Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
In order to get it going we need some fantastic news : it could be about- Longhorne/ Namibia or revised data for Hickory- 1. 88E is not just about Hickory, it has its fingers in other projects as well. Now the funding is sorted , time is needed and patience might pay off eventually. It’s not going to happen tomorrow or next week, which all of the investors would have liked. But it’s AIM market: invest only what one can afford to lose or patience might pay off one day. Good luck to me and all in the waiting of good news in the future!🤞🏼😎💊
David Wall still holds over £ 9 .00, million pounds worth of shares. It’s De- Ramper’s dream to put 88E down, if you are not an investor, why not make a better use of your time on PANR if that’s your favourite 😻 company?
To get this moving properly- Ashley Gilbert needs to do some interviews: where’s the PR TEAM 88E- get one soon if you haven’t got one.It’s worth spending a penny to farm out or for JV. I hope someone from 88E TEAM READS THIS MESSAGE. I look forward to a decent interview- hopefully 🤞🏼
Today 07:00
RNS Number : 3061L
88 Energy Limited
19 April 2024
19 April 2024
88 Energy Limited
FURTHER INFORMATION ON HICKORY-1 FLOW TEST RESULTS
ANNOUNCED 2 AND 15 APRIL 2024
Highlights
· Dual success at Hickory-1 with the flowing of light oil from the USFS and SMD reservoirs.
· Post flow test studies to commence including the securing of additional Contingent Resource estimates.
· Commercialisation options to be considered in parallel, including farm-out to a strategic development partner and/or early and a capital-lite development.
😊 It appears that Ashley has read my comments on this board as “ the RNS was poorly worded, should have been in points and clear and not as a narrative “. The revised RNS is just how I said it should be “ in pinpoints, concise and clear. Well Done Ashley. Let’s see how the market takes it. GLA all holders.
Finally it’s behaving and can’t believe it has ticked up. I think it’s the wording in the last RNS of “ spent 14 million more” , unfortunately brought the price down , which has been removed from today’s RNS and the current financial situation is healthy according to today’s RNS. It should move up as it should have done few days ago, I think. What an RNS WORDING CAN DO TO OUR 💰?,,,! Ask at 0.23p now.
Not just Hickory 1: more news to come in near future other than Hickory- 1, 17.5 million cash- seems good:
Namibia PEL 93 (20% WI)
· Transfer of 20% working interest in Petroleum Exploration Licence 93 (PEL 93) complete, being the first stage of a three-stage farm-in agreement following approval by the Namibian Ministry of Mines and Energy.
· PEL 93 includes an extensive lead portfolio with ten significant independent structural closures identified from a range of geophysical and geochemical techniques and potential for more leads to be identified as dataset is expanded.
· Seismic acquisition is planned for mid-2024 with potential initial exploration well targeting the Damara play as early as H2 CY2025.
Project Leonis (100% WI)
· Maiden prospective resource estimate for Upper Schrader Bluff (USB) reservoir expected H1 2024.
· Farm-out process commenced with multiple parties engaged and reviewing data room materials, ahead of potential drilling of a new well in 2025/2026.
Project Longhorn (~64% WI)
· Two of the planned five workovers scheduled to be in completed in 1H 2024 are underway and are currently projected to be delivered under budget.
· Q1 2024 production steadily averaged 328 BOE per day gross (~62% oil).
· Company received cash flow distribution of A$0.7M in March 2024.
· The Company also reduced it's working interest in 9 leases during the quarter by an average of a ~7% reduction in net WI's across these leases. Consideration for these leases totalled A$0.3M.
Corporate
· Cash balance of A$17.5 million and no debt (as at 31 March 2024), ~20% of Hickory-1 flow test payments have been made, with the remainder expected to be paid in Q2 2024.
· Net cash outflows in relation to operating expenses for Q1 2024 totalling A$0.77M as compared to A$1.44M in Q4 2023.
· Cost reduction initiatives commenced in the quarter targeting a reduction in salary and overhead costs. Further business optimisation activities underway, aimed at preserving and enhancing value for shareholders and advancement of key projects
Yes indeed it is they still have 17 million in hand a successful exploration result, full assessment of what’s down there due in a few months , upcoming AGM in May 2024. Possibly the placement has already been done. A lot to look forward, this price is too low for what 88e has got , it’s a Steele and bound to go up before the AGM and before the full assessment of resources. Buy or sell is ones own choice keep on battering the choice is for those who hold no shares in the company. I’m still HOLDING AND ADDED MORE . Good luck holders, we need it🤞🏼
I think that the last RNS is very poorly worded. Ashley Gilbert needs to develop Good RNS writing skills. There was no need to add extra additives in this RNS, giving unnecessary details. The RNS could have been ended with careful wording with contingent assessment in a few months to make full assessment of oil and gas and the information given in points rather than as a Narrative. Best and the most effective way of writing is to slot the information in points and not blabber.
Good luck holders, may it work for us in the future 🤞🏼
Commented:
"Having now successfully demonstrated light oil flow from two reservoirs at Hickory-1 in recent weeks, it is clear that this is a significant milestone in the history of 88 Energy. The USFS success represents the first time that we have successfully flowed oil to surface in Alaska - and under natural flow - as well as being the first time we have confirmed a light oil discovery of substantial scale in close proximity to the critical Dalton Highway and Trans-Alaskan Pipeline System infrastructure. To then achieve a second successful flow of light oil from the SMD-B reservoir, with a low gas/oil ratio, is an outstanding outcome for 88 Energy and its shareholders.
The flowing of light oil from multiple reservoirs demonstrates the potential that this acreage holds for our shareholders, positioning the Company to grow and extract value from Project Phoenix via multiple potential development and commercialisation pathways. These include farm-out to a strategic partner in pursuit of a carry towards a development proposition and/or accelerated, capital-lite production given the highly development-friendly location of Hickory-1 within the North Slope. Development of these reservoirs is anticipated to be via long horizontal production wells, with numerous production analogues elsewhere demonstrating many multiple times the flow rates achieved from vertical wells.
Detailed evaluation of these development options, and pursuit of the optimal pathway, is the process that we are now set to undertake over the coming months. This work will be undertaken alongside the assessment of independent Contingent Resource declarations for the SFS and SMD reservoirs at Hickory-1, which will be additive to the BFF Contingent Resource previously declared. It is a busy and exciting time ahead for 88 Energy."
T 10:51:00
“Hickory-1 Flow Test – Second Light Oil Discovery
15 Apr 2024 07:00
RNS Number : 5907K
88 Energy Limited
15 April 2024
This announcement contains inside information
15 April 2024
88 Energy Limited
HICKORY-1 FLOW TEST - SECOND LIGHT OIL DISCOVERY
Highlights
· Dual reservoir success at Hickory-1 with second light oil discovery at the SMD-B reservoir.
· Peak flow rate of ~50 barrels of oil per day (bopd) of light oil (measuring approx. 39-degree API oil gravity, under nitrogen lift).
· The SMD-B reservoir showed little to no measurable associated gas flow (low Gas-oil-Ratio (GoR), which validates the pre-test analysis.
· Hickory-1 has now delivered two successful oil flows and three independent discoveries:
- SMD-B (today's result): with a peak flow rate of ~50 bopd of light oil (measuring approx. 39-degree API oil gravity, under nitrogen lift).
- Upper SFS (USFS) (previously announced on 2 April 2024): with a peak flow rate of over 70 bopd of light oil (measuring approx. 40-degree API oil gravity, under natural flow).
- Both flow rates result from low volume stimulations over small 20ft perforated intervals in vertical well.
- Previously announced Basin Floor Fan (BFF) Gross Best Estimate (2C) Contingent Resource of 250 Million Barrels of Oil Equivalent (MMBOE) (refer 88E ASX release dated 6 November 2023)
· Quality and deliverability of both SMD-B and USFS demonstrated via oil production to surface with the USFS reservoir producing under natural flow - positively differentiating Hickory-1 from results on adjacent acreage.
· It is anticipated that these reservoirs will be developed from long horizontal production wells which typically produce at multiples of between 6 to 12 times higher than vertical wells. Project Phoenix also benefits from the ability to produce concurrently from multiple reservoirs in a single development scenario.
· Well testing results from the current field season confirm long-held views of the producibility of multiple reservoirs at Project Pheonix.
· As such, the Hickory-1 flow test results can be rightly characterised as in-line with those observed from equivalent reservoirs on adjacent acreage. Importantly, the performance of the USFS reservoir exceeded expectations, with the well flowing naturally with increasing oil cut.
· The results from the Hickory-1 flow tests permits an independent Contingent Resource assessment for both the SFS and SMD reservoirs; expected to be complete during 2H 2024”.
It’s the De- Ramping team’s AGENDA
Over 205 million shares have been purchased at this price and we will eventually find out the total amount of Oil & Gas that’s down there so why don’t we just sit it out and wait. I hope that all this dropping the price is to let 50 k trades in which happened earlier. If any one remembers “SOLO” back in 2013-2017: similar thing happened then ON A GOOD NEWS THE PRICE WENT DOWN! It’s AIM market - legal theiving is allowed here, called HIGH RISK and sometimes HIGH REWARD. We should be use to this downplay by the MM’s, they control the market- take it or leave it. Have a good day . I’m looking forward to hearing from the company in the near future and sitting tight!