88 Energy Posted its December Quarter Report

88 Energy Limited (ASX: 88E) does exploration and production of oil and gas. It has an aim to make the company successful in exploration and production so that it can deliver material benefits to its shareholders and contributes to the development of the regions in which it works.

On 25 January 2019, the company reported on its quarterly activities for the period ended 31 December 2018. The conventional prospective resource in the Icewine project was further upgraded to 2,896 MMBO. Moreover, the large proportion of 3D seismic inversion completed for the Schrader. 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. Furthermore, the deadline for the bids was extended by the company due to demand with deal targeted in Q1 2019. The company also updated that after the suspension of the Icewine 2 well, the HRZ shale evaluation process is currently ongoing. 

In the Western Blocks project all major permits were granted to the company during the quarter for the drilling of the Winx-1 exploration well; however, it did not get the permit to drill. The company has submitted an application to the AOGCC for review for the permit to drill and awaiting its approval which is anticipated January 2019. The Ice road construction commenced in the quarter, and the Spud of Winx exploration well is targeting multiple objectives as scheduled in February 2019.

In the Yukon Acreage, the seismic processing of the Yukon 3D progressed during the quarter. The leases’ maiden resource showed a net mean prospective oil resource of 90 MMBO. After year end, a wholly owned subsidiary of 88 Energy, Regenerate Alaska Inc was announced as the highest bidder on an additional approximately 1,920 gross acres in the State of Alaska December 2018 Licensing Round, with formal award expected during the middle of 2019.

In the quarter highlights regarding the corporate actions, the company has announced a rights issue of one for seven renounceable shares on 3 October 2018 to raise capital to $14.33 million. Moreover, on 29th October 2018, the company has announced that it has raised a total of $3.6 million through applications for new shares as part of their rights issue. The company announced on 12th November 2018, the placement of shortfall shares raising approximately $10 million gross.

Now let us quickly have a glance at the 88 Energy Limited’s stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.019, with a market capitalization of circa $126.63million. The stock opened at $0.020 with its day high of $0.020 and a day’s low price of $0.019. The stock has yielded a YTD return of 11.11% and posted returns of 0.66%, 11.11% and a significant 25% over the last six months, three months and one-month period respectively. It has a 52-week high price of $0.051 and a 52-week low of $0.015, with an average volume of ~8,134,856.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.