Member Info for happy_hatter

Rights Issue Notice - 5th October 2018 - 'The Company reserves the right to undertake a placing to institutional investors of any Shortfall Shares'

DW is now exercising that right to fully fund the company for the next 9 months during a 'transformational period'.

A reminder what the fund will be used for:

'Net proceeds of the Offer intended to be used for
* Potential production testing at Winx-1 exploration well
* Possible cost overruns associated with the drilling of Winx-1
* Lease rentals and interest costs to maintain assets in good standing
* Ongoing geological and geophysical work
* Working capital and general administration'

Hardly a surprise is it? It was always there in black and white!

From our previous two trading halts we have had to wait a couple hours for one of the announcements to follow and the other we had to wait two days.

I'm not going to wait up, I don't fancy no sleep for two days! :)

Worst case scenario: Shortfall Shares: 593,592,274 placed at 1 pence.

A fully funded company going into a transformational 9 months.

The share price was only 1 pence last week and the board took up their rights also.

It's not all that bad is it?

It is perfectly ok to speculate while we wait Brom.

There is a possible of three outcomes here:

1) Shortfall shares placed at 1 pence to either 'soposticated institutions/investors' or 'future farm out partner'.

2) Part of the shortfall shares placed at 1 pence with the remainder cancelled.

3) Total balance of the shortfall shares and a possible placement now cancelled.

Very likely in my opinion to be number 1 and to 'sophisticated institutions/investors'

manfrom

On the announcement you need to scroll all the way down to page two.

BigT0 - I did think initially it was a cancellation of the shortfall.

But I don't see any reason why you need a trading halt for that. Just announce it.

So I have gone off that idea.

If this is to place the remaining shares at 1 pence then in my opinion DW should have waited on the Yukon gold/conventional update.

Perhaps there will be more to this announcement than what we think.

It would be nice if they only had to place 150m and write the rest off! Wishful thinking on my part.

What will be will be.

Total Shortfall Shares: 593,592,274

I hope the majority of shares goes to one party then we can see who goes over the 3% threshold and more.

Makes little difference if shares were taken up via rights or placement.

What it has done is kill the short term momentum.

The favourite to be our farm out partner for me is Conoco Phillips.

So in other words zebbo, just like the rest of us, you do not have a clue!

Rights issue RNS on 3rd October 2018 'Designed to allow existing shareholders exposure to potentially transformational activity over the next 9 months'.

We are well into those 9 months now with one month already out of the way.

In those 9 months expected news according to presentation timeline:

1) Finalise 3D evaluation of existing Yukon Gold oil discovery - Tick

2) Icewine Conventional Farm Out - Before Year end

3) Winx-1 drill and results - Feb/March

4) Icewine Unconventional Farm out - Before June 2019

That takes us up to those 'transformational 9 months'.

If we are not well past historical share price highs by then I would be very surprised.

That was hilarious mikemike.

I just spat my tea all over my keyboard.

The more you lot bicker the more buys come in. Is there a correlation?

Look at all those buys in the last 15mins you have been arguing.

Keep it up, it looks like we are about to tick up!

88E exploring for large-scale, multi-billion barrel oil resources

https://finfeed.com/small-caps/energy/88e-exploring-large-scale-multi-billion-barrel-oil-resources/?utm_campaign=88E-20181107&utm_source=twitter.com&utm_medium=social

88 Energy Limited (ASX:88E) this morning provided an update related to ongoing work on its conventional prospect portfolio at Project Icewine, which is located on the North Slope, onshore Alaska, and has a total conventional net mean prospective oil resource of 2,445 MMBO.

Yukon leases maiden conventional resource: net mean prospective oil resource – 90 MMBO (100% 88E)

The Yukon 3D seismic, acquired by 88E in the first quarter of 2018, has been fast track processed, with mapping undertaken to assess the maiden prospective resource associated with three sand bodies identified on the leases.

The Cascade lead, has been upgraded to prospect, a Brookian Turbidite Fan Play, while additional prospectivity has been mapped within Staines Tongue Topset Play.

The Cascade Prospect is the largest of the sand bodies, containing ~92% of the preliminary mapped resource on the Yukon Leases. The Cascade prospect is interpreted to have been intersected in a downdip location by the vintage Yukon Gold-1 oil discovery well.

Yukon Gold-1 was drilled in 1993 and discovered two oil saturated sands in the Canning Formation with porosities exceeding 18%. Up until the 2016 commissioning of infrastructure at the nearby Point Thomson gas/condensate/oil field, an accumulation of this size would have been considered stranded. Internal modelling suggests that break-even development price is now less than US$40/bbl.

Next steps will involve generation of an inversion 3D volume to further delineate and de-risk current mapping. An update is planned for the next quarter.

Project Icewine conventional – 2,896 MMBO (88E: 2,211 MMBO net mean prospective resource)

88E recently updated the conventional prospective resource at Project Icewine based on the newly processed 3D inversion dataset.

This data highlighted features, such as feeder channels, associated with the prospects, providing further confidence in the mapping and the geological model. Additionally, further analysis has provided positive insights into the prospects / discoveries identified in the shallow Schrader Bluffs Formation, as well as the deeper Torok Formation. These insights are particularly encouraging by comparison to recent successful production testing in the Nanushuk Formation discoveries made over the last four years on the North Slope.

A farm-out process is currently underway, with a deal targeted prior to year-end.

Western Blocks conventional – 400 MMBO (88E: 144 MMBO net mean prospective resource)

88E also has a stake in the Winx-1 well, slated for drilling in the upcoming quarter.

The Western Blocks comprise four leases (totalling 22,711 acres) immediately adjacent to the Horseshoe#1/1A oil discovery well, which forms part of the billion

I have always had end of Jan noted down for conventional farm out which gives four weeks for it to over run.

I am now thinking, with the constant 'targeting farm out by year end' it could be announced as soon as end of November.

DW has been negotiating this deal for longer than many of us think. 'Time is right to deal' etc etc.

For those that have not read oil rush article: 88E Bolsters Multi Billion Barrel Oil Resource: Farm Out by Year End?

https://www.nextoilrush.com/88e-bolsters-multi-billion-barrel-oil-resource-farm-out-year-end/

The article says ''When it comes to prospective conventional resources, 88E’s 2.2 billion net gross mean prospective resource is more than any other ASX listed company that we could come across''.

Total now is 2,445 MBO

It was just a rollover of 50,000 shares.

Good things are coming to 88E shareholders. I am sure of it.

According to the 88E investor presentation, that now after todays news, the next RNS we can expect is Conventional Farm Out or Ice Road Construction & Rig Mobilisation for WINX1.