Member Info for nosfogger96

Yeah was going to ask if anyone had heard any updates on the AIM relisting situation? Like others mine seem to have been converted (to the new number of shares) in my II Account but the balance remains at zero. Obviously we missed the July relisting target...

8th January 2021
This announcement contains inside information
88 Energy Limited
Operations Update
88 Energy Limited ("88 Energy" or the “Company", ASX:88E, AIM 88E) is pleased to provide the
following update related to its projects on the North Slope of Alaska.
Highlights
• High bidder on tract 29 Coastal Plain Lease Sale
o Adjacent to existing Yukon Leases and Point Thomson field
Yukon Leases and Tract 29
88 Energy, via its wholly owned subsidiary Regenerate Alaska Inc, has been 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
Fig. 1 88 Energy Revised Acreage Map Alaska with Tract 29 (green)
Managing Director of 88 Energy, Dave Wall, stated: "Tract 29 is considered highly prospective as
there is evidence of existing discoveries to the west extending into this area. We have had our eye on
this lease for some time and are extremely pleased to have been announced high bidder in the recent
lease sale.
We look forward to providing more detail on this area in the near future.”
This announcement has been authorised by the Board.

Spot on Brom, another one after a very quick search:
18th April 2019
The farm-out process has now progressed to the next stage, with a preferred bidder selected
and discussions underway. The Company advises that there is no guarantee that the parties
will agree terms and close out the transaction. A further announcement will be made in due
course on the outcome of the ongoing negotiations, which are currently confidential in nature.

Incorrect - I've seen this phrase on multiple occasions from 88E regarding their farmout progress over the past few years - suggest you go back and re-read the preliminary announcements before the actual RNS detailing the farmout specifics.

88 Energy Limited
Peregrine Farm-Out Progresses – Preferred Bidder Selected
88 Energy Limited ("88 Energy" or the “Company", ASX:88E, AIM 88E) is pleased to provide the
following update related to the farm-out at its Project Peregrine, on the North Slope of Alaska.
Highlights
• Multiple bids received
• Preferred bidder selected and preparation of final documentation underway
• Transaction close and execution of documents expected within weeks
Detail
The farm-out process at Project Peregrine has progressed to the final phase and is subject only to
finalisation of standard documentation as the preferred bidder has now been selected. Strong interest
was shown in the opportunity and the bids received were competitive. Execution of the final documents
is expected in the next few weeks, at which point more detail on the transaction will be made public.
Planning and permitting remains on schedule for a late February 2021 spud of the first well at Project
Peregrine.
Managing Director of 88 Energy, Dave Wall, stated: "The strong interest shown in the imminent drilling
program at Project Peregrine is both a testament to the quality of the opportunity and the hard work
done by the 88E team over the last few months. We look forward to working with the preferred bidder
to close the transaction and get going on the drill program.”
This announcement has been authorised by the Board.

100% agree techno, Russia happy with 1M in cuts, not 1.5M, crude back selling off as we speak

This is inaccurate, they are discussing the 1.5 cut but Russia wants a lower number so nothing final yet - source Energyintel's Amena Bakr

Manwell I assume they mean they are targeting 200BOPD from the 2 flow tests, i.e. 100 from each.
Another minor discrepancy was him referring to our company as 'Energy 88'

Cheers Brom, tuned in well worth a listen imo, specifically relating to slides 16-18 on https://assets.investis-live.com/presentations/5e3854690a12d4110095c251/contentAssets/2019_Annual_Results.pdf

Definitely an air on confidence in this drill, numerous mentions on plans for production (if successful obviously) - did he mention something about the drill currently being 500 metres away from target?

3rd March 2020
88 Energy Limited
Operations Update
88 Energy Limited ("88 Energy" or the “Company", ASX:88E, AIM 88E) is pleased to provide the
following update related to operations for the currently drilling Charlie-1 appraisal well, on the North
Slope of Alaska.
Highlights
• Charlie-1 appraisal well drilling commenced
Detail
88 Energy confirms that the Charlie-1 appraisal well commenced drilling at 0600 on the 2nd March
2020, Alaska time.
For further details please see the latest corporate presentation available on the Company website.
Managing Director of 88 Energy, Dave Wall, stated: "The Charlie-1 well has been four years in the
making for 88 Energy, beginning in 2016 when we first acquired 2D seismic over our Project Icewine
acreage. Since that time, the Company has reprocessed legacy 2D seismic (2017), undertaken a
targeted acreage expansion and then shot modern 3D seismic (2018) before farming down (2019). A
prospect of this calibre in a frontier region requires significant time and effort to come to fruition and
we are optimistic that success is just around the corner.”

Couple of the pages copied and pasted below -->

Charlie-1 Testing Program
7
Drilling and Logging
• Drilling to Total Depth (planned ~11,400’), Logging While Drilling and Wireline Logging estimated to
take ~30 days
State of the Art Subsurface Evaluation Program
• Utilisation of the latest proven technology
• Program specifically designed to evaluate:
• Formations that may have laminations resulting in low resistivity pay
• Formations with low to moderate permeability
• Formations with considerable bound water
• Prior to advent of specialist tools, the above challenges often resulted in pay being left behind
Flow Testing
• Subsurface evaluation to be followed by up to two production tests
• Zones of interest and final test design to be determined by results of logging
• Each test estimated to take ~14 days
Reporting
• Total program estimated to take ~60 days, with reporting of results determined by materiality and
continuous disclosure obligations

Post Charlie-1 Strategy – On Success
Fast Track Delineation to Enable Monetisation
• Low capex strategy over 2-3 years to minimise dilution and maximise sale value per
share
• Success will result in a horizontal well being drilled from the Charlie-1 vertical well bore
in 2021, as well as a likely step out delineation well*
• Additional drilling of 2-3 wells in 2022 will define the resource potential to the point of
sale for 88 Energy
• Net cost to 88 Energy circa. US$30m over 2 years – minimal dilution (est. <4%) with
maximum returns for shareholders
• If Charlie-1 successful, Premier likely to exercise option over Eastern Fairway of Icewine
acreage resulting in a carry for 88E on US$15m of 3D seismic in 2021
• => additional drilling in 2022/2023
Funding large scale development capex is not part
of the 88E strategy

Maybe because it's not marked as price sensitive, which is a little strange but consistent with similar type announcements in the past

No worries Jiddy - I thought the primary was the Torok...not the below
In paperwork submitted to the division, the primary drilling objective is the Seabee formation.

https://www.petroleumnews.com/pnads/62905698.shtml

88 Energy targets March 1

As of Jan. 28, Accumulate’s 34-mile ice road was approximately 70% complete with a planned Charlie 1 spud date of “on or before March 1,” Erik Opstad, Anchorage-based general manager of operations for the company, told Petroleum News Jan. 28.
The Charlie 1 program is being financed by a joint venture between 88 Energy and Premier Oil Plc, with Premier paying $23 million of the costs.

In Accumulate’s Icewine project, Charlie 1 is on state oil and gas lease ADL 393380 approximately 29 miles west of the Franklin Bluffs pad, which is at Milepost 377.7 on the Dalton Highway.

According to Accumulate’s lease plan of operations with Alaska’s Division of Oil and Gas, in addition to the ice road, two 500 feet by 500 feet ice pads, one drill pad and one staging pad (a mile west of the Dalton Highway at MP 386) will be built.

Using Nordic Rig 3, Charlie No. 1 will be drilled to an approximate depth of 11,000 feet and may include laterals, sidetracks or additional penetrations.

The well will intersect seven stacked prospects, four of which are interpreted as oil bearing in nearby Malguk No.1 (drilled in 1991 by BP) and are therefore considered appraisal targets, 88 Energy said.

In paperwork submitted to the division, the primary drilling objective is the Seabee formation.

According to 88 Energy releases, the total gross mean prospective resource across the seven stacked targets to be intersected by Charlie 1 is 1.6 billion barrels of oil, with 480 million barrels net to 88 Energy.

24th January 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE
REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
88 Energy Limited
Placement to Raise $5.0 million
88 Energy Limited ("88 Energy" or the “Company", ASX:88E, AIM 88E) is pleased to advise that it has
successfully completed a bookbuild to domestic and international institutional and sophisticated investors to
raise A$5.0 million before costs(the "Placement") through the issue of 238,095,238 ordinary shares (the “New
Ordinary Shares”) at a price of A$0.021 (equivalent to £0.011) per New Ordinary Share .
Capital raised pursuant to the Placement, together with the Company's existing cash reserves (A$15.9 million
as at 31 December 2019, inclusive of Joint Venture cash), will be used to fund the ongoing evaluation of the
conventional and unconventional prospectivity of the Company’s existing assets, including its share of any
potential costs (over the US$23 million farm-out cap) in respect to the Charlie-1 well, which is due to spud in
February 2020, and to enable it to identify and exploit new opportunities on the North Slope of Alaska.
Strengthening the Company’s balance sheet at this time provides the Company with sufficient capital to:
• fund potential costs of the Charlie-1 appraisal well above the Premier Oil carry (carry up to a total of
US$23 million) - drilling planned for February 2020 spud;
• fund lease rental payments on the Company’s Alaskan acreage;
• fund interest payments on the Company’s debt facility;
• fund new venture opportunities; and
• finance the Company’s ongoing working capital requirements and general and administrative
overheads
Commenting on the Placement, Dave Wall, Managing Director of 88 Energy, stated:
"The decision by the Board to raise additional funds at this time was for several reasons, namely: unsolicited
demand for investment at a premium to the most recent placement in September 2019; and a subsequent
incremental increase in the well cost due to high grading of the quality of the evaluation program.
We would like to thank our advisers and shareholders for their continued support as we enter into this critical
phase.”
Hartleys Limited acted as Sole Lead Manager and Sole Bookrunner to the Placement.
The issue of the New Ordinary Shares is not subject to shareholder approval as the issuance will fall within the
Company's placement capacity pursuant to ASX Listing Rule 7.1 and 7.1A. A total of 144,941,206 shares will be
issued pursuant to Listing Rule 7.1 and 93,154,032 shares will be issued pursuant to Listing Rule 7.1A. The New
Ordinary Shares will rank pari passu with the existing ordinary shares in the Company. Application has been
made for admission of the New Ordinary Shares to trading on AIM (“Admission”), with Admission and
settlement scheduled for Monday, 3 February 2020.

Comparing the quarterly report from October to this new one just released re Yukon...

Yukon Acreage
? Discussions continue with nearby resource owners to optimise the monetisation strategy of
the acreage;
? Yukon lease bid on by the Company in the Dec’18 State of Alaska Licensing Round was
formally awarded and taken up.

Yukon Acreage
• Discussions continue with nearby resource owners to optimise the monetisation strategy of
the acreage; and
• Permitting underway ahead of potential drilling in 2021 – subject to farm-out

https://twitter.com/HMASophieHoney/status/1044514106412273665

Good talking to @PocivalsekZ & @BritSloChamber about supporting the two biggest UK investments in Slovenia @AscentRes & @BSWTimber. @ukinslovenia will stay engaged. #AST