Member Info for E_AL

You’re welcome :)

Bob, I’m not a chartist or an expert in this field but I would like to think that I understand the very basics which help me when I ‘trade’ shares.

Try to read these two articles which covers the basics about this subject:

https://www.investopedia.com/terms/t/technicalanalysis.asp

https://www.investopedia.com/articles/technical/112601.asp

If you are into ‘trading’ stocks then start with reading about supports, resistances and also the RSI indicator: The relative strength index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. The RSI is displayed as an oscillator (a line graph that moves between two extremes) and can have a reading from 0 to 100. Traditional interpretation and usage of the RSI are that values of 70 or above indicate that a security is becoming overbought or overvalued and may be primed for a trend reversal or corrective pullback in price. An RSI reading of 30 or below indicates an oversold or undervalued condition.

Currently 88E’s RSI is 30

If you are after ‘trading’ ideas then I would very much recommend to follow a girl on twitter called ?@Lakshmi_888? , she is good in picking winners most of the time. She called 88e last Wednesday and provided TA charts with targets:

https://twitter.com/lakshmi_888/status/1250011579397046274

https://twitter.com/lakshmi_888/status/1248285569588834304

Bob, you are right about that but I was on about a technical bounce. 88e is currently oversold on the technical chart & as I mentioned earlier 75% down so this is why I’m expecting the sp to climb back up to 40s (min.) without an update

“ @BOBHOPE: I don't think we will have much share movement now”

I very much disagree, the share price dropped 75% since last week & it’s currently in the oversold zone . I can see imminent recovery to more realistic level before the next RNS , imo 40s min. before the end of April.

3/3

88 Energy was also reluctant to create a “potential future liability if analysis determines that the well should be P&A’d in a subsequent season, at substantially higher cost.”

Seabee, HRZ remain viable

David Wall, managing director of 88 Energy, described the results of Charlie 1 as mixed.
“The risks related to the shallower targets have unfortunately been borne out, with one found to be water bearing and the other to have no sand development. The (Seabee) Lima targets both remain valid and, using the VSP, logs and cores from Charlie 1, we hope to be able to enhance the prospectivity of the Seabee formation on our acreage. We also hope to glean valuable information in regard to the HRZ potential in this area of Project Icewine and analysis will take place over the next few months,” Wall said April 7.

The company’s Project Icewine unconventional acreage totaled some 482,000 acres at end of first quarter (64% net), 88 Energy said in its April 9 first quarter report, the objective being the “shale complex that sourced the 13 billion barrel Prudhoe Bay oil field.”

Detailed logs and sidewall cores were acquired in the HRZ formation during drilling of Charlie 1, which will be analyzed over the coming months.

The joint venture plans to conduct a formal farmout process to fund further HRZ appraisal, 88 Energy said.

In a mid-2019 interview with Petroleum News, a company executive said advanced analysis using state-of-the-art technology had “confirmed that the HRZ is an excellent source rock with good potential as an economic shale play. The nature of the dominant kerogen in the HRZ has been demonstrated to be prone to more rapid transformation into hydrocarbons than other shales initially used for comparison. This means that the thermal maturity window for volatile oil in the HRZ is at lower temperature than that typically seen in other plays.”

Source: https://www.petroleumnews.com/pnads/857920081.shtml

2/3

Seabee not intersected optimally

In the Seabee formation (apron/fan play) an unsuccessful attempt was made to take a sample from what 88 Energy named the lower Lima prospect, being the better of the two Lima targets, but there was insufficient reservoir quality, the company said.
However, given that the Seabee was not intersected optimally, there still may be potential for higher quality reservoir at a different location, 88 Energy reported April 7. Also, the company said, a 220-foot interval had been encountered in Malguk 1 in the lower Lima, with up to 60% oil saturation and an average porosity of 11%.

Prior to drilling 88 Energy told investors the stacked Seabee targets in the Lima prospects were considered tertiary due to higher risk associated with reservoir quality at the Charlie 1 location. In well planning the company had been most interested in getting a better intersect on the primary Torok targets.

88 Energy had estimated the mean prospective oil resource in the Seabee Lima targets was 376 million barrels of oil gross mean (113 million barrels net mean to the company).

Mud gas seen while drilling in the Seabee “indicated that the hydrocarbons at this horizon were heavier than those in the Torok and this was the horizon where ‘live oil’ was observed across the shakers” in the nearby Malguk 1 well.

“Excellent vertical seismic profile, or VSP, data was obtained in the well, which will now be used in conjunction with other log data and the existing 3D seismic, to remap the targets. Sidewall core analysis will also help determine where improved reservoir is likely to exist,” 88 Energy said.

Premier withdraws from JV

Premier decided to exit the project because well results did not meet its expectations, but 88 Energy said the $23 million that Premier paid to farm into the project was in the joint venture’s bank account, noting well costs remained within the expected budget, so no additional costs will be incurred.
With Premier’s withdrawal 88 Energy’s working interest will increase to 75% in Area A of the Icewine project, including the gas condensate discovery, Charlie 1, and Malguk 1.

Charlie 1 plugged and abandoned

The well was plugged and abandoned rather than suspended because further analysis was needed to determine whether such a high gas content discovery could be commercialized on the North Slope, the company said, noting stimulation and testing was not possible because of “the different phase of hydrocarbons encountered along with the lack of time in the remaining winter drilling season.”
Other factors included uncertain access to some of the people required in the event of “unforeseen circumstances/emergency situations in light of the COVID-19 pandemic” and the potential of early break-up, which could strand the drilling rig, Nordic Rig 3, on the wrong side of the Kuparuk River at significant cost to the JV.

1/3

Kay Cashman
Petroleum News

Updated 9 a.m., April 14, 2020: Independent 88 Energy said April 7 the Charlie 1 appraisal well in its North Slope Icewine project found mobile hydrocarbons in the form of condensate gas in the Torok formation, the well’s primary target.

Operated by 88 Energy’s 100% owned subsidiary Accumulate Energy Alaska Inc., on March 30 Charlie 1 reached a total vertical depth of 11,112 feet in the Kuparuk formation, penetrating sandstones in seven stacked Brookian targets and HRZ shale in one target. No flow tests were done but gas condensate samples were retrieved to surface from two targets in the Torok formation at 10,506 feet and 10,656 feet using a downhole sampling tool run during the wireline operation.

Because of its possible high natural gas content, an economic review is underway by the company to determine whether the condensate discovery can be commercially developed on the North Slope.

The Charlie well is on state lease ADL 393380, in which 88 Energy had a 30% interest prior to drilling. Its partners in the well were Premier Oil Plc, 60%, and Burgundy LLC, 10%.

In a Feb. 23 presentation to investors, 88 Energy said Charlie 1 was targeting “multiple stacked drillable prospects identified on Icewine 3D interpretation” that totaled 480 million barrels of oil net to the company.

Torok fan/channel plays

Charlie 1’s primary target in the Torok formation involved three stacked horizons that 88 Energy dubbed the Stellar prospect. The upper Stellar prospect was a fan play and the middle and lower Stellar fan/channel plays.
The company told investors in February that the lower Stellar was “highly likely to be oil bearing based on elevated resistivity logs” from the nearby Malguk 1 well drilled by BP in 1991, but never flow tested.

The gross mean prospective oil resource in these three stacked horizons was 639 million barrels of oil with a net mean to 88 Energy of 192 million barrels, the company said.

The well was designed as a step out of Malguk 1, which like Charlie 1 encountered oil shows with elevated resistivity and mud gas readings over stacked horizons during drilling.

Schrader, Seabee younger and shallower

Charlie 1’s secondary targets were in the Schrader Bluff and Seabee formations, younger and shallower than the Torok.
There were two Schrader Bluff topset plays; one in what 88 Energy named the Indigo prospect with a gross mean potential of 374 million barrels of oil (net mean of 112 million barrels to the company) and the other in the Charlie prospect with a gross mean of 210 million barrels (net mean 63 million barrels), the company said in the February presentation prior to the well’s March 2 spud date.

Sampling was successfully completed in the Indigo, which was found to be water bearing. The Charlie target was poorly developed and was not sampled. Oil shows in this interval were deemed to be related to residual oil that was not trapped in the system, 88 Energy said.

He doesn't need to ramp it

75% down since last week, unreal bargain for bottom feeders ha

Almost 400% the average volume was traded since the opening ~Buy 2:1 Sell .

Still higher lows and nice buying pressure. It looks like it will gap up tomorrow morning :)

# Trades 353

Vol. Sold 64,049,416
Sold Value £179.34k

Vol. Bought 116,022,906
Bought Value £324.86k

Almost 300% the average volume was traded since the opening.

Again, higher lows and great volume. C'mon girl you know you can do it :)

# Trades 269

Vol. Sold 51,316,294
Sold Value £141.12k

Vol. Bought 90,790,725
Bought Value £249.67k

200% of the Average Daily Volume has been traded since the opening.

higher lows today & great volume :)

Interestingly, since the opening the share price has been moving within the triangle showing on this TA chart:

https://twitter.com/Lakshmi_888/status/1248285569588834304/photo/1

Fingers crossed the sp will breakout soon

BTFATH1, last time sp hit 0.3 was Feb 2016 and never saw 0.3s until last week

100% of the Daily Average Volume has been reached -in 30 mins!

I thought the site is near to Trans Alaska Pipeline System which transports oil from the North Slope to the port of Valdez 800 miles away so no extra work required if they found light oil?

0.0065 AUD is equivalent to 0.033 in GBP

PMO is an independent company with several assets and it has its own vision & circumstances. The world has changed after the coronavirus pandemic and as you know all companies have been trying to focus on what generates the highest return, as fast as possible & with a minimum cost.

Pmo made it simple and clear in their RNS:

“ Premier confirms that the Charlie-1 well in Area A (Premier 60 per cent interest) on the North Slope of Alaska has proved the presence of mobile hydrocarbons in the targeted Torok Formation. The hydrocarbons sampled were gas condensate which is more challenging to commercialise than the light oil the well was targeting. As a result, the Company has made the decision to exit Area A as soon as regulatory approvals have been received.

1- Premier confirms the presence of mobile hydrocarbons.

2-condensate gas is more challenging to commercialise than the light oil the well was targeting.

They were only after light oil which doesn’t require any further work to produce or discussions with other companies to connect to the local gas pipeline..

In both Sept 2019 & Jan 2020 placing announcements, this part grabbed my attention:

“This will include strengthening the Company's balance sheet and to provide the Company with sufficient capital to:

-fund new venture opportunities”

It’s been over 6 months since Sept 2019 placement so in case I missed anything here, anyone knows what ‘new venture opportunity’ 88 Energy is currently looking at?

"@chickster:They make reference to Charlie 1 well and how much deeper the Torok is on our acreage. The thing I found most interesting was the statement 'if we found move-able hydrocarbons at 10 -11000 ft that would be hugely significant'."

7th Apr 2020-RNS:
Operations Update

"88 Energy confirms that the Charlie-1 appraisal well has proved the presence of mobile hydrocarbons, in the form of condensate gas, in the Torok Formation in both the Middle Stellar and Lower Stellar targets."

move-able hydrocarbons : mobile hydrocarbons

2/2

In a mid-2019 interview with Petroleum News, 88 Energy said that finalization of advanced analysis using state-of-the-art technology had significantly advanced the joint venture’s understanding of the nature of their HRZ play, noting that analysis “confirmed that the HRZ is an excellent source rock with good potential as an economic shale play. The nature of the dominant kerogen in the HRZ has been demonstrated to be prone to more rapid transformation into hydrocarbons than other shales initially used for comparison. This means that the thermal maturity window for volatile oil in the HRZ is at lower temperature than that typically seen in other plays.”

The Charlie well was operated by 88 Energy subsidiary Accumulate Energy Alaska LLC, using Nordic Calista Rig 3.

https://www.petroleumnews.com/pnads/857920081.shtml

1/2

Australia independent 88 Energy says its Charlie 1 appraisal well is being plugged and abandoned after its primary oil target could not be tested because it was “poorly developed,” and although a large pool of natural gas condensates was encountered in the Torok formation the company has to determine whether it can be commercially developed on the North Slope because of its likely high gas content.

88 Energy Managing Director David Wall said in an April 7 statement that in coming months samples of the gas condensates will be analyzed for commercial viability. The samples were taken at approximately 10,500 feet and 10,650 feet.

Charlie 1 reached a total vertical depth of 11,112 feet on March 30, having drilled through and logged all seven targets, four of which had oil shows.

The well’s primary target was the Seabee formation. An attempt was made to take a sample from the Lower Lima, being the better of the two Lima targets in the Seabee. This attempt, the company said, was unsuccessful due to insufficient reservoir quality.

However, given the various targets “were not intersected optimally, there still may be potential for higher quality reservoir at a different location,” 88 Energy said, noting that “excellent vertical seismic profile data was obtained … which will now be used in conjunction with other log data and the existing 3D seismic, to remap the targets. Sidewall core analysis will also assist with determining where improved reservoir is likely to exist. Mud gas, observed while drilling in the Seabee, indicated that the hydrocarbons at this horizon are heavier than those in the Torok and this is the horizon where ‘live oil’ was observed across the shakers in the nearby Malguk 1 well,” drilled by BP in 1991 using 2D seismic.

The Charlie well was designed as a step out of Malguk 1, which like Charlie 1 encountered oil shows with elevated resistivity and mud gas readings over stacked horizons during drilling. Malguk was not tested due to complications resulting in a lack of time before the 1991 winter drilling season closed.

Premier opts out but …

While its partner Premier Oil Plc chose to exit the project because the well results did not meet their expectations, 88 Energy said the $23 million from Premier was in the joint venture’s bank account and that the well costs remain within the expected budget, so no additional costs will be incurred.
Detailed logs and sidewall cores were acquired in the HRZ formation during drilling of Charlie 1, which 88 Energy said in an April 9 quarterly report will be analyzed in the months ahead. The HRZ, it said, remains a viable target and “options to commercialize this potentially large” resource continue to be pursued. The joint venture plans to conduct a formal farm out process to fund further appraisal of what it calls Project Icewine unconventional.