88 Energy Share Discussion Threads

[pro_s2009] 22/1/2020 06:18

Thats DW..........

They wanted 10m AUD in Sept 2019, they got circa 7m AUD.....this is the other 3m AUD.

A tiny little bit of the upside will be trimmed back - on the flip side - a big lump of potential downside has been removed.

For those who never intended to hold any shares until Charlie-1 was drilled and completed - they will be unhappy.

For those who intend to hold shares through to Charlie-1 being complete and flow tested, then the downside risk is a bit smaller now as they have more funds to carry on with the HRZ and Yukon etc... if Charlie-1 fails.

[lgraham86] 22/1/2020 04:05

Why would Dw say we wont be topping up so to speak when he was in london? Thats the strange thing to me, Sp willTake a hit today

[pro_s2009] 22/1/2020 03:53

Just a quick top up it seems, 3m AUD at 1.1p a share.

Funds their costs for the HRZ testing at the bottom of the Charlie-1 well (which PMO are not part of).

The HRZ is worth up to 12.9p a share to 88E - and well worthy of good testing which will be done via this Charlie-1 well.

So proving the HRZ is viable is very important going forward, even if they farm out 50% of it following success at Charlie-1 then its worth over 6p a share to 88E.

[lgraham86] 22/1/2020 01:22

My question would be if they only want 3m extra what dont majority shareHolders i.e DW and the boys stumpIt up?

[lgraham86] 22/1/2020 01:14

Im reading that if true , as not too bad considering my average is 0.93ishPro might be able to shed abit more light on what it all possibly means . Im jjst a novice at this game

[tomford8] 22/1/2020 01:13

Financial Review Australia

Today's AFR Street Talk

Jan 22, 2020 — 10.54am

ASX-listed oil and gas explorer 88 Energy has gone cap in hand in front of investors on Wednesday morning as it hunts for fresh equity to strengthen its balance sheet.
The $179 million company was seeking *$3 million via a placement priced at 2.1¢ a share, a 16.1 per cent discount to its 10-day VWAP, according to terms sent to funds.
Hartley's is sole lead manager and bookrunner on the offer and bids were being called for by 4pm on Wednesday. The company retained the right to accept over subscriptionsin the offer to the tune of $1 million.
Funds were told the equity would be used to fund the ongoing evaluation of the prospectivity of the company's existing assets, which are mainly located in Alaska, and strengthen its balance sheet. The equity would also be used to cover any potential costs for its Charlie-1 well in Alaska, which is due to spud - the process of beginning to drill a well - in February.

Street Talk Editor

Sarah Thompson
Sarah Thompson has co-edited the Street Talk column since 2009, specialising in private equity, investment banking, mergers & acquisitions and equity capital markets stories. Prior to that she spent ten years in London as a markets and M&A reporter at Bloomberg News and Dow Jones Newswires. Email Sarah at [e-mail]



Edit,

Why do 88e require an extra $3 Million?

HRZ on the Charlie 1 drill...Premier Oil not interested in HRZ and paying costs to drill to the last stack only the deal with Premier who are really only interested in the conventional oil, meaning 88E retain the rights to the HRZ shale.
88E would like to test the potential of HRZ further down so they will need to fund the rest of the drill down to lower level hence an extra $3 Million required.

Unconventional resources – further upside potential remains from the 0.8 to 2 billion barrel prospective HRZ shale resources at the 475,000-acre site

Dave Wall interview "we are targeting the HRZ"

[lgraham86] 22/1/2020 01:11

from todays AFR Street TalkJan 22, 2020 - 10.54amASX-listed oil and gas explorer 88 Energy has gone cap in hand in front of investors on Wednesday morning as it hunts for fresh equity to strengthen its balance sheet.The $179 million company was seeking $3 million via a placement priced at 2.1¢ a share, a 16.1 per cent discount to its 10-day VWAP, according to terms sent to funds.Hartley's is sole lead manager and bookrunner on the offer and bids were being called for by 4pm on Wednesday.The company retained the right to accept over subscriptions in the offer to the tune of $1 million.Funds were told the equity would be used to fund the ongoing evaluation of the prospectivity of the company's existing assets, which are mainly located in Alaska, and strengthen its balance sheet.The equity would also be used to cover any potential costs for its Charlie-1 well in Alaska, which is due to spud - the process of beginning to drill a well - in February.

[viku111] 22/1/2020 00:08

They just did their fund raising in Sept 2019. 4 months later and already another?

[lgraham86] 21/1/2020 23:42

Quartely rns obvs was a load of sh ite

[oilretire] 21/1/2020 23:01

REQUEST FOR TRADING HALT88 Energy Limited (the "Company") requests that the securities of the Company be placed in a trading halt as follows:1. The trading halt has been requested pending the realease by the Company of an announcement in relation to a capital raising;2. The trading halt should be until the release of the announcement by the Company, expected to be no later than market pre-open Friday, 24 January 2020; and 3. The Company is not aware of any reason why the trading halt should not be granted.

[paradise city] 21/1/2020 22:51

Another, line their own pockets, cash raise by the looks of it then ffs !

[saint in exile] 21/1/2020 22:45

No surprise really

[xow98] 21/1/2020 22:44

Capital raise per Hot Copper

[xow98] 21/1/2020 22:25

Trading halt pending announcement on ASX

[wolansm] 21/1/2020 12:37

Yes but 1.5 first would be good

[y1phr1] 21/1/2020 12:17

Would be great to see this about 3p

[pro_s2009] 21/1/2020 08:59

Update from Cenkos on 88E. PDF file in the link below.

Risked 4.8p NAV valuation pre-drill (meaning 88E is currently about 250% undervalued). Interesting that the potential lateral sidetrack on success is now being looked at being done in Q4 2020.



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[rodrod1] 20/1/2020 16:29

That's good. This is now a strong base to rise from. This current level will be breached and that may happen without news, just volume of buyers.

[lgraham86] 20/1/2020 16:16

This 1.40 hard to break lol

[pro_s2009] 20/1/2020 00:11

Comments from BB32

Just to give my thoughts re comment

Additional Details

Premier has an option to earn 50% working interest in Area B or C by spending US$15m, if the Charlie-1 (Malguk-1 appraisal) well in Area A is successful

It is not for both areas ..... Dave has played a blinder here, as when we prove oil in A , value of B and C will go up, so PMO can take up cheap option in one or other, will have to renegotiate for both or we can farm out to someone else for hopefully more for either B or C

The comments around Yukon and discussions continue with nearby resource owners, I believe is all to do with Jade Energy who have the leases just to the North of Yukon.



50% owner of Jade = Erik Opsted

So all good as far as I can see

BB32