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 Shares Traded Last Trade
  0.025 2.0% 1.275 53,253,616 14:35:42
Bid Price Offer Price High Price Low Price Open Price
1.25 1.30 1.325 1.20 1.20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.03 -4.86 88
Last Trade Time Trade Type Trade Size Trade Price Currency
17:07:27 O 9,000,000 1.275 GBX

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88 Energy Daily Update: 88 Energy Limited is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker 88E. The last closing price for 88 Energy was 1.25p.
88 Energy Limited has a 4 week average price of 1.08p and a 12 week average price of 0.63p.
The 1 year high share price is 1.48p while the 1 year low share price is currently 0.58p.
There are currently 6,871,540,324 shares in issue and the average daily traded volume is 38,566,245 shares. The market capitalisation of 88 Energy Limited is £87,612,139.13.
pro_s2009: "Got an email reply from Dave: 'Unsolicited demand and Board level decision to accept it in order to have a slightly larger balance sheet buffer to ensure against unforeseen circumstances. Dilution minimal and hopefully not too much angst given share price has doubled since the last placement. ' Hope this helps."
pro_s2009: Yes......the spring is getting coiled - lots of new holders in at 1.3p to 1.45p levels........this will build and build as the profit takers from lower prices sell out and their sells are bought by new holders and then - the coiled spring will unleash and the share price will move fast upwards to test 2p. Just a matter of time, patience is as ever the key.
pro_s2009: Atticus, BPC is another one, higher risk as they do not have funding sorted for their drill as yet - but have to have something in place by mid-Feb. If they sort funding out (be it some way of additional cash or a farm out) then BPC will rise strongly into drilling. However, if they dont sort funding out its going to crash and burn. So there is a high risk/high reward penny stock. Should they sort funding out then late March time will be drilling for BPC. I have a small punt in there in case they sort funding out which would see the share price jump ahead of drilling. You can see the quality of the asset that 88E has though - 88E secured a top level farm in partner. BPC have had many look at their asset and nobody as yet is offering decent terms to farm in. Thats because of course 88E is appraisal drilling and BPC is pure exploration drilling. But its worth watching if nothing else.
pro_s2009: Going to get very interesting when drilling. Those hoping targets 1 to 4 fail - might get a shock with Indigo, the first Charlie-1 target as its got legs and could come in. I dont hold much hope for targets 2,3,4....... but if Indigo goes come in then the share price should be well over 4p by the time they enter the Stellar targets, those main targets. Those hoping to buy in on first 4 targets failure could get blown out of the water by Indigo at the top if it did come in good. Just going to be so interesting this well, with 8 targets and regular RNS updates on any oil discovery in any of them, as per ASX material news must be immediately released rules - as 88E is operator of this well.
pro_s2009: They are drilling the HRZ. This well will test all 7 conventional targets (which are part of the deal with PMO) and then the will go down into the HRZ which is 100% 88E. They will take sidewall cores and do testing in the HRZ with this well. The HRZ is risked at 1.2p and unrisked is 12p a share to 88E. So this is another upside.......for if the HRZ results look good, then you can start to apply a higher risked value for the HRZ, say from 1.2p to a big boost to the share price if the HRZ turns out good. Ultimately in answer to your post........they are drilling into the HRZ and will test it with the Charlie-1 well.
pro_s2009: And I would expect the share price of 88E to get to 3p pre-drill, the upside is considerable and the HRZ at the bottom could surpass all, lots going on with this drill and 3p ahead of drilling is not too much to ask.
pro_s2009: RE: 88e Presentation NotesMon 19:21 Management: I have to say that I warmed to DW. He came over as credible, passionate, on top of his brief, aligned financially with shareholders and genuinely sympathetic and appreciative of retail shareholders’ support. I didn’t feel that he gilded the lily too much. It was clear that many of the attendees knew each other, knew DW and were LTHs. Quite understandably, he did respond to some questions from the floor asking him to expand on what success in Alaska could mean when reflected in the share price. Always careful *not* to offer any guarantees, an internal management target would see 88E proving up 200-300m barrels of reserves and selling them at $4 - $5 per barrel. I didn’t pick up on any desire from DW for 88E to become a producer, rather it was the “prove up and sell on model� which was described as being the most likely end goal. Ok, here’s what sticks out to me as being the main differences between the two companies. a) Volume of seismic data. PANR appears to be a few years and 10's of millions of $'s ahead on this front. We know that Great Bear invested $80m in seismic across the Alaskan leases - fact. DW did mention they were using local geophysicists as consultants but he didn't name the firm, fyi. b) Scale of OIP - looks to me from a cursory glance that PANR has outlined a greater absolute number and has also defined or identified more specific targets. c) Proximity to infrastructure. This is perhaps the most acute difference between the two investment cases at this precise point in their respective journeys. Attendees at PANR's recent presentation in London will recall how often and forcefully Bob Rosenthal stated the importance to PANR of Alkaid literally being intersected by the Dalton Highway and TAPS. This factor has *massive* implications for timing of operations, ease of operations, capex, opex, timing of cash inflows, collection of pertinent data, etc. All of these considerations, and likely many more I haven't thought of, all feed into the noteworthy NPV per barrel differential published by each company.
grannyboy: There's no denying the potential here, but like all companies particularly in the O&G sector, the share price will spike trapping investors, because the time frame between the actual drilling date allows the share price to be manipulated, and it's usually down...
1i1i1i: 88 Energy Limited ASX Lodgement of Annual ReportSource: UK Regulatory (RNS & others)TIDM88ERNS Number : 0255X88 Energy Limited16 February 201716 February 201788 ENERGY LIMITEDASX LODGEMENT OF ANNUAL REPORT88 Energy Limited (ASX:88E; AIM:88E)("88 Energy" or "Company") advises that a copy of the Company's Annual Report for the year ended 31 December 2016 has been lodged on the ASX and is also available on the Company's website at The Annual Report was sent to shareholders today.Set out below is the Chairman's Statement as included in the Company's Annual Report.Also set out below is a summary of the Company's audited financial information for the year ended 31 December 2016 as extracted from the Annual Report, being:Consolidated Statement of Comprehensive Income;Consolidated Statement of Financial Position;Consolidated Statement of Changes in Equity; andConsolidated Statement of Cash Flows.CHAIRMAN'S STATEMENTDear ShareholdersIt is a pleasure to present my Chairman's Report for the 2016 financial year.2016 marks only the second year in which your Company has traded under the 88 Energy ("88E") banner. I am pleased to report some significant milestones have been achieved as 88E progresses along the pathway leading to appraisal of Project Icewine on Alaska's North Slope. These milestones are detailed in the Operations Report.Measuring success for a junior explorer is a complex process. Year on Year the market capitalisation of 88E has grown from around $25 million to $188 million and the Company has been cited as the best performing oil and gas stock based on share price appreciation on the ASX during this period.As we move into the appraisal drilling phase we do so with a strong balance sheet and high level of project equity providing excellent leverage to our shareholders in the success case. This begs the question "what are the hallmarks of a successful junior explorer?" With over 3 decades in the industry I am well placed to address this question.Geologists love to base their exploration models on successful analogues just as we have done in drawing comparisons to the Eagle Ford and the Haynesville shales Texas, USA. This makes good sense, however we can look beyond the geological modelling and seek to identify what constitutes a successful analogue at the entity level. I have always considered Hardman Resources (HDR) as the flagship analogue when measuring success in the junior oil space.Some of you will be familiar with its history: this tiny oil explorer went from a market capitalisation of $10 million dollars around the turn of the century to $1.5 billion dollars in 2006 with accompanying share price appreciation from 4 cents to $2.36. Interestingly, the oil price at the time of its maiden offshore discovery was a mere US$28.80 per barrel.Leaving aside the fundamental geology, the key attributes of this historical success story included; leadership with both vision and drive, first mover advantage, attractive regime, meaningful prospect volumes, high project equity over oil prone play type, operatorship, dual ASX and AIM listing, strong financial credentials and farm out capability.It is my conviction that 88E has many, if not all of these same attributes; in particular the strong leadership capabilities that have been exhibited to date by our Managing Director, David Wall. We are clearly the first mover over this unconventional play type on Alaska's North Slope; our potential has been independently evaluated in excess of a billion barrels; we control the play; enjoy high project equity and acreage along with operatorship; and our balance sheet is strong.The science behind Project Icewine was originated by Paul Basinski, a geoscientist with an enviable track record in unconventional oil exploration. 88E is backing his proposition that Alaska hosts vast undiscovered potential in an unconventional play targeting the HRZ shale which shares a common source rock with the Giant Prudhoe Bay oil field, the largest conventional field ever discovered in North America. The Project is located in a prolific oil producing region where 88E has assembled a land bank that would befit an oil major, many of whom are already engaged in successful conventional oil exploration in Alaska, as recent discoveries in the region attest.Alaska is a supportive regime that encourages exploration, offering rebates up to 85 percent for every dollar spent prior to 2016; an incentive that was not only attractive to 88 Energy but one backed by Bank of America (BOA). This has enabled 88E to maintain leverage without the larger equity dilution normally associated with funding a program of this magnitude. Our strong acreage position is further enhanced due to the proximity of the all-weather Dalton Highway and the ability to connect into the trans-Alaska pipeline that can handle up to 2.1 million barrels per day and has considerable spare capacity.The funding and execution of Project Icewine is being overseen by our Managing Director, David Wall, with the assistance of a small dedicated team including our Exploration Manager Elizabeth Pattillo, our Alaskan based Operations Manager, Erik Opstad and the full support of my fellow Directors. To date, the results speak for themselves and back up the early prognosis that formed the basis of our original investment decision. I would also like to welcome our new Chief Financial Officer, Ashley Gilbert, to the team, a Chartered Accountant with more than 20 years' experience in commerce and significant experience in the oil and gas sector.The process of evaluation is ongoing and not without considerable risk; however, we look to the future with measured optimism as we unlock both the conventional and unconventional potential of our Alaskan exploration acreage. One only needs to compare this program with better known shale plays in Texas, like the Eagle Ford and Haynesville, to gain an appreciation of the impact that successful exploration can have on 88E as oil prices recover.Before closing I would like to thank the Department of Natural Resources, the Alaska Oil and Gas Conservation Commission; the North Slope Borough and other regulatory agencies that have facilitated our exploration effort in the State.My fellow Directors and I acknowledge David and his staff for their sterling efforts in managing 88E's exciting Alaskan program on a tight budget and timeframe. Their efforts have resulted in 88E turning in the best performance of a junior oil explorer on the ASX in 2016. Indeed, there is little more 88E could have done in the lead up to the appraisal program than what has already been achieved. We should recognise this point as we move forward to the drilling of Icewine #2.In turn, this progress would not be possible without your support as shareholders in what has been a challenging environment. Our dual listing on both ASX and AIM has garnered a wide investor base and we have been ably supported by our brokers and advisers including Hartleys, Cenkos and Patersons.We look forward to a successful 2017 appraisal program at Project Icewine.Yours faithfully,Michael EvansNon-Executive ChairmanCONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER CONSOLIDATED INCOME Note 2016 2015 $ $ Revenue from continuing operations Other income 3(a) 158,627 108,852 Administrative expenses 3(b) (2,278,431) (2,921,653) Occupancy expenses (169,301) (164,629) Employee benefit expenses 3(c) (1,295,150) (491,828) Share-based payment expense 18 (100,000) (1,723,534) Depreciation and amortisation expense (8,232) (15,038) Finance cost (1,702,878) (689,503) Other expenses (4,790,093) (407,379) Foreign exchange gains / (losses) 784,194 - ----------- Loss before income tax (9,401,264) (6,304,712) Income tax expense 4 - - -------------- ----------- Loss after income tax for the year (9,401,264) (6,304,712) -------------- ----------- Other comprehensive income for the year Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations 440,218 383,900 -------------- ----------- Other comprehensive income / (loss) for the year, net of tax 440,218 383,900 -------------- ----------- Total comprehensive loss for the year attributable to members of 88 Energy Limited (8,961,046) (5,920,812) -------------- ----------- Loss per share for the year attributable to the members of 88 Energy Limited: Basic and diluted loss per share 5 (0.003) (0.002) The Consolidated Statement of Profit or Loss and Other Comprehensive Income should beread in conjunction with the notes to the financial statements.CONSOLIDATED STATEMENT OF FINANCIAL POSITION Note 2016 2015 $ $ ASSETS Current Assets Cash and cash equivalents 6 27,303,178 9,604,249 Trade and other receivables 7 312,644 463,601 -------------------- ------------ Total Current Assets 27,615,822 10,067,850 -------------------- ------------ Non-Current Assets Plant and equipment 8 6,131 10,960 Exploration and evaluation expenditure 9 38,227,059 25,403,611 Other assets 10 11,158,742 994,687 ------------ Total Non-Current Assets 49,391,932 26,409,258 ------------ TOTAL ASSETS 77,007,754 36,477,108 -------------------- ------------ LIABILITIES Current Liabilities Trade and other payables 11 6,127,943 4,003,386 Provisions 12 90,085 55,388 Total Current Liabilities 6,218,028 4,058,774 ------------ Non-Current Liabilities Borrowings 13 22,779,313 10,930,281 Total Non-Current Liabilities 22,779,313 10,930,281 -------------------- ------------ TOTAL LIABILITIES 28,997,341 14,989,055 -------------------- ------------ NET ASSETS 48,010,413 21,488,053 -------------------- ------------ EQUITY Contributed equity 14 125,157,965 90,654,560 Reserves 15 16,268,985 14,848,766 Accumulated losses (93,416,537) (84,015,273) ------------ TOTAL EQUITY 48,010,413 21,488,053 -------------------- ------------ The Consolidated Statement of Financial Position should beread in conjunction with the notes to the financial statements.CONSOLIDATED STATEMENT OF CHNAGES IN EQUITY Shares Reserved Issued for Share Accumulated Capital Plan Reserves Losses Total Equity $ $ $ $ $ ------------- ------------ ----------- ------------- -------------- At 1 January 2016 90,654,560 - 14,848,766 (84,015,273) 21,488,053 ------------- ------------ ----------- ------------- -------------- Loss for the year - - - (9,401,264) (9,401,264) Other comprehensive income - - 440,218 - 440,218 ------------- ------------ ----------- ------------- -------------- Total comprehensive income/(loss) for the year after tax - - 440,218 (9,401,264) (8,961,046) Transactions with owners in their capacity as owners: Issue of share capital 37,496,660 - - - 37,496,660 Shares cancelled - - - - - Share-based payments - - 980,001 - 980,001 Share issue costs (2,993,255) - - - (2,993,255) ------------- ------------ ----------- ------------- -------------- Balance at 31 December 2016 125,157,965 - 16,268,985 (93,416,537) 48,010,413 ------------- ------------ ----------- ------------- -------------- At 1 January 2015 67,985,300 (1,667,500) 12,741,333 (77,710,561) 1,348,572 ------------- ------------ ----------- ------------- -------------- Loss for the year - - - (6,304,712) (6,304,712) Other comprehensive income - - 383,900 - 383,900 ------------- ------------ ----------- ------------- -------------- Total comprehensive income/(loss) for the year after tax - - 383,900 (6,304,712) (5,920,812) Transactions with owners in their capacity as owners: Issue of share capital 24,538,797 - - - 24,538,797 Shares cancelled - 1,667,500 - - 1,667,500 Share-based payments - - 1,723,534 - 1,723,534 Share issue costs (1,869,537) - - - (1,869,537) ------------- ------------ ----------- ------------- -------------- Balance at 31 December 2015 90,654,560 - 14,848,766 (84,015,273) 21,488,053 ------------- ------------ ----------- ------------- -------------- The Consolidated Statement of Changes in Equity should beread in conjunction with the notes to the financial statementsCONSOLIDATED STATEMENT OF CASH FLOWS Note 2016 2015 $ $ Cash flows from operating activities Payment to suppliers and employees (3,676,801) (4,082,521) Interest received 54,248 24,995 Finance costs (4,867) (599,501) Other income 129,812 - Net cash flows used in operating activities 6(b) (3,497,608) (4,657,027) ------------ ------------ Cash flows from investing activities Payments for exploration and evaluation activities (25,588,985) (21,941,810) Payment for plant and equipment (3,404) (2,408) Net cash flows used in investing activities (25,592,389) (21,944,218) ------------ ------------ Cash flows from financing activities Proceeds from drawdown of facility 10,621,424 10,930,280 Proceeds from issue of shares 37,367,107 26,339,541 Share issue costs (1,983,702) (1,869,537) Net cash flows from financing activities 46,004,829 35,400,284 ------------ ------------ Net increase/(decrease) in cash and cash equivalents 16,914,832 8,799,039 Cash and cash equivalents at the beginning of the year 9,604,249 805,210 Effect of exchange rate fluctuations on cash held 784,097 - ------------ ------------ Cash and cash equivalents at end of year 6(a) 27,303,178 9,604,249 ------------ ------------ The Consolidated Statement of Cash Flows should beread in conjunction with the notes to the financial statementsDavid WallManaging DirectorCOMPETENT PERSONS STATEMENTPursuant to the requirements of the ASX Listing Rules Chapter 5 the technical information and resource reporting contained in this Annual Report was prepared by, or under the supervision of, Mr Brent Villemarette, who is a Non-Executive Director of the Company. It has been produced for the Company, and at its request, for adoption by the Directors. Mr Villemarette has more than 30 years experience in the petroleum industry and is a qualified Reservoir Engineer 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. He has consented to the inclusion of the petroleum prospective resource estimates prepared by DeGolyer & MacNaughton (as of 31 December 2015) and supporting information being included in this announcement in the form and context in which they are presented. His academic qualifications and industry memberships appear on the Company's website and both comply with the criteria for "Competence" under clauses 18-21 of the Valmin Code 2005. Terminology and standards adopted by the Society of Petroleum Engineers "Petroleum Resources Management System" have beenapplied in producing this document.Media and Investor Relations:88 Energy Ltd Dave Wall, Managing Director Tel: +61 8 9485 0990 Email: Finlay Thomson, Investor Relations Tel: +44 7976 248471 Hartleys LtdDale Bryan Tel: + 61 8 9268 2829Cenkos SecuritiesNeil McDonald/Derrick Lee Tel: +44 131 220 6939This information is provided by RNSThe company news service from the London Stock ExchangeENDFR MMGMZVVLGNZG(END) Dow Jones NewswiresFebruary 16, 2017 02:00 ET (07:00 GMT)
philmar089: i know this is old but still good info 15-06-15 Oil Explorer Accelerates Alaskan Play as Repsol Reports Discovery Nearby 88 Energy (AIM:88E; ASX:88E) is surfing a tsunami of news right now. Most importantly, a few miles down the road, $23BN USD oil major Repsol has just struck oil… … A 750 million barrel discovery, by our rough estimates (read on for the full calculation). Repsol paid $768M USD for their land a few years ago. But earlier this year our company 88E snapped up nearby acreage at a fraction of the price, at the bottom of the cycle. Repsol’s discoveries are just 50 miles from 88E’s acreage Given the proximity to 88E and reservoir quality encountered by Repsol, it’s highly encouraging that these discoveries could be within a resources fairway that extends into 88E’s acreage. The 88E share price has been up around 90% since this news started to spread… The past performance of this product is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance. 88E’s even closer neighbour is announcing results any day now That closer neighbour is “Great Bear Petroleum”, who has drilled one of two planned wells and we are expecting results could drop at any minute. What might positive news from a direct neighbour do to the 88E share price? All this comes as 88E surges toward its maiden drilling event at Project Icewine – where it’s targeting 8 billion barrels of in place oil (gross mean unrisked) potential on their unconventional prospects.
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