88 Energy Limited (formerly Tangiers Petroleum Limited) is an ASX listed exploration exploration company that has recently announced the acquisition of a new, potentially world class oil asset located in Alaska. It also has a 25% stake in the Tarfaya Offshore Block is located on the Moroccan Atlantic margin and was acquired by the company in 2009.

Alaska-project-icewine

morocco

http://88energy.com/

Issue of Equity
88 Energy Limited ("88E" or the "Company") confirms that it has today issued a total of 1,916,666 fully paid ordinary shares ("Ordinary Shares") pursuant to the exercise of options.

Admission of the Ordinary Shares is expected to occur on 17 March 2016. Following the issue of the Ordinary Shares, which rank pari passu to the existing ordinary shares in the Company, the Company has 3,174,864,656 ordinary shares in issue, all of which have voting rights.

Not sure if my calculation is correct, but back of a fag packet figure : on Feb 8th the market Cap was £12.5m and will be £121.5m taking in the new shares (not yet issued) at today's price.

Also listed on the Australian Stock exchange. 52 week Low AUS$ 0.01 High 0.07

Seems to have run it's course for the moment.

Plenty of buyers at 2.5p it seems.

Up over 26% on ASX following news announcement. Still a long way to go but the future if looking good.

Project Icewine - Phase I Successfully Complete

http://www.moneyam.com/action/news/showArticle?id=5241844

Lots of detail here for those that are interested:

http://www.asx.com.au/asxpdf/20160317/pdf/435xckp7dzrp7t.pdf

Project Icewine Permeability Exceeds Pre-Drill Expectations
88 Energy Limited ("88 Energy", "the Company", "Operator") (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.

Highlights
· "Super Highway" Permeability Numbers ~20 Times Better than Pre-Drill Forecast
· 2D Seismic Program Underway - ~15% Completed

Overview
Additional analysis of sections of core obtained from the Icewine#1 exploration well has confirmed outstanding permeability in two previously unmeasured core samples. These core samples had readings too high to be measured using the traditional method for estimating permeability in tight rocks and have therefore been measured using pulse decay permeability analysis. The results of this analysis have indicated that permeability in these core sections is approximately 20 times greater than the Company's pre-drill forecasts for permeability in the HRZ at Project Icewine.

The results boost the already excellent permeability numbers measured from the core at the Icewine#1 well and provide further encouragement for the potential of high flow rates from the planned production test well, Icewine#2H, for which permitting and planning work has begun.

The 2D seismic program at Project Icewine has commenced, as planned, and is on schedule with approximately 15% of the total program having been completed to date.

Forward Plan
Further work is underway to refine the frac design for the planned Icewine#2H well, including:
· Proppant Embedment - determines the optimal size and type of proppant;

· Fluid Sensitivity - determines the best fluid type for carrying proppant and minimising chemical interaction with the rock; and

· Borehole Stability - determines stress direction for optimisation of orientation of lateral section.

The results from this analysis will be known over the next few weeks.

Progress is being made on the Independent Resource Report, which is on track for release in early - mid April. The report will incorporate both the HRZ evaluation results from the Icewine#1 well and the November 2015 acreage additions.

Managing Director of 88 Energy Limited, Dave Wall commented: "As expected, the permeability results from the 'super highways' are excellent and provide further support for a resource play that could yield production rates more akin to those normally experienced in conventional wells. An increasing body of evidence from Icewine#1 supports a case for potentially exceptional flow rates from the HRZ. The next step is to test this theory via the drilling of Icewine#2H, which will be a horizontal well with a multi-stage fracture stimulation.

Our 2D seismic program has also commenced on schedule and we look forward to its successful completion over the coming weeks, which will both de-risk drilling for Icewine#2H but also potentially identify conventional prospects across the Project Icewine acreage."

88-energy-ltds-alaska-shale-to-rival-eagle-ford-broker-says-

StockMarketWire.com
88 Energy has announced a 293% increase in HRZ recoverable liquids resource following an independent estimate by DeGolyer & MacNaughton at Project Icewine, onshore North Slope of Alaska.

Highlights:
- Estimate for HRZ increased to 1.4 billion barrels oil equivalent

* Probability of geologic chance of success increased from 40% to 60%

* Estimated productive acres 42% of Project Icewine Total (for mean case)

- Internal resource estimate for HRZ Increased to 3.6 billion barrels oil equivalent

* Estimated productive acres 70% of Project Icewine Total (for mean case)

88 Energy managing director Dave Wall said: "The large upgrade to the resource potential at Project Icewine highlights the unique leverage that a project with this possible magnitude provides to investors. "We look forward to providing additional information related to the project as we continue to complete the current 2D seismic acquisition and mature plans for the Icewine#2H well."

Amazing potential just wait until the 2D results are in!!

Typo errors found in the independent estimate take the sp down another 20%.

oh dear oh dear oh dear
this could be one of lenigas's vehicles, though perhaps they have just been taking lessons

Sub 2p and probably sub 1.5p soon imo.

There will probably be a placing to raise funds sooner rather than later, if it was a Lenigas share he would deny it!:o)

StockMarketWire.com
Trading in 88 Energy's has been halted on the Australian Securities Exchange pending the release of an announcement in relation to a potential capital raising. Its shares will continue to trade on AIM during this period. It is currently intended that any such capital raising will utilise the company's existing authorities and will not be subject to shareholder approval. The company says that no terms for any such capital raising have been agreed and there can be no guarantee that a capital raising will be completed.

StockMarketWire.com
88 Energy reports significant progress on all fronts at Project Icewine, located onshore North Slope of Alaska.

Highlights include:
- Acreage award finalised for ~173,000 Additional Acres. 88 Energy now holds 210,250 acres

- Icewine#2H well and stimulation design for HRZ in final stages

- Official tender process for Icewine#2H major contracts to commence in July; several suitable rigs have been identified for drilling of Icewine#2H

- Well permitting on track for completion ahead of scheduled spud in Q117

- Well performance modelling indicates potential for improved economics

- 2D seismic initial results from processing and interpretation expected in August

Managing director Dave Wall said: "The project continues to move forward with significant progress made on all fronts.

"Well planning, contracting and permitting remain on track ahead of the scheduled spud of Icewine#2H in Q1 2017 when the productive potential of the HRZ will be tested potentially unlocking a huge resource play on the North Slope of Alaska.

"Any conventional prospectivity indicated by the recently acquired 2D seismic will be icing on the cake for shareholders."

StockMarketWire.com
88 Energy said it now holds 210,250 net acres and the acreage award was finalised for ~173,000 additional acres.

HIGHLIGHTS
- Icewine#2H well and stimulation design for HRZ in final stages

- Landing zone narrowed to two horizons

- Official tender process for Icewine#2H major contracts commenced in July 2016

- Several suitable rigs were identified for drilling of Icewine#2H

- Well permitting on track for completion ahead of scheduled spud in 1QCY17

- Well performance modelling indicates potential for improved economics

- P50 resource mid case cost scenario breakeven below $40 oil price

- Integrated petrophysical model for Young's and Poisson's validated by core data

- 2D seismic initial results from processing and interpretation expected in August

- A$25m oversubscribed placement completed to institutional investors in Australia and UK, end of June quarter net cash reserves of A$20.3m

I feel quite comfortable holding on to these, whilst obviously still speculative, with a breakeven below $40 oil price then if there is oil in quantity then I would be a little disgruntled if I sold now!

StockMarketWire.com
88 Energy in consultation with its partner, Burgundy Xploration, has finalised the well design for Icewine#2, located onshore North Slope of Alaska.

Upon strategic review of the desired objectives for Icewine#2, the joint venture has concluded that a vertical well with a multi stage stimulation is superior to the initially proposed lateral well.

The vertical well design will allow the joint venture to:
- test production potential of entire HRZ/HUE interval with potential for resource upgrade

* HRZ remains premier reservoir and primary target

- enhance dataset for landing zone selection of future laterals

- decrease drilling risk associated with a more complex lateral completion

- increase availability of suitable rigs and result in a more competitive tender process

- lower the estimated cost of the well completion by ~US$5m, meaning that 88 Energy is fully funded for the costs associated with Icewine#2 from its current cash position

Managing director Dave Wall said: "The revision to the well design has resulted in a best of both worlds scenario for 88 Energy and its shareholders. We now have a more efficient, lower cost outcome that optimises achievement of the operational objectives targeted by the Icewine#2 well.

"Additionally, we are highly encouraged by the initial results from the 2D seismic at this very early stage of interpretation."