sehe ich ( leider ) anders...88E hatte zwar fast keine monetären Kosten / Risiko bei Charlie1, aber mal wieder ein Flop mehr in der Geschichte. Ein Unternehmen das quasi so oft voll daneben liegt und vorher aber alles so kommuniziert, als wen man Unmengen von Öl unter sich hat und nur noch angezapft werden müssen ( sinngemäß), traut man nix mehr zu...oder wer sieht das alleine hier anders unter uns Aktionären nach der Vorgeschichte schon !?
Auf mich macht das alles den Eindruck, dass die mit Holz-Wünschelruten rumrennen.
Was hat denn 88E nach in der Hand jetzt, was einen deutlichen Anstieg begründen / rechtfertigen würde ? Derzeit steht doch nur wieder die Hoffnung und nicht mal die Gewißheit, dass die aus dem Gas etwas Gewinn generieren könnten...steht ja auch noch alles in den Sternen....
Was sollte den jetzt der Treiber für eine "Gegenbewegung " sein ? Wie immer basiert bei 88E doch alles auf Vermutungen und Hoffnungen. Sorry wen ich das als Aktionär über mein / unserer Invest jetzt mal wieder so denke muss.
Worin 88E ganz groß ist = mächtig auf die Kacke hauen im Vorfeld und auf dicke Hose machen...und dann kommt nur Luft oder Wasser.
www.88energy.com 103 Level 2, 5 Ord Street, West Perth WA 6005 PO Box 1674, West Perth WA 6872 Australia Phone +61 8 9485 0990 Fax +61 8 9117 2012 ABN 80 072 964 179 9 April 2020 ANNUAL GENERAL MEETING RESULTS In accordance with Listing Rule 3.13.2 and Section 251AA of the Corporations Act, the attached information is provided to ASX in relation to the resolutions passed by the members of 88 Energy Limited (ASX: 88E; AIM: 88E, “88 Energy”, “Company”) at its Annual General Meeting held on 9 April 2020. The Remuneration Report resolution, while passed, had more than 25% of votes cast against it. As a result this constitutes a second strike for the purposes of the Corporations Act.
9 April 2020 QUARTERLY REPORT Report on Activities for the Quarter ended 31 March 2020 The Directors of 88 Energy Limited (“88 Energy” or the “Company”, ASX & AIM:88E) provide the following report for the quarter ended 31 March 2020. Highlights Project Icewine • The Permit to Drill for the Charlie-1 exploration well was approved by the Alaska Oil and Gas Conservation Commission (AOGCC) on the 11 February 2020; • The Charlie-1 exploration well spudded on 2 March 2020, with the well intersecting all the of the pre-drill targets safely and efficiently; • Total Depth of 11,112’ was reached on the 30 March 2020, having drilled through and logged all of the targets in the well, including the HRZ; • Results from the Logging While Drilling (LWD) program were largely consistent with those seen in the nearby Malguk-1 well, with shows and elevated log response recorded over several horizons; and • The wireline logging program commenced shortly after reaching Total Depth, with the Company announcing subsequent to quarter end a confirmed condensate discovery in the Torok Formation. 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. Western Blocks • Assessment of strategy for future of leases underway. Corporate • Successful completion of a capital raise of A$5 million (before costs).
www. 88energy.com Level 2, 5 Ord Street, West Perth WA 6005 PO Box 1674, West Perth WA 6872 Australia Phone +61 8 9485 0990 ABN 80 072 964 179 Project Icewine • Project Icewine Conventional Charlie-1 Exploration Well The Permit to Drill which was submitted prior to the end of 2019, as planned, was approved by the Alaska Oil and Gas Conservation Commission (AOGCC) on the 11 February 2020. Construction of the ice road which commenced in late December 2019 was fully completed together with the ice pad at the Charlie-1 drilling location, by mid-February 2020. Mobilisation of the Nordic Rig#3 to site began shortly after completion of the ice road and the Charlie-1 well was spudded on 2 March 2020. The Charlie-1 well reached its Total Depth of 11,112’ (TVD) on 30th March 2020, having drilled through and logged all of the targets in the well, including the HRZ. Results from the Logging While Drilling program are largely consistent with those seen in the nearby Malguk-1 well, drilled by BP in 1991, with shows and elevated log response recorded over several horizons. The significance of the similarities, and differences, to Malguk-1 will not be known until after the more detailed wireline logging program has been executed and analysis completed. The wireline logging program commenced shortly after Total Depth was reached, and concluded on 6 April 2020. Subsequent to quarter end the Company announced on 7 April 2020 that the Charlie-1 appraisal well had 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. Hydrocarbons were successfully recovered to surface from both targets using a state-of-the-art downhole sampling tool (Ora). Further analysis to confirm the composition and gas to liquid ratio will now be undertaken. Upper Stellar was not tested due to the sub optimal location that it was intersected by the well. Sampling was also successfully completed in the Schrader Bluffs Formation from the Indigo target, which was found to be water bearing. The Charlie target was found to be poorly developed and was not sampled. Oil shows in this interval are deemed to be related to residual oil that is not trapped in the system. In the Seabee Formation, an attempt was made to take a sample from the Lower Lima target, being the better of the two Lima targets. This attempt was unsuccessful due to insufficient reservoir quality; however, given that these targets were not intersected optimally, there still may be potential for higher quality reservoir at a different location. Excellent Vertical Seismic Profile (“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 these 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. Premier Oil has informed the Joint Venture that it intends to withdraw from the project, as the well did not meet its pre-drill expectations. On withdrawal the Company’s working interest will increase to 75% in Area A including the confirmed condensate discovery in the Torok Formation.
www. 88energy.com Level 2, 5 Ord Street, West Perth WA 6005 PO Box 1674, West Perth WA 6872 Australia Phone +61 8 9485 0990 ABN 80 072 964 179 The cost of the well remains within the expected budget and 88E does not expect to incur any costs in relation to the drilling, with Premier Oil having been cash called and already paid into the Joint Venture bank account US$23 million in relation to the drilling costs of the Charlie-1 well. The well will now be plugged and abandoned (”P&A”) in line with standard industry practice. The announcement released by the Company on 7 April 2020 provides further details of the results from the Charlie-1 well. • Project Icewine Unconventional Detailed logs and sidewall cores were also acquired in the HRZ formation during drilling of the Charlie-1 well, which will now be analysed over the coming months The HRZ remains a viable target and options to commercialise this potentially large resource continue to be pursued. The Joint Venture plans to conduct a formal farm-out process to fund further appraisal. Yukon Leases Discussions continued during the quarter with nearby lease owners to optimise the monetisation strategy for existing discovered resources located in the vicinity of the Yukon Leases. The Yukon Leases contain the 86 million barrel Cascade Prospect* , which was intersected peripherally by Yukon Gold-1, drilled in 1994, and classified as an historic oil discovery. 88 Energy recently acquired 3D seismic (2018) over Cascade and, on final processing and interpretation, high-graded it from a lead to a drillable prospect. The Yukon Leases are located adjacent to ANWR and in close proximity to recently commissioned infrastructure. Permitting underway ahead of possible drilling in 2021 – subject to farm-out. * Refer announcement 7 November 2018 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. Western Blocks Assessment of strategy for future of leases continued during the quarter, ahead of lease expiry in May 2021. Placement to Raise A$5 million On the 24 January 2020, the Company announced that it had successfully completed a capital raise of A$5 million (before costs), with the placement made to domestic and international institutional and sophisticated investors through the issue of 238 million ordinary shares at A$0.021 (equivalent to £0.011) per New Ordinary Share.
www. 88energy.com Level 2, 5 Ord Street, West Perth WA 6005 PO Box 1674, West Perth WA 6872 Australia Phone +61 8 9485 0990 ABN 80 072 964 179 Corporate The ASX Appendix 5B attached to this report contains the Company’s cash flow statement for the quarter. The significant cash flows for the period were: • Proceeds from capital raise before costs of A$5.0m; • Exploration and evaluation expenditure totalled A$15.1m gross (Dec’19 Quarter A$4.0m);, primarily associated with expenditure on the Charlie-1 appraisal well; • Cash call proceeds received from Joint Venture partners in the quarter totalled A$21.9m (Dec’19 Quarter A$12.4m); • Payments in relation to the debt facility interest totalled A$0.6m (US$0.4m); and • Administration and other operating costs A$0.6m (Dec’19 Quarter A$0.9m). At the end of the quarter, the Company had cash reserves of A$28.1m, including cash balances held in Joint Venture bank accounts relating to Joint Venture Partner contributions totalling A$19.4m. In light of the current low oil price environment and uncertainties related to the COVID-19 pandemic, the Company has implemented prudent cost cutting measures, including salary reductions. Information required by ASX Listing Rule 5.4.3: Project Name Location Area (acres) Interest at beginning of Quarter Interest at end of Quarter Project Icewine Onshore, North Slope Alaska ~482,000 64% 64% Yukon Gold Onshore, North Slope Alaska 15,235 100% 100% Western Blocks Onshore, North Slope Alaska 22,711 36% 36% 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 prospective resource 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.
Das ist wenigstens erfreulich: At the end of the quarter, the Company had cash reserves of A$28.1m, including cash balances held in Joint Venture bank accounts relating to Joint Venture Partner contributions totalling A$19.4m.
Damit dürfte kurzfristig zumindest erstmal kein Capital Raise anstehen. Wäre zum aktuellen Aktienkurs auch nicht förderlich.....
bei dem ganzen Schlamassel steht man als deutscher Anleger auch noch außen vor und kann dem Treiben nur zusehen.
Nach der ganzen "Historie" von 88E kann man doch nur der festen Meinung sein, dass sie nicht wissen was sie tun, bzw. das was sie tun, ohne Hand und Fuß ist...Wie ich schon sagte " Wünschelruten-Gänger".
Solche Unternehmen nerven durch offensichtliche Unfähigkeit.
wenn Gewinne aus anderen ( guten ) Aktien von so einer Gurkenfirma aufgefressen werden. Man will ja nicht ständig auf der Stelle trampeln und Verluste durch Gewinne ausgleich müssen, weil bestimmte Firmen ihren Job nicht können...aber vorher immer auf den Busch klopfen mit " immer " guten Updates ", wie toll doch alles läuft und man den Milliarden Barrels immer näher kommt.....
Das Mindeste was jetzt als erste Reaktion von 88E kommen müsste, dass dieser Dave abgesägt wird. Zu oft einen schlechten Job gemacht als Verantwortlicher.