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88 Energy to raise A $9.8mln to support Alaska and Namibia projects
Published: 08:20 23 Apr 2024 BST
https://www.proactiveinvestors.co.uk/companies/news/1045882/88-energy-to-raise-a-9-8mln-to-support-alaska-and-namibia-projects-1045882.html?rel=scroll
A possible Cup & Handle forming. A good place to put all the Troll's BS and flush it into a momentum next week
Sums it up perfectly!
88 Energy enjoys a pivotal quarter - Published: 08:13 18 Apr 2024 BST
https://www.proactiveinvestors.co.uk/companies/news/1045585/88-energy-enjoys-a-pivotal-quarter-1045585.html?rel=scroll
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF)'s managing director, Ashley Gilbert, said the discovery group is now 'looking to formalise a farm-out process' to attract strategic partners to develop Project Phoenix on Alaska's North Slope following the success of the Hickory-1 well.
During the first quarter, it demonstrated notable success with the Upper Slope Fan System (USFS) reaching a peak flow rate of over 70 barrels of oil per day. The Shelf Margin Deltaic (SMD) reservoir also showed promising results with a flow rate of approximately 50 barrels per day.
These results are expected to lead to the development of long horizontal wells, which typically yield significantly higher outputs compared with vertical wells. The company plans to seek independent contingent resource declarations based on these positive outcomes.
Gilbert added: "This quarter marks a pivotal moment for 88 Energy with the successful oil flow at Hickory-1, enhancing Project Phoenix's potential. We are now looking to formalise a farm-out process to attract strategic partners for further development."
In addition to Project Phoenix, 88 made progress with its other ventures. The company completed the transfer of a 20% working interest in Namibia's Petroleum Exploration Licence 93 (PEL 93), with seismic acquisitions planned for mid-2024.
Project Leonis, in Alaska, is progressing well, with a prospective resource estimate expected in the first half of 2024 and several parties engaged in the farm-out process.
Project Longhorn, in Texas, also showed steady performance with an average production of 328 barrels of oil equivalent per day in the first quarter and two of the planned five workovers underway, which are projected to conclude under budget.
On the financial front, 88 maintains a strong position with a cash balance of A$17.5 million as of March 31 and no debt.
Reverse Split!
Its over.
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88 Energy Limited (ASX:88; AIM 88E) has advised that pre-spud operations are now entering the final phase as Rig 111 makes it way to the drilling location for Merlin-1, and that the spud date is now scheduled for next Monday, 8 March.
The Merlin-1 well will initially be drilled to 1,500 feet, then surface casing will be installed and the Blow Out Preventer System tested.
This is expected take approximately one week to execute, after which the well will be deepened through the target horizons in the Nanushuk Formation to a maximum total depth of 6,000 feet.
The Merlin-1 well is scheduled for spud in early March 2021 and is targeting 645 million barrels of gross mean prospective resource.
Logging while drilling and mudlogging will provide initial indications as to the prospectivity of the well during this part of the operation that is expected take three to five days.
A sophisticated wireline logging suite will then be run, including sidewall cores and downhole sampling.
Wireline logging is expected to take five to seven days, and if the results are encouraging, then the well will be completed with casing and a flow test conducted.
The drilling of the second well in the program, Harrier-1, remains subject to permitting, Merlin-1 results and weather/schedule.
Commenting on progress and outlining what may lie ahead following Merlin-1, managing director Dave Wall said, “Pre-spud operations are now entering the final phase as Rig 111 makes it way to the drilling location for Merlin-1.
"Success at Merlin-1 could yield over 300 million barrels net to 88E and open up further prospectivity at Project Peregrine (see above), in addition to unlocking the substantial proven resource at the adjacent Umiat oil field, which is 100% owned by 88 Energy.
"Metrics for discovered oil were demonstrated by the late-2017 Oil Search (ASX:OSH) transaction where US$3.10 per barrel was paid in a low oil price environment for an interest in the Pikka Field, a discovery in the Nanushuk Formation.
"Success at Merlin-1 would be transformational for our shareholders and we look forward to providing further information on operations over the next 4 to 6 weeks.’’
https://88energy.com/
https://www.facebook.com/88EnergyLtd/
This section maintained by Pro-Life - DO NOT EDIT OR ADD HERE UNDER ANY CIRCUMSTANCE PER MODERATOR TOS:
NEW on YT: Project Peregrine - 88 Energy - 10.18.2021
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166410430
https://wcsecure.weblink.com.au/pdf/88E/02495881.pdf
88 Energy trades on 4 global platforms:
Australian Stock Exchange (ASX), London Stock Exchange (LSE) German Boerse (DAX) and otcMarkets:
Check ASX action: https://www2.asx.com.au/markets/company/88e
Check German Boerse action: https://www.boerse-frankfurt.de/equity/88-energy-ltd
Check LSE action: https://www.lse.co.uk/SharePrice.asp?shareprice=88E&share=88-Energy
Check otcMarkets action: https://www.otcmarkets.com/stock/EEENF/quote
Convert AUD to USD or British Pounds to USD: https://www.bankrate.com/calculators/investing/currencycalc.aspx
Lots of 88E coverage: https://www.nextoilrush.com
A Quick Guide to Knowing What You Own as an Oil Investor: https://katusaresearch.com/not-oil-created-equal-quick-guide-knowing-oil-investor/
Share Structure per the company website: https://www.88energy.com/capital-structure/
Newest Investor's Presentation released 9.1.2021:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02417008-6A1048649?access_token=83ff96335c2d45a094df02a206a39ff4
Going debt free... the greatest 88E announcement to date - 6.21.2021!!!
Via e-Mail...
88 Energy Limited
Sale of Tax Credits and Full Repayment of Debt
https://wcsecure.weblink.com.au/pdf/88E/02386132.pdf
Page 16 from financials released on 10.8.2021 - https://clients3.weblink.com.au/pdf/88E/02405874.pdf
MUST SEE >>> DO NOT MISS <<< IMPORTANT
HUGE Twitter DD thread... 88E ROAD to success exists:
http://twitter.com/StevenStocks5/status/1432107880598102023
88E Due Diligence Collection from PokeStonksTrainer (@HarisRad88):
https://threadreaderapp.com/user/HarisRad88
Must see DD (88 slides of light sweet crude):
https://drive.google.com/file/d/101BYeTf-8hs5vtSbDRNk0jFxFjtvkl1r/view
For future reference going into 2022 and the BLM - from WOOFERHEAD:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=165866733
https://www.proactiveinvestors.com/companies/news/963322/88-energy-updates-on-operations-as-it-sits-on-comfortable-cash-pile-963322.html
https://www.reddit.com/r/EEENF/comments/t1f0iu/alright_folks_lets_get_something_straight/
https://finance.yahoo.com/news/88-energy-limited-asx-88e-230414601.html
doinit Presents... Crude Oil Basics:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=165612520
Brent Crude vs. West Texas Intermediate: The Differences
By
Updated Sep 30, 2020
West Texas Intermediate
In the United States, West Texas Intermediate is the preferred measure and pricing model. It is also slightly "sweeter" and "lighter" than Brent.
West Texas Intermediate (WTI) is slightly lower in price than Brent. As of November 2, 2020, WTI was trading at $38.76 per barrel, while Brent traded at $41.19.
The offshore oil rigs, despite being in the news more often, most famously with the BP oil leak of 2010, are heavily traded as barometers of domestic oil market health.
ALASKA'S OIL & GAS INDUSTRY
BACKGROUND • HISTORY • THE FUTURE • FACTS • PRODUCTION
SB21 • PRODUCERS & EXPLORERS • ALYESKA PIPELINE SERVICE COMPANY
REFINERS • LINKS • SOURCES • COMMENTS
https://www.akrdc.org/oil-and-gas
http://dnr.alaska.gov/commis/Presentations/Alaska_North_Slope_Gas_Potential_Sept_2016.pdf
https://www.reddit.com/r/EEENF/
Which Are The Seven Steps Of Oil And Natural Gas Extraction?
http://www.sheerproject.eu/which-are-the-seven-steps-of-oil-and-natural-gas-extraction/
