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/

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%

Some big buys going through today 10% up

Today has broken up on the charting front

Good to see the sp now make progress, opposed to falling off .