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/

Anyone subscribing to the MoneyAM Level 2 platform please take note that most days it is not reporting the correct Trade High nor Trade Low information and "some days" not reporting the correct Opening Price or Closing Price.

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Anyone subscribing to the MoneyAM Level 2 platform please take note that most days it is not reporting the correct Trade High nor Trade Low information and "some days" not reporting the correct Opening Price or Closing Price.

The reason is because MoneyAM's Level 2 system is not sensing the Auto Trades or Ordinary Trades correctly so is wrongly reporting them

MoneyAM has been unable to fix the fault for over 8 weeks now but are still charging full price for their Level 2

Project Icewine Operations Update
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
· Currently flowing back naturally on 8/64 choke at ~55 barrels per day frac fluid
· Minor hydrocarbon indications via flow rate of 2-4mcf of gas per day, with a maximum rate of 8mcf of gas per day

Icewine#2 Operations Update
The Icewine#2 well was shut-in on 10th July to allow for imbibition and pressure build up to occur within the HRZ shale. Flow testing re-commenced on 31st August at 10:26 (AK time), and is ongoing. Results since flow testing recommenced are summarised below.

The Icewine#2 well is located on the North Slope of Alaska (ADL 392301). 88 Energy Ltd (via its wholly owned subsidiary, Accumulate Energy Alaska, Inc) has a 77.55% working interest in the well. The well was stimulated in two stages over a gross 128 foot vertical interval in the HRZ shale formation, from 10,957-11,085ft TVD, using a slickwater treatment comprising 27,837 barrels of fluid and 1,034,838 pounds of proppant.

The well was initially flowed back on a 6/64 inch choke and was reduced to a 4/64 inch choke after 26 hours to maintain pressure. Approximately 370 barrels of frac fluid had been recovered as at 1730 on 3rd September (AK time) at an average rate of 100 barrels per day. The choke was subsequently stepped up to 8/64 inch at 1800 10th September (AK time) as the overall declining pressure gradient versus time improved, indicating potential pressure support. To date, the cumulative amount of stimulation fluid produced from both testing periods is 5,277 barrels, 19.0% of fluids injected.

Wellhead pressure built to ~3,500psi during shut-in and has dropped to 106psi since flowback commenced and is now declining very slowly with a relatively constant flowback rate of 55 barrels per day. At 0930 9th September (AK time), a decision was made to run the flowback through the test separator due to minor gas indications being evident. To date the rate of flow has been unstabilised at between 2 and 4 mcf per day made up of 76% hydrocarbons, 20% atmospheric gases and 4% inorganics. The produced hydrocarbons comprise 93% methane with 7% heavier fractions.

The current flowback procedure remains early stage with only 19.0% of the frac fluid retrieved. The gas observed so far is not considered representative of the potential rate or composition of hydrocarbon in the reservoir. It is interpreted that additional frac fluid needs to be removed in order to achieve a representative result. A decision will be made on the most appropriate strategy to accomplish this within the next two weeks.

Project Icewine Operations Update
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
· Shut-in on 18th September (AK time) ahead of suspension for 2017/2018 winter season
· Continued gas flow of ~2mcf/d with a trend of increasing heavy components since last update
· Forward plan to install narrower tubing and execute artificial lift in April/May 2018 to remove frac fluid

Icewine#2 Operations Update
The Icewine#2 well was shut-in on 10th July to allow for imbibition and pressure build up to occur within the HRZ shale. Flow testing re-commenced on 31st August at 10:26 (AK time), and was suspended on 18th September (AK time).

The Joint Venture having assessed the current rate of fluid recovery and, despite several encouraging trends, made the decision to shut-in for the Winter period due to logistical reasons associated with ongoing testing in Arctic conditions. The main issue is that of freezing of the borehole fluid, predominantly fresh water from the frac, over the ~1,300ft permafrost zone due to the low rates of fluid flow observed towards the end of the current test phase. Additionally, winterized equipment deemed suitable for executing efficient artificial lift of the frac fluid is currently unavailable. The forward plan is to optimise and re-initiate the flow testing, utilising artificial lift, in April/May 2018 when weather conditions are more favourable.

Regarding the encouraging trends observed, a summary is included below:
· Decrease in C1 (most recent average <91% vs 93% previously) and increase in C2+ components as a percentage of the gas flow, potentially trending towards the interpreted phase of hydrocarbon in the reservoir

· Increase in the gas / water ratio such that as the water flow rate has decreased over time, the gas rate has remained relatively constant. It is still interpreted that additional fluid is required to be lifted off the formation before effective connectivity to the reservoir can be achieved with representative flowback.

The Icewine#2 well is located on the North Slope of Alaska (ADL 392301). 88 Energy Ltd (via its wholly owned subsidiary, Accumulate Energy Alaska, Inc) has a 77.55% working interest in the well. The well was stimulated in two stages over a gross 128 foot vertical interval in the HRZ shale formation, from 10,957-11,085ft TVD, using a slickwater treatment comprising 27,837 barrels of fluid and 1,034,838 pounds of proppant.

The well was initially flowed back on a 6/64 inch choke and was reduced to a 4/64 inch choke after 26 hours to maintain pressure. Approximately 370 barrels of frac fluid had been recovered as at 1730 on 3rd September (AK time) at an average rate of 100 barrels per day. The choke was subsequently stepped up to 8/64 inch at 1800 10th September (AK time) as the overall declining pressure gradient versus time improved, indicating potential pressure support. The choke was gradually increased to 10/64 and then 12/64 in order to lower the bottom hole pressure significantly below the reservoir pressure to increase the draw down on the formation. Consequently, the well head pressure fell below that required to support flow through the separator (~35psi) and the well stopped flowing naturally on 18th September 1630 (AK time), as expected, and was shut in. To date, the cumulative amount of stimulation fluid produced from both testing periods is 5,533 barrels, 19.9% of fluids injected.

Since the shut-in, significant pressure build up has already occurred, with current wellhead pressure over 739psi. This is consistent with the interpreted overpressure of the HRZ and is an encouraging sign.

A total of 16.57mcf of gas was measured as production since the 9th September, with an average flow rate of 1.79mcf per day. Results to date are consistent with several other early stage unconventional plays that have subsequently been proven successful; however, it is too early to tell the significance of these results for the HRZ play. As previously advised, the Joint Venture is of the view that greater than 30% of the frac fluid needs to lifted from the formation before gaining connectivity with the reservoir and achieving representative flowback.

A detailed presentation with the conclusions from the testing of the HRZ to date as well as planned operations for 1H2018 will be released to the market shortly.

Bank of America Debt / Alaska Credits Clarification
The current Bank of America debt balance is US$17.7m. The State will pay back US$1.19m of this imminently, based on US$77m in total payouts, representing $0.16 in the dollar for each outstanding dollar owed as at the beginning of the year, calculated on issued certificates at that time. The debt balance with Bank of America will consequently be reduced to US$16.5m. It is anticipated that all outstanding 88E cash certificates will be issued prior to mid-2018. The State will continue to pay back the outstanding credits on a yearly basis, with a minimum floor of paid out monies. Alaska remains one of the wealthiest States in the USA, with close to US$100 billion in savings and vast natural resources as well as a burgeoning fishing and tourism industry. Risk related to pay back of the credits in full is deemed very low. The Company is also in a strong position in relation to its debt as the estimated amount of cash credits that will be owed is ~US$23m, significantly in excess of the US$16.5m debt.

Managing Director, Dave Wall, commented: "Whilst it is frustrating to have to wait over the Winter season for the continued flow test of the HRZ, there are several encouraging signs observed from this most recent phase of testing. Given the early stage nature of our appraisal program, we need to have patience and remain open minded as there is no benchmark against which to track the progress of this particular unconventional play."

Bough earlier @ 0.8972p

25 Sep '17 - 13:23
KEEP an EYE

88E - 0.875p ( 0.85 - 0.90p )

Have half in price since last week, and buyers are appearing at this low price now, small spread, improving Level 2 of 2 v 1.

The 0.875p seems the support at the moment, and as usual, the buyers think is the right pricenow , loading some shares, the sells still are on, but slowly finishing their lot and that is why is up and down but not moving below the 0.875p

I know you are trading it, but for those who are buying stock, I wouldn't be surprised to see this hit 1p during the winter, before investors pile in again when fracking restarts.

I know you know NOT much, but everyone is open and free to wrong posting

1.025p +0.075 (+7.89%)

Yes the bounce is on, I will not say strong but slowly is getting pace, there is still sellers on the background, but the price has been consolidating on each movement up since lunch time yesterday

note:
Nice to see the shoe moving to the other foot and the momentum coming back in

2 days chart

close at 1.05p +0.10 (+10.53%)

The intraday chart was very good with higher lows on the ladder chart uptrend

Another way to see how the trend has change since lunch time yesterday

Going places this morning with volume at the same time very important as is getting into motion, crawling back part of the loses of the last few days

Part of the bounce works in a stranger way but is very true, the gains as the days go on iinevery candlestick at the end of the day is larger than the day before, till it reverses again, today is already as large as yesterday. and just started the day.

StockMarketWire.com
88 Energy has continued its acreage expansion plan on the North Slope of Alaska after being confirmed as the high bidder on two parcels totalling 32,800 gross acres.

88 Energy, via its subsidiary companies - Accumulate Energy Alaska Inc and Regenerate Alaska Inc - was announced high bidder on the two parcels as part of the North Slope Areawide 2017W lease sale.

The two parcels are subject to regulatory approvals and formal award, expected in 2018.

Joint venture partner, Burgundy Xploration LLC, has a right to back in to around 2,590 acres contained within parcel 1, adjacent and to the west of the existing Project Icewine leases.

Managing director Dave Wall said: 'This result is a continuance of our acreage expansion plan on the North Slope and the company is very pleased to be announced high bidder at the recent lease sale.

'Additional details in relation to both parcels will be announced in due course.'

ASX Trading Halt and Proposed Underwriting
88 Energy Limited (the "Company") announces that its shares have been placed in a trading halt on the Australian Securities Exchange ("ASX") pending the release of an announcement in relation to underwriting of listed options in the Company (the "Options"). The Options have a strike price of A$0.02 and an expiry date of 2 March 2018.

The Company confirms that no terms for any such underwriting have been agreed and there can be no guarantee that any transaction will be completed.

Make or break time almost here!

Project Icewine 3D Seismic Commences
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
· Icewine 3D seismic survey commenced across Project Icewine acreage

Project Icewine Operations Update
3D seismic acquisition has commenced across the Western Margin of the Project Icewine acreage, located on the North Slope of Alaska. The 3D seismic will firm up drilling candidates identified on conventional prospectivity from interpretation of ~ 2350 line km of modern (88E, 2016) and reprocessed 2D seismic data.

The conventional prospective resource potential (mean unrisked), as at 31 January 2018, is estimated by the Company as 1.9 billion barrels gross; 1.05 billion barrels net to 88 Energy.

The 3D survey will be acquired using the vibroseis slip-sweep method, covering an area of approximately 460 km2. Acquisition parameters have been zoned to optimise fold and imaging across significant conventional leads already identified in areas that historically have imaged poorly due to permafrost and the presence of icelakes.

Operations commenced on February 7, 2018 (Alaska time) with parameter testing designed to ensure a high quality acquisition. The main 3D acquisition effort is now underway and is estimated to take approximately 45 days.

Managing Director, Dave Wall: “The 88E team have been extremely busy on multiple fronts over the last few months, with refinancing of debt, exercise of options, expanding our lease position, planning for, and acquisition of, two 3D seismic surveys and, of course, the re-opening of the Icewine#2 well.
The strong support for the recent option exercise has meant we have been able to accelerate assessment of the Yukon Gold leases, with the costs of the planned 3D acquisition being less than half of the monies receipted from the option exercise process.
The remainder of 2018 promises to be pivotal for the Company and its shareholders, with near-term activity related to the Icewine#2 flow test, expected prior to mid-year, results from two 3D seismic acquisitions and one or more farm-out transactions targeted for the second half of the year.”

Operation update
http://clients3.weblink.com.au/pdf/88E/01968718.pdf

Proposed placing to raise up to A$17 million
88 Energy Limited ("88 Energy" or the "Company") (ASX, AIM: 88E) today announces that it proposes to raise approximately A$12 million with the ability to take oversubscriptions of up to A$5 million (before expenses) pursuant to a conditional placing of new ordinary shares of no par value in the Company (or, as the case may be, depository interests representing such ordinary shares) (the "Placing Shares") at a price at or around A$0.037 (equivalent to £0.02) (the "Placing Price"), (together, the "Placing"). The Placing Price is equivalent to a discount of eleven percent to the volume weighted average price on the Australian Securities Exchange ("ASX") for the thirty days to 27 April 2018, being the latest practicable date prior to this announcement. The Company also announces that its shares have been placed in a trading halt on the ASX pending the release of an announcement in relation to the completion of the Placing.

The Placing is being conducted in the UK through a bookbuilding process (the "Bookbuild"), which is being managed by Cenkos Securities plc ("Cenkos") in the UK and Hartleys Limited ("Hartleys") in Australia.

Operations Update
88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") is pleased to announce the following update for its projects located on the North Slope of Alaska.

Highlights
· Production testing at Icewine#2 scheduled to recommence 11th June 2018

o Site clearance works commenced at Franklin Bluffs pad
o Final preparations for mobilisation of test equipment underway

· 3D seismic processing on schedule

Project Icewine - Icewine#2 Production Testing
Site works have commenced to clear snow and ice from the Franklin Bluffs gravel pad to enable access to the Icewine#2 wellhead. Pressure gauges will then be retrieved from downhole and data anaylsed to determine if any reservoir degradation is observed, which may require remedial action such as reperforation of the target intervals. Concurrently, test equipment including separators, tanks and nitrogen lift units will be mobilized to site ahead of the scheduled commencement of flow testing on the 11th June 2018.

The flow testing program has been designed to utilize nitrogen lift to assist the removal of up to an additional 4,000 barrels of fluid from the HRZ reservoir. It is anticipated that this will enable the hydrocarbons in the reservoir to flow naturally to surface at a representative rate. Based on modelling of the reservoir pressure and fracture conductivity, this is estimated to take 10-14 days. The well will then continue to be flowed back to ascertain drawdown pressure and decline rate.

3D Seismic Processing
Processing of recently acquired 3D seismic at both Project Icewine and the Yukon Gold leases is progressing as per schedule.

Early products from the Project Icewine 3D survey are expected to be received mid-year prior to commencement of a formal farm-out process related to the conventional prospectivity already identified over the Western Margin leases at the project.

The Yukon Gold 3D data is expected in Q4 2018 and will assist in assessment of the potential of the Yukon Gold oil discovery as well as delineation of any additional potential on the leases.

Managing Director, Dave Wall, commented: "The team remains busy on several fronts; however, focus is now clearly on the imminent recommencement of production testing at the Icewine#2 well.

Operations Update
88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") is pleased to announce the following update for its projects located on the North Slope of Alaska.

Highlights
· Site clearance works completed at Franklin Bluffs pad

· Memory gauges retrieved successfully

o Pressure build-up analysis underway

· Commencement of flowback at Icewine#2 on schedule for 11th June

Project Icewine - Icewine#2 Production Testing
Site works have concluded at the Franklin Bluffs Pad ahead of the scheduled commencement of flow testing of the Icewine#2 well on the 11th June 2018. Memory gauges from 4,000' downhole were successfully retrieved on the 25th June. Processing and analysis of the pressure build-up data will be completed by early next week. The wireline unit also "tagged bottom" confirming that there has been no build-up of debris in the tubing during the shut-in period.

Pressure at the wellhead was measured as between just under 3,000 psi (from the the wellhead gauge) and 3,500 psi based on a pressure reading of 5,200 psi at 4,000' (from the downhole pressure gauges). These pressure readings are positive in regards to maintenance of downhole pressure, as expected.

The flow testing program has been designed to utilize nitrogen lift to assist the removal of up to an additional 4,000 barrels of fluid from the HRZ reservoir. It is anticipated that this will enable the hydrocarbons in the reservoir to flow naturally to surface at a representative rate. Based on modelling of the reservoir pressure and fracture conductivity, this is estimated to take 10-14 days. The well will then continue to be flowed back to ascertain drawdown pressure and decline rate.

Operations Update

88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") is pleased to announce the following update for its projects located on the North Slope of Alaska.

Highlights
· Pressure build-up analysis indicates no deterioration in fracture half-length

· Commencement of flowback at Icewine#2 on schedule for 11th June

Project Icewine - Icewine#2 Production Testing
Post the retrieval of downhole gauges in Icewine#2 on 25th May, pressure build-up data was subsequently downloaded on the 30th May and processed. This data was then analysed and interpreted to determine whether any degradation of the fracture system created by the artificial stimulation had occurred during the shut-in period.

The analysis showed that the fracture geometries of the first pressure build-up, (July-August 2017), when compared to those from the second pressure build-up over Winter, (September 2017-June 2018), are very similar, with estimated fracture half-length of 504ft and 500ft, respectively. This is encouraging and indicates that the fracture system created has not undergone degradation. Given this, and the evidence of no build-up of debris in the wellbore, no remedial action will be required prior to commencement of flowback.

Mobilisation of equipment and personnel for the re-commencement of flowback of the Icewine#2 well, utilising artificial lift, is now in full swing and operations remain on schedule for start-up on the 11th June.