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/

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.

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
· Flowback commenced at Icewine#2

Project Icewine - Icewine#2 Production Testing
Flowback commenced, on schedule, at 22:30 11th June (AK time) to clean-up stimulation fluids from the Icewine#2 borehole with a well head pressure of 3,000 psi and flowback rate of 253 barrels of water per day. As at 1230 12th June (AK time), wellhead pressure was 816 psi with a flowback rate of 160 barrels of water per day. Based on the pressures and flow rates, there is no indication of any impediment to flow through the perforations at this stage. A production log has been run to confirm this, and the results will be disclosed to the market once the report has been finalised.

At this early stage of flowback, the fluid has not been run through the separator, so the hydrocarbon rate has not been measured. Flowback through the separator and gas chromatograph is expected to commence today.

The velocity string, comprised of 1.75" coiled tubing, is ready to be installed and connected to nitrogen lift utilising a membrane unit, currently set-up on location.

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
· Nitrogen lift commenced at Icewine#2

· Yukon Gold and Western Margin leases formally awarded

Project Icewine - Icewine#2 Production Testing

As at 0530 17th June (AK time), wellhead pressure was 370psi with a flowback rate of 166 barrels of water per day on a variable choke setting, in order to manage wellhead pressure (currently 28/64").

http://www.moneyam.com/action/news/showArticle?id=6015389

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
· Nitrogen lift continues at Icewine#2

Project Icewine - Icewine#2 Production Testing
As at 1730 21st June (AK time), the flowback rate was 50 barrels of water per day on a variable choke setting (currently 36/64"). Wellhead pressure has been managed lower to 75psi to reduce back pressure in the system.

Since the last update on the 18th June, adjustments were made to the flowback system to determine the optimal settings for the nitrogen lift operation. Consequently, flowback rates fluctuated between an average rate of 50 barrels of water per day to 120 barrels of water per day. The percentage of hydrocarbon gas in the flowback dropped to 5% at one stage due to an increased nitrogen injection rate, 300 scf/m, which is deemed to have limited the flowback of both water and gas from the borehole. The reduction in productivity is attributed to an effective downhole choke created between the 4.5" annulus and the 1.75" velocity string, limiting the flowback when the nitrogen rate is too high. The nitrogen injection rate is now being reduced back to 150 scf/m and should result in an increase in flowback of water and gas from the borehole.

During this period there has been no meaningful change to the composition of the returned gas and fluid. Flowback is considered to be 100% stimulation fluid and gas.

StockMarketWire.com
88 Energy said Monday it had struck a collaborative agreement to expand its position on the northern slopes of Alaska, acquiring the majority of Great Bear's working interest in four leases.

A consortium consisting of 88 Energy, Otto Energy and Red Emperor had executed a binding term sheet agreement with Great Bear Petroleum Ventures II to acquire the majority of Great Bear's working interest in the four leases including the Western Blocks -- ADL 391718, ADL 391719, ADL 391720 and ADL 391721.

The leases are located immediately adjacent to the Horseshoe#1/1A well, which had discovered oil in 2017, 88 Energy said.

Preparations for drilling the exploration well were now underway and is expected to begin in less than 9 months, 88 Energy said.

'The Western Blocks transaction represents a significant opportunity for 88E shareholders to gain exposure to one of the most prospective oil plays available globally, complementing our existing conventional portfolio on the North Slope,' said 88 Energy Ltd Managing Director, Dave Wall.

'Our Alaskan Operations team, led by Erik Opstad, will be working closely with Great Bear and the regulatory agencies in Alaska to ensure that the well is permitted and drilled on time in a safe and environmentally conscious manner.'

Operations Update
88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") provides the following update related to its operations, located on the North Slope of Alaska.

Highlights
· Definitive Agreements Executed for Farm-in to Western Blocks

o Large Prospect to be Drilled 1Q2019

o Permitting underway

· Project Icewine Farm-out Dataroom Formally Opened

Western Blocks - Definitive Agreements Executed
88E, via its 100% owned subsidiary Captivate Energy Alaska, Inc, has executed definitive agreements with Great Bear Petroleum Ventures II LLC ("Great Bear"), along with Otto Energy Ltd (Borealis) and Red Emperor Resources NL (together with 88 Energy, the "Consortium Partners"), to acquire the majority of Great Bear's working interest in the four leases comprising the Western Blocks (ADL 391718; ADL 391719; ADL 391720; ADL 391721) in exchange for drilling a commitment well on the Western Blocks prior to 30 May 2019.

http://www.moneyam.com/action/news/showArticle?id=6070306

Operations Update
88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") provides the following update related to its operations, located on the North Slope of Alaska.

Highlights
· Rig Contract Executed for Western Blocks Drilling 1Q2019

· Winx Prospect located in the proven Nanushuk Play Fairway

o Permitting Progressing on Schedule

Western Blocks - Rig Contract Executed
88E, via its 100% owned subsidiary Captivate Energy Alaska, Inc., has executed a rig contract for the drilling of the Winx Prospect, located on the Western Blocks, North Slope of Alaska.

The Winx -1 well will test a 3D seismically defined oil prospect in the successful Nanushuk play fairway comprising multiple stacked objectives with a gross mean unrisked prospective resource of 400MMbbls (144MMbbls net to 88E) and a geological chance of success in the range of 25-30%.

For further details related to the transaction, please refer to the announcement dated 25th June 2018.

RIGHTS ISSUE
This notice is given by 88 Energy Limited ("the Company") under section 708AA(2)(f) of the Corporations Act 2001 (Cth) (Corporations Act) as modified by ASIC Corporations (Non-Traditional Rights Issues) Instrument 2016/84 (Instrument 2016/84). References in this notice to the Corporations Act are references to the Corporations Act as modified or amended by Instrument 2016/84.

Further to the announcement dated 3rd October 2018, the Company is offering eligible shareholders the opportunity to acquire additional fully paid ordinary shares in the capital of the Company (Shares) via a pro rata non-renounceable rights issue (Rights Issue) on the basis of one (1) fully paid ordinary share in the capital of the Company (New Shares) for every seven (7) Shares held at at 7.00 p.m. (AEDT) in respect of ordinary shareholders and 6.00 p.m. (London Time) in respect of depositary interest holders on the record date of 10th October 2018 to raise approximately $14.33m / £7.96m before costs.

The Company intends to use the funds from the Rights Issue to for potential production testing at the Winx-1 exploration well, possible cost overruns associated with the drilling of Winx-1, lease rentals and interest costs to maintain assets in good standing, ongoing geological and geophysical work and working capital and general administration.

Rights Issue Results and Shortfall Notice
88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") advises that the Non-Renounceable Rights Issue announced to the ASX on 3rd October 2018 (Rights Issue), closed on the 26th October 2018.

The Rights Issue offered eligible shareholders (or depository interest holders) registered on the Record Date the ability to subscribe for Shares on the basis of one (1) fully paid share in the Company (New Shares) for every seven (7) Shares held at an issue price of $0.018 / £0.01 per share to raise up to $14.33m / £7.96m before costs.

Eligible shareholders were also given the opportunity to apply for additional shortfall shares beyond their 1 for 7 entitlement.

Total applications for the New Shares raising gross proceeds of $3,641,312 were received. The New Shares will be issued on 31st October 2018, as per the timetable for the Rights Issue.

The results of the Rights Issue are as follows;

· Acceptances (New Shares): 202,295,078

· Shortfall Shares: 593,592,274

· Total Number of Shares: 795,887,3521

Well that was a screaming success. Better to give your cash to Oxfam.

Yukon Leases Maiden Resource and Conventional Portfolio Highlights
88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") provides the following update related to ongoing work on its conventional prospect portfolio at Project Icewine, located on the Central North Slope, Alaska.

Highlights
· Yukon Leases Maiden Resource: Net Mean Prospective Oil Resource - 90 MMBO

o Cascade lead upgraded to prospect - Brookian Turbidite Fan Play

o Additional prospectivity mapped within Staines Tongue Topset Play

· Project Icewine Net Mean Prospective Oil Resource - 2,211 MMBO

o Farm-out process continues as planned, with deal targeted prior to year-end 2018

· Western Blocks Net Mean Prospective Oil Resource - 144 MMBO

o Stacked Brookian objectives including Nanushuk Topset Play

o The Winx-1 well is on schedule to commence drilling in February 2019

· 88 Energy Total Conventional Net Mean Prospective Oil Resource - 2,445 MMBO

https://www.moneyam.com/action/news/showArticle?id=6197138

Proposed placing to raise up to £5.9 million
88 Energy Limited ("88 Energy" or the "Company") (ASX, AIM: 88E) today announces that it proposes to raise up to £5.9 million (before expenses) pursuant to a conditional placing of up to 593,592,274 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 of £0.01 per Placing Share (the "Placing Price"), (together, the "Placing"), which is the price at which shares were issued pursuant to the Rights Issue (as defined below).

The Placing follows the closure of the non-renounceable rights issue (for AIM purposes, the 'open offer') of up to 795,887,352 ordinary shares at a price of £0.01 (or A$0.018) per share announced on 3 October 2018 to raise up to approximately £7.96 million (the "Rights Issue"), pursuant to which the Company received total applications for 202,295,078 ordinary shares, raising gross proceeds of A$3,641,312 (equivalent to approximately £2.02 million). In accordance with the offer document issued in connection with the Rights Issue on 5 October 2018, the Company reserved the right to place those shares not taken up by eligible shareholders as part of the Rights Issue within three months after the closing date of the offer, being 26 January 2019. The Placing does not require shareholder approval and the issue and allotment of Placing Shares will rely on Exception 3 under ASX Listing Rule 7.2.

Result of Placing
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to advise that further to the announcement by the Company on 8 November 2018, it has successfully completed a bookbuild to domestic and international institutional and sophisticated investors to raise approximately £5.56 million (equivalent to A$10.0 million), before expenses (the "Placing") through the issue of 555,555,600 ordinary shares (the "New Ordinary Shares") at £0.01 (equivalent to A$0.018) per New Ordinary Share (the "Placing Price"). The Placing follows the closure of the non-renounceable rights issue (for AIM purposes, the 'open offer') announced by the Company on 3 October 2018 ("Rights Issue").

As at 30 September 2018, the Company had cash resources of A$8.1 million (prior to the receipt of gross proceeds of A$3.6 million pursuant to the Rights Issue). Funds raised pursuant to the Placing will be used with existing cash reserves to fund the Company's ongoing evaluation of the conventional and unconventional prospectivity of existing assets, including drilling of Winx-1 in Q1 2019, and to enable it to identify and exploit new opportunities on the North Slope of Alaska.

6,331,540,324 shares in issue!

Operations Update
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to advise the following in relation to its oil and gas operations on the North Slope of Alaska.

Highlights
· All major permits (excluding Permit to Drill) granted for the drilling of the Winx-1 exploration well

· Permit to Drill on schedule for submission prior to year-end, approval expected January 2019

· Preparations for ice road and pad construction underway, build start planned January 2019

· Spud of Winx-1 exploration well targeting multiple objectives on schedule for February 2019

Winx-1 Exploration Well, Western Blocks (88E earning 36%)

88 Energy, in its capacity as Drilling Manager, has now received approval for all the major permits required for the drilling of the Winx-1 exploration well, except for the 'Permit to Drill'. As planned the Permit to Drill is due for submission prior to the end of the year and approval is expected in January, prior to spud in February 2019.

StockMarketWire.com
88 Energy said preparations to spud the Winx-1 exploration well in mid-late February spud were proceeding to plan.

Construction of the ice road to the Winx-1 exploration well location commenced on the 2 January, as planned, the company said. It would take approximately three weeks to complete, ahead of construction of the ice pad, on which the Nordic Rig#3 would be located for the drilling of Winx-1.

Winx-1 would target gross best estimate prospective resource of 400m barrels of oil, 144m barrels net to 88 Energy, across multiple stacked objectives, including the Nanushuk, which was the primary target of the well, the company added.

'Winx-1 aims to further extend the Nanushuk play fairway, only 4 miles east of the recently successful Horseshoe well where similar seismic amplitude response was observed,' said Dave Wall, Managing Director of 88 Energy.

Operations Update - Permit to Drill Approved
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to advise the following in relation to its oil and gas operations on the North Slope of Alaska.

Highlights
· Permit to Drill Approved for Winx-1 exploration well

· Ice road construction progressing well

o Rig mobilisation planned for early February

· Spud remains on schedule for mid-late February 2019

Western Leases - Winx-1 Exploration Well

The Permit to Drill for the Winx-1 exploration well was approved by the Alaska Oil and Gas Conservation Commission (AOGCC) on the 16th January (AK time). This is the final major permit required for commencement of drilling.

Construction of the ~11 mile ice road to the Winx-1 exploration well location is proceeding as planned. Once complete, the ice pad will be constructed, and the rig will be mobilised for drilling. Rig mobilisation is expected to commence in early February.

Operations Update - Ice Road Construction Nears Completion
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to advise the following in relation to its oil and gas operations on the North Slope of Alaska.

Highlights
· Ice road construction ~85% complete

o Ice pad build to commence shortly

· Third party rig inspection completed

· Rig mobilisation to commence in ~7 days

· Spud scheduled for mid-late February 2019

https://www.moneyam.com/action/news/showArticle?id=6287706

StockMarketWire.com
88 Energy said plans to spud its Winx-1 well on Friday were on schedule.

The Nordic Rig#3 arrived on location, as planned, on the 7 February, rig up activities had proceeded smoothly and final preparations for spud were now underway, the company said.

The call to 'crew-up' was made at 0530 14 February, which usually indicates spud would occur within 24 hours.

Winx-1 would target gross best estimate prospective oil resource of 400m barrels of oil, representing a net 144m barrels to 88 Energy, across multiple stacked objectives, including the Nanushuk Formation, which was the primary target of the well.

Red Emperor Resources is also an investor in Winx-1.

StockMarketWire.com
88 Energy said it had spudded its Winx-1 well on Friday.

The well was drilled to 600' after which the company pulled out of hole to pick up the smart bottom hole assembly, with logging while drilling tools attached. At 11:45 on 17 February (AK time), Nordic Rig#3 was drilling ahead at 880', the company said.

The forward plan was to deepen the hole to about 2,500' before setting surface casing, the company added.

Winx-1 would target gross best estimate prospective oil resource of 400m barrels of oil, representing a net 144m barrels to 88 Energy, the company said last week.