN BRIEF: 88 Energy pleased with maiden contingent resource estimate

88 Energy Ltd - Alaska-focused oil and gas company based in Subiaco, Western Australia - Says the maiden independent contingent resource estimate has been completed at Project Phoenix for the Basin Floor Fan reservoir. Reports a gross best estimate contingent resource of 250 million barrels of oil equivalent from the deepest reservoir encountered in Hickory-1. Explains that contingent resources were defined on the basis of multiple successful flow tests conducted in the BFF reservoir on adjacent acreage and clear reservoir continuity demonstrated through high quality seismic data.

31 Oct 2023 19:04

TRADING UPDATES: CPP reports new business wins for Blink division

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

30 Oct 2023 14:15

IN BRIEF: 88 Energy gears up for Phoenix reservoir resource estimate

88 Energy Ltd - Alaska-focused oil and gas company based in Subiaco, Western Australia - Appoints independent consultants Netherland, Sewell & Associates, Inc to conduct a contingent resource estimate on the Basin Floor Fan reservoir at Project Phoenix on Alaska's Central North Slope. News follows Pantheon Resources PLC declaring a significant contingent resource for the Lower BFF reservoir. 88 says BFF was the deepest hydrocarbon-bearing pay zone intersected during drilling and logging of the Hickory-1 exploration well. Says NSAI's assessment, based on results from Hickory-1 and nearby offset wells, may lead to Hickory-1 being confirmed as a discovery. NSAI has starting reviewing and integrating existing data from all reservours.

12 Oct 2023 16:14

TRADING UPDATES: 88 Energy targets flow test for Phoenix in 2024

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

21 Sep 2023 12:12

TRADING UPDATES: Faron appoints Birge Berns as interim medical officer

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

8 Sep 2023 10:54

88 Energy narrows loss, draws on cash balance for Hickory project

(Alliance News) - 88 Energy Ltd on Friday said it reduced its interim loss in part from reduced exploration impairments, and it is optimistic about scheduled tests in Alaska.

30 Aug 2023 18:37

IN BRIEF: 88 Energy completes shortfall offer placement

88 Energy Ltd - Alaska-focused oil explorer - Completes shortfall offer placement from the non-renounceable rights issue at an issue price of AUD0.006 per share. The rights issue closed on August 22 with the company issuing around 553 million new shares. As a result of the strong inbound demand received from other investors during the rights issue and subsequent shortfall offer process, company has received firm commitments to place in full all new shares not taken up in the rights issue, representing around 1.46 billion shares.

29 Aug 2023 10:45

88 Energy completes rights issue, announces GBP5 million placing

(Alliance News) - 88 Energy Ltd on Tuesday said it completed its latest rights issue and proposed a placing of over one billion shares to fund its exploration activity.

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