Less Ads, More Data, More Tools Register for FREE

Pin to quick picks88 Energy Regulatory News (88E)

Share Price Information for 88 Energy (88E)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.31
Bid: 0.30
Ask: 0.32
Change: -0.005 (-1.59%)
Spread: 0.02 (6.667%)
Open: 0.315
High: 0.32
Low: 0.31
Prev. Close: 0.315
88E Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Operations Update

21 Jan 2021 09:52

RNS Number : 4616M
88 Energy Limited
21 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 operations on the North Slope of Alaska.

 

Highlights

· Mobilisation of snow road construction equipment to the Merlin-1 drill site has commenced

· Spud of Merlin-1 remains on schedule for mid-late February 2021

o Targeting independently assessed gross mean prospective resource of 645 million barrels*

· Lease AA095899 in the recent Coastal Plain lease sale formally awarded

Peregrine Drilling Imminent - Mobilisation Underway

Permitting and planning associated with the drilling of Merlin-1 at 88 Energy's Peregrine Project, located in the NPR-A region of the North Slope of Alaska, remains on schedule for a mid to late February spud. Schedule permitting, the Harrier-1 well will commence drilling once operations have completed at Merlin-1.

 

Mobilisation of snow road construction equipment to the Merlin-1 location has commenced. To date 34 miles of a total ~90 miles of the snow road to Merlin-1 have been constructed.

 

88 Energy is carried for the first US$10m of an estimated US$12.6m total expenditure, in exchange for a 50% working interest in the project, as part of a farm-out agreement (see announcement dated 4th December 2020).

 

*Please refer to the XCD Energy ASX release dated 20 May 2020 for full details with respect to the Prospective Resource estimate and associated risking.

 

Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

 

Coastal Plain Lease Award

Lease AA095899 was formally awarded, effective 1 January 2021. The lease is considered highly prospective for oil and gas as several prospects on the Central North Slope side of the boundary are interpreted to extend into this area. It is considered likely that a significant portion of these oil pools may be accessed without surface access within the Coastal Plain area.

 

About Project Peregrine - Imminent Drilling

Project Peregrine is located in the NPR-A region of the North Slope of Alaska and encompasses ~195,000 contiguous acres. It is situated on trend to recent discoveries in a newly successful play type in topset sands in the Nanushuk formation. 88 Energy has a 100% working interest in the project that will reduce to 50% post the completion of funding as part of a recent farm-in, whereby 88E is carried on the first US$10m (of an estimated US$12.6m total cost) for the Merlin-1 well.

 

Project Peregrine and Recent Nanushuk Discoveries

The Merlin-1 well is scheduled for spud in mid-late February 2021 and is targeting 645 million barrels of gross mean prospective resource* to commence immediately following completion of operations at Merlin-1, subject to results from Merlin-1 and weather. Harrier-1 is targeting gross mean prospective resource of 417 million barrels*. Harrier-1 is expected to cost ~US$7m.

 

*Please refer to the XCD Energy ASX release dated 20 May 2020 for full details with respect to the Prospective Resource estimate, associated risking and applicable Cautionary Statement.

 

Each of the Merlin and Harrier prospects is located on trend to an existing discovery, in the same play type (Nanushuk topsets). This has de-risked the prospects considerably and resulted in a relatively high independently estimated geologic chance of success.

 

The below graphics can be found in the pdf version of this announcement available from the Company's website;

- Mobilisation to Merlin-1

- Project Peregrine and Recent Nanushuk Discoveries

- Independent Resource Assessment

- Merlin-1 - on trend to large Willow oil field

 

 

Media and Investor Relations:

 

88 Energy Ltd

Dave Wall, Managing Director

Tel: +61 8 9485 0990

Email: admin@88energy.com

 

Finlay Thomson, Investor Relations

 

Tel: +44 7976 248471

EurozHartleys Ltd

Dale Bryan

 

Tel: + 61 8 9268 2829

Cenkos Securities

Neil McDonald/Derrick Lee

 

Tel: + 44 131 220 6939

Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM Rules for Companies, the technical information and resource reporting contained in this announcement was prepared by, or under the supervision of, Dr Stephen Staley, who is a Non-Executive Director of the Company. Dr Staley has more than 35 years' experience in the petroleum industry, is a Fellow of the Geological Society of London, and a qualified Geologist/Geophysicist who has sufficient experience that is relevant to the style and nature of the oil prospects under consideration and to the activities discussed in this document. Dr Staley has reviewed the information and supporting documentation referred to in this announcement and considers the resource and reserve estimates to be fairly represented and consents to its release in the form and context in which it appears. His academic qualifications and industry memberships appear on the Company's website and both comply with the criteria for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and standards adopted by the Society of Petroleum Engineers "Petroleum Resources Management System" have been applied in producing this document.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDFIFEALIILFIL
Date   Source Headline
22nd Feb 20247:00 amRNSNamibian PEL93 Working Interest Transfer Approved
19th Feb 20247:00 amRNSHickory-1 Flow Test Imminent
8th Feb 20247:00 amRNSChange of Auditor
5th Feb 20247:00 amRNSHickory-1 Pre-Flow Test Operations on Track
30th Jan 20247:00 amRNSQuarterly Report and Appendix 5B
15th Jan 202410:58 amRNSResult of General Meeting
12th Jan 20242:27 pmRNSIssue of Equity
12th Jan 20247:00 amRNSHickory-1 Flow Test Update
21st Dec 20237:00 amRNSProject Peregrine Update
20th Dec 20237:06 amRNSYear-End Shareholder Update
15th Dec 20237:00 amRNSAcquisition of Texas Oil & Gas Production Assets
14th Dec 20237:00 amRNSNotice of General Meeting
5th Dec 20237:15 amRNSProject Phoenix – JV Partner Update
29th Nov 20237:03 amRNSSuccessful Placement To Raise A$9.9M
28th Nov 20237:00 amRNSProposed placing to raise A$9.9 million
17th Nov 20233:11 pmRNSChange of Nominated Adviser
14th Nov 20233:09 pmRNSCorporate Presentation
13th Nov 20237:00 amRNSNAMIBIAN OIL AND GAS FARM-IN AGREEMENT
6th Nov 20237:00 amRNSHickory-1: BFF Maiden Contingent Resource Estimate
31st Oct 20237:00 amRNSQuarterly Report and Appendix 5B
30th Oct 20237:00 amRNSPROJECT PHOENIX – BFF CONTINGENT RESOURCE ESTIMATE
12th Oct 20237:00 amRNSAlaskan Portfolio Update
21st Sep 20237:00 amRNSHickory-1 Well Flow Test Planning Update
13th Sep 20239:30 amRNSSmall Holding Share Sale Facility Update
8th Sep 20237:00 amRNSHalf-Year Financial Report
5th Sep 20237:00 amRNSHickory-1 Well Flow Test – Rig Contract Executed
31st Aug 20237:20 amRNSDirector Dealings
30th Aug 202312:07 pmRNSCompletion of Rights Issue Shortfall Placement
29th Aug 20237:01 amRNSProposed placing to raise up to £4.5 million
29th Aug 20237:00 amRNSCompletion of Rights Issue
31st Jul 20237:00 amRNSProject Peregrine Prospective Resources Update
31st Jul 20237:00 amRNSInvestor Presentation
31st Jul 20237:00 amRNSQuarterly Report and Appendix 5B
31st Jul 20237:00 amRNSNon-Renounceable Rights Issue
3rd Jul 20237:00 amRNSAcquisition of Texas Oil and Gas Production Assets
27th Jun 20237:00 amRNSProject Leonis Update
23rd Jun 20237:00 amRNSHickory-1 Flow Testing Program Update
11th May 20237:16 amRNSAGM Presentation
11th May 20237:16 amRNSAGM Results
3rd May 20239:04 amRNSAGM Voting Instructions
2nd May 20239:20 amRNSAGM Voting Status and Letter to Shareholders
26th Apr 20237:00 amRNSQuarterly Report and Appendix 5B
20th Apr 20237:00 amRNSProject Leonis Acreage Awarded
19th Apr 20237:00 amRNSHickory-1 Summary Presentation
11th Apr 20237:00 amRNSHickory-1 Well To Proceed to Flow Testing
6th Apr 20237:34 amRNSNotice of Annual General Meeting
3rd Apr 20237:00 amRNSHickory-1 TD Reached
29th Mar 20237:00 amRNSHickory-1 Operations Update
23rd Mar 20232:43 pmRNSNotice of AGM
23rd Mar 20237:00 amRNSHickory-1 Surface Hole Completed

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.