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88 Energy - Ultra High Impact Drilling Q1 2020

Proselenes
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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#267518

Postby Proselenes » November 26th, 2019, 9:51 pm

PDF of todays news release in the link below:

https://ufile.io/y5d9d0hm

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#268107

Postby Proselenes » November 29th, 2019, 10:29 am

Hopefully by March there will be some more confirmed oil discoveries made.

https://www.petroleumnews.com/pntruncat ... 0043.shtml

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#268216

Postby Proselenes » November 29th, 2019, 11:05 pm

Comments from the meeting from LSE:

Newanda Today 22:40

On success, the strategy per tonight's conversation would be to prove up the reserves. Flowing 100 barrels per day from this well would be a great outcome, and the intention would be to then come back drill a lateral and see if we can flow several 1000 per day. That plus a couple of other wells to test to the North and possibly to the East would help us prove up the resource, but with our share of drilling costs relative to our WI of 30% - so much less per well than previously. My take was that the strategy is to prove up the reserves similarly to how Armstrong and Repsol did, and Dave mentioned this a few times as well as the OS $3 per barrel when oil was at $45.

So 2 years of proving it up, and then possibly a sale @$3 per barrel. The drill on success will be value accretive, but the real value will come over the next couple of years. Will require a little patience yet...

Also talked a lot about the value of understanding the HRZ better with this well. I also got the sense that the HRZ data from this well will be critical to the strategy for HRZ forwards. If the data gives us positive data then great - and this will help us push it forwards. If the data does not support the HRZ hypothesis then it will cast real doubt on the HRZ commercial probability.

Final point is the next Seismic will be shot hopefully winter 20/21 with the Eastern fairway the favoured target.

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#268220

Postby Proselenes » November 29th, 2019, 11:40 pm

Another comment from the presentation:

ToffeebradsToday 23:15A
Good evening. Encouraging to hear from Dave that PMO bringing some
insight to the table (spotting a few nuggets in interpretation that 88e
had not seen).Will be interesting to see what new comes out of the
drill phase (expecting RNSs to be released every fortnight or so, and
reaching the primary target of the two prospects in the Torok layer
after approx 21-28 days of drilling.) time to flow test two out of the
three zones before the tundra season closes. Good that we know
expectations for the next year (100 barrels per day being good realistic
result from the first drill, with horizontals to follow in the return
12 months later), so that people can be realistic in positive case
scenarios (rather than expecting a gusher straight off the bat.)

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#268221

Postby Proselenes » November 29th, 2019, 11:44 pm

And another comment from different person attending:
SeaHawk Today 23:20

Very interesting night, not to mention the fun getting to it. Big DW still has his beard although looking a lot tidier, not the hobo look any more! Quite a lot of technical detail given by Dr Staley which was useful to hear and put the drill into more perspective. Although we are going for 7 different layers some of them we are only just going to hit eg we are drilling the edge of them and some are at the lower end of expectations with regard to being commercial. The main area being targeted is going to be the just prior to hitting the hrz eg deep. That’s going to make for a very interesting drill as we work our way down to the main target and I suspect some serious ups and downs moral wise. It’s going to take some big cahonies to stick with it, but if you do and it comes in then he ha.I definitely got the impression that DW is far more focused on the conventional now than the hrz. He did say that this is the last throw of the dice with hrz, if they don’t get the technical results that they are looking for this time around that will be it for the HRZ. Getting the idea how important this drill is!If we get the right result from this drill with commercial flow rates then 2021 there will another drill using the same hole but horizontal this time and if it all goes okay then we will be at the point of creaming the curve to sell on.An important note, do expect thousands of barrels of oil from this drill, he talked about 100 barrels a day.Is he going to raise money, yes but he stated when the SP is much higher eg after drill, do I believe him and will it happen in the next few weeks, history would say yes but I genuinely don’t know.He did state categorically that there will be no consolidation.Hope this is of use to those who could not make it. I am sure others will correct me if I got anything wrong and of course this is all my own opinion.

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#269191

Postby Proselenes » December 5th, 2019, 8:00 am


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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#269748

Postby Proselenes » December 7th, 2019, 4:15 am

3rd December Lessee Map now showing Premier Oil on there.

http://dog.dnr.alaska.gov/Document/A9C6 ... Lessee_Map

Although DW was talking about doing a couple of wells in 2021 and then say four in 2022 - I dont think it will happen for 88E like that.

I am sure in my mind that if Charlie-1 is a success then PMO will simply buy out 88E in full, simple transaction and they get 100% of the license area moving forward - including the HRZ.

Will be a lot cheaper for PMO to buy out 88E at say 2$ a barrels than wait and prove up resources and then have to compete with Oil Search and others at around 7$ a barrel in 2021/22.

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#271017

Postby Proselenes » December 14th, 2019, 3:42 am


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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#273498

Postby Proselenes » December 27th, 2019, 2:48 am

ASX release 27th December 2019

88 Energy Limited (ASX: 88E) (“88 Energy” or the “Company”) provides the following update related to the upcoming drilling of the Charlie-1 appraisal well at Project Icewine, located on the Central North Slope, Alaska.

Highlights
• Initial snow trail from Dalton Highway complete
• Ice road construction on track to commence within days
• Operational activity for Charlie-1 progressing to plan for February 2020 spud

Operations Update

The Nordic Rig 3 will exit the Dalton Highway approximately 20 miles south of Deadhorse before it begins its 30-mile journey on an ice road to the Charlie-1 location. Construction is complete for the initial snow trail to the first lake that will be utilised for building the ice road. Production of the ice road itself is scheduled to commence prior to the end of 2019, weather permitting.
Everything is proceeding as planned ahead of the scheduled February 2020 spud date.

88 Energy Managing Director, Dave Wall commented: “It has been a successful year for the Company, having matured part of the conventional potential at Project Icewine to the point of a farm-out that makes a lot of sense for our shareholders. We are now on the cusp of drilling a potentially transformational well, Charlie-1, in the first quarter of 2020 and are looking forward to a safe and successful operation.”

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#273663

Postby Proselenes » December 28th, 2019, 6:01 am


Below is my first run of the valuations for Charlie-1 prospects, might be errors so i will update if so.


Image

Image

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#275071

Postby Proselenes » January 4th, 2020, 10:07 am

Looks like the love is coming back for the North Slope in Alaska.......just at the right time........for 88E


https://www.reuters.com/article/us-usa- ... SKBN1YF2KS


https://www.alaskapublic.org/2019/12/11 ... in-alaska/

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#275430

Postby Proselenes » January 6th, 2020, 7:07 am

https://finfeed.com/features/energy-mar ... n-general/

..........At the smaller end of the energy market, 88E Energy (ASX:88E) had a strong week finishing up around 20% and has now more than doubled in price since its October lows. The higher oil price has helped, as has news that upcoming drilling of the company’s Charlie-1 appraisal well at Project Icewine, on the Central North Slope, Alaska, is on track. 88 Energy announced last week that an ice road construction is about to get underway and the February-scheduled spud is proceeding as planned.

Speaking of the Alaskan North slope, this is a region that increasingly looks to be coming back into favour and could be an area of interest for energy investors in 2020.

In December, the US Bureau of Land Management’s Alaska State Office held its most successful annual lease sale since 2006, receiving US$11.2 million in bids for more than one million acres – a significant lift in interest from the prior year’s bids of just US$1.5 million.

ASX-listed Alaska North Slope junior, XC...............

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#275645

Postby Proselenes » January 7th, 2020, 7:14 am

From PMO update today

https://www.investegate.co.uk/premier-o ... 00099617Y/

.....Exploration portfolio materially enhanced with the capture of new acreage in the Andaman Sea (Indonesia) and on the Alaska North Slope; pipeline of near-term high value E&A wells including Malguk-1 appraisal (Alaska) and Berimbau/Maraca (Brazil)......

.........In November, Premier completed the farm in for a 60 per cent interest in the conventional Area A Icewine project in the Alaska North Slope. The Nordic-3 rig has been contracted to appraise the Malguk-1 discovery which Premier estimates could contain over 1 bn bbls of STOIIP. Construction of the ice road connecting the Dalton Highway to the well site commenced in December with the rig on track to arrive on location in time for a February spud. ........

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#275773

Postby Proselenes » January 7th, 2020, 2:42 pm

Now we know from the PMO statement that the Ice Road is under construction and all is on track for Feb spud, when is the next news from 88E going to be ?

Ice Road complete ? That should be about 26th January that the Ice Road is complete or nearly complete.

I would guess the next news will be when the final permit to drill is approved. That is a key event, so maybe mid January an update to say final permit approved and ice Road is 60% complete etc.... ?

That final permit to drill approval will likely be the catalyst for the move through 1.5p and upwards - so I intend to keep adding a few while its still cheap.

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#276609

Postby Proselenes » January 11th, 2020, 5:44 am

Interesting article on Ice Roads from 2018.

http://www.conocophillips.com/spiritnow ... oundation/


To note here, 2020 is much colder, even than 2019 and much more so than 2018 for when the article above was written. With it being even colder than 2019, there should be no concerns on the Ice Road being complete in time - maybe even ahead of schedule this year ?

ImageImageImage


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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#277502

Postby Proselenes » January 15th, 2020, 12:07 am


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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#278633

Postby Proselenes » January 19th, 2020, 11:40 pm

News out.

https://www.asx.com.au/asxpdf/20200120/ ... 3bfsh8.pdf

Interesting point is planning underway to drill Yukon in 2021.

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#278637

Postby Proselenes » January 20th, 2020, 12:12 am

Comments from BB32

Just to give my thoughts re comment

Additional Details

Premier has an option to earn 50% working interest in Area B or C by spending US$15m, if the Charlie-1 (Malguk-1 appraisal) well in Area A is successful

It is not for both areas ..... Dave has played a blinder here, as when we prove oil in A , value of B and C will go up, so PMO can take up cheap option in one or other, will have to renegotiate for both or we can farm out to someone else for hopefully more for either B or C

The comments around Yukon and discussions continue with nearby resource owners, I believe is all to do with Jade Energy who have the leases just to the North of Yukon.

https://www.alaskajournal.com/2019-04-1 ... nt-thomson

50% owner of Jade = Erik Opsted

So all good as far as I can see

BB32

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#278883

Postby Proselenes » January 21st, 2020, 8:59 am

Update from Cenkos on 88E. PDF file in the link below.

Risked 4.8p NAV valuation pre-drill (meaning 88E is currently about 250% undervalued). Interesting that the potential lateral sidetrack on success is now being looked at being done in Q4 2020.

https://ufile.io/f8xvdi0n

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#279110

Postby Proselenes » January 22nd, 2020, 9:14 am

When you see the news from OSH (Oil Search Limited) - this is another big positive for 88E. The discovery news today from ASX:OSH may be driving some of the 88E buying (albeit into selling due to placing news)

Consider.......The Torok is viewed as analogous to the Nanushuk discoveries to the northwest (including the Horseshoe discovery), with the Torok and the Nanushuk part of the same depositional system. As such, the Nanushuk and the Torok have the same sediment source and environmental conditions, with the Nanushuk on the shallower shelf edge and the Torok in the deeper channels and fans. The Torok at Charlie-1 is likely to have the same rock properties as the Nanushuk, with a similar porosity, but with lighter oil due to its proximity to the HRZ source rock.......


Now the news today from OSH is, hit oil pay in the Nanushuk :

https://www.asx.com.au/asxpdf/20200122/ ... 9q4v36.pdf


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