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/

dc
We will see £3 target some are saying. interesting from the side lines..

A good couple days of rises

proactive investor -

New Alaska discovery underscores 88 Energy’s untapped potential
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13:44 05 Oct 2016
Data from two well in Alaska's North Slope region has unearthed a 6bn barrel oil discovery. It shows the potentially significant untapped potential for 88 Energy, which at the moment is prioritising its 1.4 to 3.6 billion barrel shale play.

88 Energy operates 271,000 contiguous acres on the North Slope.
88 Energy Ltd (LON:88E) shares advanced around 2.5% on Wednesday  following news of a new oil discovery in Alaska which could bode well for the shale group’s secondary goal of unearthing conventional resources.
Overnight Caelus Energy, a privately owned oil firm, revealed that Alaska had another very large new conventional oil discovery.
It announced what it described as a “significant light oil discovery’ in shallow arctic (frozen) waters in Alaska’s North Slope region.
Based on results of two wells drilled in 2016 and a seismic programme Caelus estimates the Smith Bay oil discovery in the order of 6bn barrels within its leasehold area. It adds that the broader play, referred to as the Smith Bay fan complex, could exceed 10bn barrels.
Significantly, Caelus says a recovery factor of 30-40% could be possible due to the “favourable fluids” it has observed.
Alaska’s North Slope is very much in focus for explorers, thanks to a number of breakthrough successes and the state’s support for exploration ventures. For example, Armstrong Oil and Gas unearthed the 1.4bn barrel Nanushuk discovery.
AIM quoted 88 Energy’s priority is its new shale discovery, which is also believed to have ‘multi-billion barrel potential’, most recently estimated between 1.4-3.6bn barrels, though it does remain interested in exploring for conventional reservoirs.
As a holder of a large acreage positions on the North Slope the company remains among those best placed to make the next big conventional discoveries.
88 Energy operates some 271,000 contiguous acres onshore. And aside from the HRZ shale discovery, it sees a number of conventional prospects that continue to be derisked by the successes of others in the region.
Indeed, drilling at the shale targeting Icewine well proved working conventional petroleum systems, in the Brookian & Beaufortian plays.
Quantifying the conventional opportunity was one of the key objective of a seismic programme completed for 88 Energy in May.
88 Energy is presently advancing its planning for its next shale well, designed to follow up its success in 2016.
Caelus's Smith Bay: A huge new discovery
Detailing its new discovery Caelus Energy revealed that two wells Caelus-Tulimaniq 1 (CT-1) and CT-2 targeted a large Brookian fan complex, believed to span 300 square miles. This target was confirmed in both wells.
Each well measured gross hydrocarbon columns in excess of 1,000 feet. Some 183 feet of net pay was measured in CT-1, while in CT-2 there was 223 feet.
Caelus said seasonal time constraints prevented either well form being flow tested, but subsequent analysis confirmed the presence of reservoir-quality sandstones containing light oil, between 40-45 degree API gravity.
A development of the Smith Bay discovery could deliver some 200,000 barrels of oil per day, according to Caelus.
The company now plans an appraisal programme to include a new well and new seismic.
Jim Musselman, Caelus chief executive, in a statement said: “This discovery could be really exciting for the State of Alaska. It has the size and scale to play a meaningful role in sustaining the Alaskan oil business over the next three or four decades.”
He added: “Fiscal stability going forward is critical for a project of this magnitude. Without the state tax credit programs, none of this would’ve happened, and I’m not sure Caelus would’ve come to explore in Alaska. We’re proof that the credit programs work.”

Significant Conventional Potential Identified at Project Icewine
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 (77.5% working interest, 88 Energy).

Highlights
Interpretation of modern 2D seismic data acquired by 88 Energy in early 2016 has identified multiple large conventional leads in Brookian Sequence across the Project Icewine acreage.
758 million barrels of prospective mean recoverable oil (gross) identified in current top 5 leads (587 million barrels net to 88E, based on internal estimates) * Alpha lead located in close proximity to existing transport infrastructure and Trans Alaskan Pipeline with 118 million barrels prospective mean recoverable oil (gross)* Further seismic interpretation and mapping ongoing: ~50% complete with potential for additional leads to be identified
Seismic Interpretation and Mapping
88 Energy has progressed the interpretation of the 2D seismic data acquired early in 2016. Based on the preliminary interpretation 88E has identified a number of encouraging conventional leads within the Brookian sequence. These leads are predominantly stratigraphic and considered to be associated with slope apron and basin floor fan systems. Although at an early stage of assessment 88E is encouraged and considers them to have similar potential to other productive fan plays identified on the North Slope. At this interim stage approximately 20 leads have been provisionally mapped across the Icewine acreage of which five key leads have been prioritised for early maturation."

Proactive investor - Just how much oil can 88 Energy unearth in Alaska?
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17:03 18 Oct 2016
A scan of Icewine’s inventory reveals some very bold numbers: 3.6bn is estimated in shale, whereas conventional oil could exceed 750mln barrels.

INVESTMENT
OVERVIEW: 88E
The Big
Picture
Icewine is known to host oil, estimates say there's an awful lot of it
Up nearly 500% in the year to date 88 Energy Ltd (LON:88E) has been among AIM’s favoured stocks as the market recovers from the past turmoil of falling crude prices.
It all follows the success at Project Icewine, an area of Alaska’s North Slope that is now known to host oil, and is believed to host an awful lot of it.
Just a scan of Icewine’s inventory reveals some very bold numbers.
First and foremost Icewine is about shale. 88 Energy’s drilling has not only confirmed the presence of the targeted HRZ shale zone but well results have massively exceeded expectations.
Another 750mln barrels seen at Icewine
Chartist tips 88 Energy share price to double
88 Energy lays out new drill plans
The company’s own estimates put the discovery at around 3.6bn barrels, while an independent assessment of just a portion of the area yielded an estimate of 1.4bn.
New drilling plans are currently being drawn up, with the next programme slated for the first quarter of 2017.
Icewine’s HRZ shale is plainly a project of immense potential - albeit there is still much to do - but it is not the whole story.
Oil discoveries and big new targets in Alaska
Alaska is presently enjoying something of a boom in exploration, measured by successes in not total activity. And earlier this month came the announcement of a very significant discovery.
Caelus Energy, a privately owned oil firm, revealed that Alaska had a large new conventional oil discovery in the North Slope region.  It described the find as a “significant light oil discovery’.
Estimates, based on results of two wells and a seismic programme, put Caelus’s Smith Bay discovery in the order of 6bn barrels – that’s the company’s within own leasehold area, and it said there could be more than 10bn altogether including the broader play.
Significantly, Caelus says a recovery factor of 30-40% could be possible due to the “favourable fluids” it has observed. It reckoned some 200,000 barrels of oil per day could flow from a development in the future.
The discovery has particular significance for 88 Energy too, as the company has always identified the potential for conventional oil discoveries within its 271,000 contiguous acres of the North Slope.
88 Energy has now put more detail on these expectations, following the partial completion of analysis and interpretation of new seismic data.
Better than expected new seismic data has allowed the company to identify some 758mln barrels of prospective resources across its ‘top 5’ exploration leads.
It highlighted one in particular, the Alpha lead, which is estimated at 118mln barrels and is located in close proximity to both transport infrastructure and the Trans Alaskan Pipeline.  The Bravo lead, meanwhile, is the largest to be identified so far, estimated at 273mln barrels.
88 Energy told investors it is still only 50% through the seismic interpretation process. Analysis and interpretation of the data continues.
“Whilst the HRZ remains the company’s primary target and the focus of our short-term activity with the upcoming Icewine#2 well scheduled for spud in the first quarter of next year, the interim results from the 2D seismic acquired earlier this year have significantly exceeded our expectations,” said chief executive Dave Wall.
“It has taken a little longer than initially planned to process and interpret, as the number of features we are seeing is greater than anticipated.”
Wall told investors that the final findings from seismic are due to be announced later this year.
He added: “We expect the two recent billion barrel discoveries in the Brookian sequence by both Armstrong Oil & Gas and Caelus Energy to be a catalyst for increased industry interest in the region.
“Whilst not strictly analogous to the Brookian play potential at Project Icewine, these discoveries highlight the significant conventional oil resource on the North Slope yet to be discovered through utilisation of modern seismic technology.”
Icewine has matched or exceeded expectations
In spring 2016, Dave Wall used the word ‘astounding’ when describing the correlation of pre-drill expectations for the Project Icewine well with the actual results to date.
A project update in April, put the size of the prize sharply in focus for investors with an independent expert estimating ‘billion barrel’ potential in the HRZ shale.  It was the latest in a string of positive, albeit technical updates from the company.
The first Icewine well broke ground in Alaska about a year ago. Success and subsequent analysis confirmed that the HRZ shale formation is permeable, and it believes the shale is sufficiently porous.
Other analysis, meanwhile, indicated that a large part of the acreage is located in a ‘sweet spot’ for thermal maturity. The upshot of this is that the potential hydrocarbon resource is believed to comprise oil (with relatively low viscosity) and ‘wet’ gas.
Such details are still not conclusive of a commercial success, but are plainly encouraging.
88 Energy has understandably been a popular stock for investors, and that was further underlined in a A$25mln funding during 2016.
All has gone to plan at Project Icewine, so far
To understand the significance of the Icewine success to date it is important to understand what 88 Energy and its exploration partner Burgundy Exploration set out to achieve. Results from Icewine have to date either met or exceeded expectations – expectations set by out by shale expert Paul Basinski.
Basinski, staked in the project via vehicle Burgundy Xploration vehicle, is an esteemed geologist who was among the early pioneers of the Eagle Ford shale play.
His exploration concept predicted that the HRZ could be another large ‘play’ similar to those unearthed during the recent US shale boom, and, put simply, the findings from the Icewine well has have backed up his predictions.
It is a big shale discovery, the experts can agree that much
 A new independent resource estimate, unveiled on April 6, saw some 1.4bn barrels of oil equivalent in a ‘productive area’ of the HRZ shale that spanned around 42% of the Icewine project area.
The consultant, DeGolyer & MacNaughton (D&M), also upgraded its view on the ‘probability of geologic chance of success’ to 60%, from 40%.
Internally, meanwhile, 88 Energy and Basinski’s Burgundy Exploration estimate there is some 3.6bn barrels of resources, across a larger 70% of the Project Icewine area.
In a statement, 88 Energy highlighted that the assumptions used by D&M are largely consistent with the internal view of the project, and the main differences between the two relate to differing opinions of how much of the Icewine acreage will prove to be productive in the ‘success case’.
88 Energy added that the internal view is based on experience and past expertise within the joint venture relating to the development of the Eagle Ford shale. It added that the initial Icewine well’s confirmation of the pre-drill thermal maturity model was also a factor in the group’s more positive assessment.
“D&M's assumption is largely driven by statistical analysis over a larger selection of global shale plays at a similar stage of life cycle,” the company explained.
This Alaska shale could rival the Eagle Ford, so says Cenkos
City broker Cenkos earlier this year summed up the huge potential of Icewine, saying it could rival Texas’s colossal Eagle Ford shale
Analyst Jack Allardyce described the HRZ shale found in the Project Icewine well as “a major new play”, as he initiated a ‘buy’ recommendation for the AIM quoted explorer back in April.
Although the analyst points out this remains early days for 88 Energy – and he holds back from giving an indication of 88 Energy’s potential value– Allardyce does say that it is one of the most exciting stocks listed in the UK.
“While the still early-stage nature of Project Icewine makes valuation highly speculative, what is clear is that the company has already uncovered a potentially major new play in a relatively under explored, but hugely prolific region,” Allardyce said.
“As it continues to de-risk the HRZ and begins to quantify conventional prospectivity, we believe it will continue to add significant value to its acreage.”
He goes further, to highlight the high level of potential industry interest in the project. “Given the scope of a commercial development we would expect major oil companies and North American independents to be likely suitors for the project.
“In our view 88E is likely to have a captive audience were it minded to divest part of or its entire stake in the project, given the major operators on its doorstep.”
88 Energy’s recent record suggests there’ll be plenty more news to come, and it certainly looks to be a stock to watch closely.

StockMarketWire.com
88 Energy has reached agreement for a placement to raise gross proceeds of A$11m to two US-based institutional investors.

The net proceeds will be used to strengthen the company's balance sheet ahead of the upcoming drilling of Icewine#2 in the first quarter of 2017, pursue complementary growth opportunities in Alaska and for general working capital purposes.

https://youtu.be/MzHJ5SSQRBk

Proactive investor -88 Energy’s conventional oil potential is becoming very hard to ignore
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09:02 27 Oct 2016
“There’s a lot more oil to be discovered on the North Slope, we’re seeing that happening and hopefully we’ll be next,” says 88 Energy managing director Dave Wall.

88 Energy will drill a shale well in 2017, but there'll be two conventional wells nearby
The conventional oil potential at Project Icewine may be the ‘sleeper’ in the 88 Energy Ltd (LON:88E, ASX:88E) portfolio, but it’s the kind of noisy sleeper that has become very hard to ignore.
Icewine’s HRZ shale, a now-proven system on Alaska's North Slope estimated in excess of 2.5bn barrels, is obviously priority number one.
And in the coming months, attention will be firmly on 88 Energy’s second well, due to spud in March.
Nevertheless, the conventional play could be a big deal too.
88 Energy’s seismic and partial desktop analysis has identified some 20 exploration leads – the interpretation process is only half way through.
The detailing of the ‘top five’ thus far gives the company around 750mln barrels of potential resources.
The ever-growing catalogue of exploration opportunities is the reason for the over-run on the current phase of desktop work, according to 88 Energy boss Dave Wall.
“I think one of things that we haven’t really managed that well is people’s expectations in the market about timing of when this (seismic interpretation) would be complete,” Wall told Proactive Investors.
“I guess the short story is that if we were seeing nothing or very little – it would have been complete a long time ago.
“But, because we are seeing a lot more than we were expecting to see it is taking longer.”
Wall added: “Hopefully people can understand that it is taking longer for good reason.”
Alpha is perhaps the ‘best’ - albeit not the largest - of the new conventional exploration leads.
It is estimated at around 118mln barrels and, significantly, it is conveniently located in terms of surface infrastructure.
Running beneath the road and pipeline infrastructure in the Icewine area, Alpha could be an ideal starting point for conventional exploration.
In fact, Wall says it could even be tested from the same gravel pad that will host the upcoming Icewine 2 shale well.
Bravo, as its name suggests, is the second most notable new exploration opportunity.
It is much bigger than Alpha, currently estimated at 273mln barrels, but it is not quite as accessible.
Investors will no doubt be excited to hear the full findings once the analysis and cataloguing process is complete.
It will likely provide punchy numbers and exciting headlines. But, the real focus on conventional oil will sharpen through the first half of 2017 as third party wells are drilled nearby.
Wall says the nearest of two exploration wells planned for 2017 will be just a few miles from the northern boundary of the Icewine acreage.
Alaska’s North Slope has delivered some big conventional oil discoveries in recent years, but success in these two will mean most to 88 Energy’s Icewine acreage.
Significantly, the new wells to the north are targeting the same horizons as 88 Energy is seeing in the seismic.
Wall noted the importance of the current desktop work, ahead of the nearby drilling.
“We need to assess the conventional potential, particularly because there’s going to be drilling into those horizons just to the north of us in the first half of next year,” he said.
“If we didn’t understand what we had prior to that drilling then if there is some success up there we wouldn’t really be able to quantify the look through to us. So now [as a result of the seismic] we will be in a position to do that.”
Wall highlights that the surge in exploration success on Alaska’s North Slope has been aided by improvements to technology, specifically the advances in seismic exploration that have allowed prospectors such as 88 Energy to look beneath the thick permafrost.
These techniques have helped Repsol and Armstrong Oil and Gas discover some 1.4bn barrels of crude around 30 miles north-west of the Project Icewine territory (which itself spans some 420 square miles, or 217,000 acres).
More recently, just a matter of weeks ago, privately owned Caelus Energy announced the North Slope’s newest discovery with some 2.5bn barrels of recoverable crude estimated – it is about 60 miles north west of Icewine.
“There’s a lot more oil to be discovered on the North Slope, we’re seeing that happening and hopefully we’ll be next,” Wall added.

Quarterly activities report

31 October 2016 88 ENERGY LIMITED

QUARTERLY REPORT
Report on Activities for the Quarter ended 30 September 2016



http://www.moneyam.com/action/news/showArticle?id=5440158

Nice stream of blue. Good buying opportunity .

Proactive investor -


88 Energy could double on appraisal drilling success, research report says
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08:16 11 Nov 2016
Success with the next well can put 88 Energy in a strong position, EverBlu Research says.

88 Energy is in a strong position, the analyst said.
Upcoming work programmes at 88 Energy Ltd’s (LON:88E, ASX:88E) shale venture in Alaska can draw the attentions of ‘all the oil majors’, according to a report by Sydney based EverBlu research.
Analyst Gavin Van Der Wath, who says 88 Energy is a ‘buy’, reckons the upcoming drilling at project Icewine can double the explorer’s share price.
A successful appraisal well to confirm the shale project’s viability would give the company a value in the range of US$150mln and US$380mln (while upside scenarios approach US$1bn).
It can put 88 Energy in a strong position, according to the analyst.
“We believe that a successful appraisal well, the potential resource size and subsequent scope of commercial development would attract the attention of all the oil majors, placing 88E in a strong negotiating position and allowing the company its pick of partners, should it so choose.”
Summing up the 88 Energy opportunity, van der Wath highlighted: “The company’s primary objective is to assess a new unconventional play with gross mean unrisked recoverable hydrocarbon liquids of 2.6Bbbl.
“An equivalent conventional target of 758MMbbl has also been identified. Compelling prospectivity, confirmed by the project’s maiden well, prompted the decision to drill an appraisal well. Planning and permitting is well advanced and should spud within the next 6 months.
“A successful outcome could see the share doubling to AUD 0.08 per share.”

Everblu- initiation of coverage on 88E - Buy

Operational Update
PRN
2 December 2016
88 Energy Limited
Operational Update
88 Energy Limited (88 Energy, the Company, Operator) (ASX, AIM: 88E) is pleased to announce the following operational update in relation to Project Icewine, located on the North Slope of Alaska (77.5% Working Interest, Operator).
Icewine#2 Progress
Permitting
Permitting remains on track for completion well ahead of the scheduled spud date for Icewine#2 in late Q1 2017. Two of the major permits, the Plan of Operations and Oil Discharge Prevention and Contingency Plan, have just passed major milestones in the permitting process with no problems identified.
Vendor Selection
With the design of the well, logging program and stimulation design now largely finalised, 88 Energy anticipates conclusion of key vendor contracts over the coming weeks, including rig selection. Availability of equipment for the planned design and schedule has been ascertained and no issues are expected on this front.
2D Seismic Update
Processing
Final processing of the Icewine 2D vibroseis data acquired by 88 Energy during the first half of 2016 across the Project Icewine acreage was successfully completed in November.  
Conventional Prospectivity Review
The range of preliminary leads identified in the Brookian and Beaufortian sequences, along with additional mapped leads have been matured and now form the basis of a diverse conventional Prospect and Lead inventory across the Project Icewine acreage.
The majority of leads identified are stratigraphic: typically comprising slope apron, basin floor fan systems and turbidites. These leads are within proven play fairways with successful analogues on the North Slope.  
A number of leads are associated with enhanced seismic amplitudes which is considered promising as it can indicate the presence of hydrocarbons. To further evaluate the enhanced amplitudes, an amplitude versus offset (AVO) analysis was undertaken -  this work is ongoing and the initial results are encouraging.
AVO response associated with Leads and Prospects is a useful tool as it can be used to rank and de-risk exploration targets. An image of AVO support with mapped lead is available on the pdf version of this announcement which is available from the Companys website.
The forward plan is to fully mature the conventional Prospect and Lead portfolio and highgrade potential candidates for future exploration drilling. This will include finalisation of the volumetric estimation of the prospective resource potential, prior to year end.
Managing Director of 88 Energy Limited, Dave Wall commented: Operational activity associated with the near term spud of Icewine#2 is ramping up and the Company is on the cusp of testing the flow potential of the HRZ resource play. Our large acreage position and the quality of the rock means that the potential resource prize is enormous and success would be truly transformational.
Additionally, the conventional portfolio continues to firm up, exceeding our expectations.
We look forward to providing additional news on both fronts in the near future.
Media and Investor Relations

All good in the RNS, reasonable volume each day and the sp goes......down!

Up a couple of percent one day then down, Seems as though it is being kept in a trading zone .

Bought some @ 2.095p

Plenty of buying as it has marked down from the start.

Seems to be dropping day after day. :-((

Will be getting a few more at this price or lower if poss.
Q1 2017 is the time for this one.

2.15p +0.15p

WINS have been good today and so far is absorbing the sells at 2.10p
But it looks the bottom had finally been reached yesterday/very early this morning