The Directors of 88 Energy Limited (88 Energy or the Company, ASX & AIM:88E) provide the following report for the quarter ended 31 December 2018.
The conventional prospective resource at Project Icewine was further upgraded to 2,896 MMBO mean gross prospective resource (2,211 MMBO net to 88E);
Icewine 3D seismic inversion substantially complete for the Schrader- Canning clinothem and the deeper Nanushuk-Torok clinothem with discrete geobodies now mapped in the Schrader (topset play) and Torok (slope/ basin floor fan play) formations;
Updated rock trending models underpinning the 3D seismic inversion products highlight better than expected reservoir quality potential within the Torok Formation;
The farm-out campaign continued in the quarter, with multiple high-calibre parties active in the dataroom;
The deadline for bids was extended by 88E due to demand with deal targeted in Q1 2019;
HRZ shale evaluation process is ongoing post the suspension of the Icewine #2 well.
All major permits (excluding Permit to Drill) granted during the quarter for the drilling of the Winx-1 exploration well;
Permit to Drill submitted to the AOGCC for review - approval anticipated January 2019;
Ice road construction commenced during the quarter; and
Spud of Winx-1 exploration well targeting multiple objectives on schedule for February 2019.
Seismic processing of the Yukon 3D progressed during the quarter;
Yukon leases maiden resource announced a Net Mean Prospective Oil Resource 90 MMBO;
o Cascade lead upgraded to prospect status Brookian Turbidite Fan Play; o FurtherprospectivitymappedwithintheStainesTongueTopsetPlay.
Subsequent to year end Regenerate Alaska Inc, a wholly owned subsidiary of 88 Energy, was announced highest bidder on an additional ~1,920 gross acres in the State of Alaska December 2018 Licensing Round, with formal award expected in mid-2019.
88 Energy Ltd announced on 3rd October 2018 a 1 for 7 non-renounceable rights issue / open offer to raise up to $14.33m / £7.96m;
On 29th October 2018 the Company announced that total applications for New Shares as part of the Rights Issue raised a total of $3.6 million, and subsequently the Company announced on 12th November the placement of Shortfall Shares raising approximately $10 million gross.
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