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/

Proactive investor -


88 Energy could double on appraisal drilling success, research report says
Share
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

Clearly played yesterday.

Who did MMs?
The seller?
or any buyers?

happy with my under 2.10p buy on the 6th

MMs, no reason to fall yesterday or gain like it has today. I'm happy.

After such a long pause, finally the offer @ 2.30p has gone and now the 2.25p bid is well supported by 2 MMs

lets see if more are getting into the stock once that point was broken

Major shareholders

-- Notifier --- Holding --- Value
Jacka Resources Limited 51,004,431 £1,160,351
Mr Donald Jeffrey Smith 22,500,000 £511,875
Peninsula Investments (Wa) 14,000,000 £318,500
Westblade Pty Ltd .... 5,000,000 £113,750
Ablett Pty Ltd ....... 4,050,000 £92,138
Australian Global Capital 4,000,000 £91,000
Shebdon Investments 2,628,996 £59,810
David Wall ....... 9,979,166 £227,026
Michael Evans ..... 9,416,667 £214,229
George H. S. Staley 5,816,667 £132,329

RNS due in the morning; successful bid to increase acreage.

and SP :-)) cheers kim.

Acquisition of Rights
RNS
RNS Number : 8958R
88 Energy Limited
14 December 2016
 
15 December 2016
88 Energy Limited
 
Acquisition of Rights to Secure
Substantial Increase in Alaska Land Holding
 
88 Energy Limited ("88 Energy", "the Company") (ASX, AIM: 88E) is pleased to announce the following update in relation to Project Icewine (77.5% Working Interest, Operator), located on the Central North Slope of Alaska.
 
Highlights
 
·     Accumulate Energy Alaska, Inc. ("Accumulate", a 100% subsidiary of 88E) and JV Partner, Burgundy Xploration LLC ("Burgundy") declared high bidder on ~142,560 acres on the Central North Slope (Accumulate 77.5% working interest)
 
·     Burgundy declared high bidder on additional 279,360 acres on the Central North Slope (Accumulate retains back in right for 30% of these additional acres at cost)
 
·     Net land position for Accumulate (assuming all rights taken up) now over 400,000 acres on the Central North Slope (Joint Venture gross position over 690,000 acres)
 
Managing Director of 88 Energy Limited, Dave Wall commented:
 
"Our success in this bid round provides us with the ability to significantly increase our acreage position on the North Slope and highlights the confidence that management has in both the HRZ unconventional play as well as the conventional prospectivity at Project Icewine.
 
The upcoming drilling of Icewine#2 will test the flow potential of the HRZ in 1H 2017 and, with the additional acreage, we have now maximised the potential upside exposure for our shareholders in the event of success.
 
We look forward to providing additional news on all fronts in the near future."
 
Central North Slope Alaska - Acreage Details
Additional analysis of the results from the Icewine#1 well by the Company's JV partner, Burgundy, has refined the potential HRZ resource play sweetspot. This resulted in a joint decision by 88 Energy and Burgundy to seek rights to a substantial increase in acreage in the December 2016 Central North Slope Alaska bid round.
 
Accumulate elected to bid its pro rata entitlement of 77.5% working interest on 142,560 gross acres, based on the original Area of Mutual Interest ("AMI"). Given Burgundy's desire to lease a substantially larger area, being an additional 279,360 acres, the Joint Venture agreed to modify the AMI, extending its boundary to include all of the additional leases bid on by Burgundy and to change the working interest for Accumulate's back in right to 30%.
 
As per previous bid rounds on the Central North Slope of Alaska, the Joint Venture participants each funded their share of a 20% deposit of the gross bid amount (88E net deposit paid US$600k), the balance of which is paid on official award in several months' time.
 
Conventional Update
Finalisation of the 2D seismic interpretation over Project Icewine identified the extension of a prospective play fairway on the western margin of the acreage where a number of promising leads have been mapped, all with stacked pay potential. The acquisition of the new leases by the Company captures the full potential of these leads which will be further evaluated in conjunction with the continuing conventional prospectivity review of the Icewine acreage.
 
Vintage exploration wells within the newly acquired lease area encountered hydrocarbon shows within the prospective play fairway, which is encouraging, and prospectivity analysis is ongoing

JV area now as big as Cheshire, that's a sizeable tract of land. Should be a very interesting year for 88e, especially when they announce their 2d Seismic results.

Nice paragraph. :-))

"Our success in this bid round provides us with the ability to significantly increase our acreage position on the North Slope and highlights the confidence that management has in both the HRZ unconventional play as well as the conventional prospectivity at Project Icewine.
 
The upcoming drilling of Icewine#2 will test the flow potential of the HRZ in 1H 2017 and, with the additional acreage, we have now maximised the potential upside exposure for our shareholders in the event of success.
 
We look forward to providing additional news on all fronts in the near future."

On the up 8%