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AIM:88E ASX:88E

88 Energy Ltd

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Market:
AIM
Market Cap:
£42.41 m
Price
0.40 GBX
Change
2.56%
52 weeks high
1.48
52 weeks low
0.17

Strategy

The company’s goal is to build a successful exploration and production company that delivers material benefits to its shareholders and contributes to the development of the regions in which it works.

It aims to achieve this by targeting overlooked or emerging play types where its small team of experts can move quickly to capitalise on opportunities prior to larger industry players moving in.

The opportunities the company seeks are based on robust technical evaluation together with informed socio-political decisions and cultural sensitivity in business relationships.

Project Icewine, Alaska

  • Operator on majority of ~480,000  contiguous acres (~300,000 net) onshore Alaska in prolific oil-rich province with multiple objectives;
  • Large oil and condensate discoveries were confirmed in 1Q2020 by the Charlie-1 well, further appraisal is planned to be funded by farm-out;
  • ~60% Working Interest, 7-10 year leasehold, 16.5% royalty and strategically located in the heart of the play and close to infrastructure;
  • Unconventional objective in shale complex that sourced the 13 BN barrel Prudhoe Bay Oil Field – opportunity identified by first mover in the Eagle Ford;
  • Conventional objective is the hottest play on the North Slope with 88 Energy acreage offset by multiple recent discoveries;
  • Excellent fiscal terms.

Project Peregrine, Alaska

  • Recently acquired via off market takeover of XCD Energy Ltd;
  • Large prospects on trend to recently discovered fields;
  • Planning, permitting and farm-out underway for 1Q2021 drilling;

Yukon Gold, Alaska

  • Recent award of 15,312 acres (100% 88 Energy);
  • Contains historic oil discovery, located nearby to recently commissioned infrastructure;
  • Low cost, opportunistic acquisition;
  • 3D seismic acquired 2018: 90 million barrel resource identified.

Australia, United Kingdom and United States.

Michael Evans - Non-Executive Chairman

Mr Michael Evans (Non-Executive Chairman, appointed 9 April 2014). Mr Evans, a Chartered Accountant based in Perth, has extensive executive and board level experience with publicly listed companies in the natural resources sector spanning 30 years.

Mr Evans’ was the founding Executive Chairman of ASX oil and gas explorer FAR Limited, a position he held from 1995 until his resignation in April 2012. Under Mr Evans’ stewardship, FAR established and built up an extensive international oil and gas portfolio spanning Africa, North America, China and Australia with industry partners including Amoco, Shell, BHP, BP, Exxon, CNOOC, Woodside and Santos, amongst others.

David Wall - Managing Director

As a leading oil and gas equity analyst for six and a half years, Mr Wall brings extensive experience with junior oil and gas exploration companies. His skillset spans asset evaluation across many fiscal regimes / play types as well as corporate advisory / M&A and equity capital markets, having led >$400m in capital raisings.

Prior to his career as an analyst, Mr Wall managed a small team at Woodside Petroleum Ltd that reported to the Executive Committee. This team was responsible for vetting reports from all departments within the business, prior to Board submission, including exploration, development, operations, commercial and M&A. The team was also responsible for generating the annual budget and providing significant input into the Five Year Plan and the Company Strategic Plan. By virtue of these experiences, Mr Wall brings strong commercial and strategic skills as well as generalist knowledge across all levels of the oil and gas industry. This is complemented by financial markets experience focussed on junior exploration companies. Mr Wall holds a Bachelor of Commerce from the University of Western Australia, majoring in Management and Finance.

Dr Stephen Staley - Non-Executive Director

Dr Stephen Staley ( Non-Executive Director, appointed 9 April 2014). Dr Staley has 34 years’ of management and technical experience in the European, African and Asian oil, gas and power sectors, including with Conoco and BP.

More recently Dr Staley was founding Managing Director of upstream start-ups Fastnet Oil & Gas plc and Independent Resources plc and a Non-Executive Director of Cove Energy plc.  He is a Fellow of the Geological Society, holds a BSc (Hons.) in Geophysics from Edinburgh University, a PhD in Petroleum Geology from Sheffield University and an MBA from Warwick University.

Registered Office & Principal Place of Business

Level 2, 5 Ord Street
West Perth WA 6005
AUSTRALIA

Tel: +61 (0)8 9485 0990
Fax: +61 (0)8 9321 8990

Postal Address

PO Box 1674
West Perth WA 6872
AUSTRALIA

Australian Broker

Hartleys Ltd
Level 6
144 St Georges Tce
Perth WA 6000
AUSTRALIA

UK Broker

Cenkos Securities Plc
6.7.8 Tokenhouse Yard
London EC2R 7AS
UNITED KINGDOM

Cenkos Securities Plc
6.7.8 Tokenhouse Yard
London EC2R 7AS
UNITED KINGDOM

Top 10 Shareholders as at 19th September 2019

Registered Office & Principal Place of Business

Level 2, 5 Ord Street
West Perth WA 6005
AUSTRALIA

Tel: +61 (0)8 9485 0990
Fax: +61 (0)8 9321 8990

Postal Address

PO Box 1674
West Perth WA 6872
AUSTRALIA

Australia

Australian Broker

Hartleys Ltd
Level 6
144 St Georges Tce
Perth WA 6000
AUSTRALIA

Bankers

Westpac Banking Corporation
Level 6
109 St Georges Terrace
Perth WA 6000
AUSTRALIA

Share Registry

Computershare Investor Services Pty Ltd
Level 11
172 St Georges Terrace
Perth WA 6000
AUSTRALIA

Auditors

BDO International Ltd
38 Station St
Subiaco WA 6008
AUSTRALIA

Bankers

Westpac Banking Corporation
Level 6
109 St Georges Terrace
Perth WA 6000
AUSTRALIA

Company Secretary

Ms Sarah Smith

United Kingdom

Nominated Adviser

Cenkos Securities Plc
6.7.8 Tokenhouse Yard
London EC2R 7AS
UNITED KINGDOM

Share Registry

Computershare Investor Services plc
The Pavilions
Bridgwater Road
Bristol BS13 8AE
UNITED KINGDOM

UK Broker

Cenkos Securities Plc
6.7.8 Tokenhouse Yard
London EC2R 7AS
UNITED KINGDOM