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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| 88 Energy Limited | LSE:88E | London | Ordinary Share | AU00000088E2 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.004 | 2.41% | 0.17 | 0.165 | 0.17 | 0.175 | 0.1615 | 0.1625 | 686,802,658 | 16:35:17 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -14.44M | -0.0006 | 0.00 | 0 |
From Apr 2019 to Apr 2024
TIDM88E
RNS Number : 4472M
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 4(th) 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 Tel: +61 8 9485 0990 Dave Wall, Managing Director Email: admin@88energy.com Finlay Thomson, Investor Relations Tel: +44 7976 248471 EurozHartleys Ltd Tel: + 61 8 9268 2829 Dale Bryan Cenkos Securities Tel: + 44 131 220 6939 Neil McDonald/Derrick Lee
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.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Hot Features
Premium
Name of entity
-----------------------------------------------------
88 Energy Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
80 072 964 179 31 December 2020
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (12 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation (69) (170)
(b) development - -
(c) production - -
(d) staff costs (505) (1,477)
(e) administration and corporate
costs (447) (1,317)
1.3 Dividends received (see note - -
3)
1.4 Interest received - 2
Interest and other costs of
1.5 finance paid (568) (2,237)
1.6 Income taxes paid - -
Government grants and tax
1.7 incentives 85 259
1.8 Other (XCD - redundancy payments) - (177)
---------------- -------------
Net cash from / (used in)
1.9 operating activities (1,504) (5,118)
----- --------------------------------------------- ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements (2,033) (2,692)
(c) property, plant and equipment - -
(d) exploration & evaluation (1,985) (38,394)
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other - -
entities
2.4 Dividends received (see note - -
3)
2.5 Other - Joint Venture Contributions 7,612 32,183
* XCD Energy takeover costs - (869)
- 435
* XCD Energy open cash
---------------- -------------
Net cash from / (used in)
2.6 investing activities 3,594 (9,337)
----- --------------------------------------------- ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 9,870 14,870
3.2 Proceeds from issue of convertible - -
debt securities
3.3 Proceeds from exercise of - -
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (478) (840)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings (399) (399)
3.7 Transaction costs related - -
to loans and borrowings
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- -------------
Net cash from / (used in)
3.10 financing activities 8,993 13,631
----- --------------------------------------------- ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 4,681 15,903
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (1,504) (5,117)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) 3,594 (9,337)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 8,993 13,631
Effect of movement in exchange
4.5 rates on cash held (918) (235)
---------------- -------------
Cash and cash equivalents
4.6 at end of period 14,845 14,845
----- --------------------------------------------- ---------------- -------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 14,845 4,681
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 14,845 4,681
---- ----------------------------------- ---------------- -----------------
a)
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 13
-----------------
6.2 Aggregate amount of payments to related -
parties and their associates included in
item 2
-----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
6.1 Payments relate to Director and consulting fees paid to Directors. All transactions involving directors and associates were on normal commercial terms.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $US'000
arrangements available to $US'000
the entity.
Add notes as necessary for
an understanding of the sources
of finance available to the
entity.
7.1 Loan facilities 16,008 16,008
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities 16,008 16,008
------------------- ----------------
7.5 Unused financing facilities available at -
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
---- ------------------------------------------------------------------------
On the 23rd of March 2018, 88 Energy Lt's 100% controlled
subsidiary Accumulate Energy Alaska Inc entered into a
US$ 16.5 million debt refinancing agreement to replace
the existing Bank of America debt facility. The key terms
to the facility are noted in the ASX announcement released
on 26th of March 2018. The facility is secured by available
Production Tax Credits.
----
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (1,504)
8.2 (Payments for exploration & evaluation classified (1,985)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (3,490)
8.2)
8.4 Cash and cash equivalents at quarter end 14,845
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 14,845
8.5)
--------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 4.3
--------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
-------------------------------------------------------------------
Answer: N/A
-------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
-------------------------------------------------------------------
Answer: N/A
-------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
-------------------------------------------------------------------
Answer: N/A
-------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of questions
8.8.1, 8.8.2 and 8.8.3 above must be answered.
---- -------------------------------------------------------------------
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed. Date: 21(st) January 2021
Authorised by: By the Board
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
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END
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January 21, 2021 03:17 ET (08:17 GMT)
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