Press

88 Energy Highlights for the First Half of 2018


During the period, the Group has continued its principal activities in Alaska. A summary of significant activities is below:

Highlights for the first half of 2018:

Project Icewine

Icewine#2 HRZ Shale Flow Test;

o Flow testing re-commenced at the Icewine#2 well, located on the North Slope of Alaska, on June 11 to determine the productivity of the unconventional HRZ shale, utilising a velocity string and artificial lift;
o During the period June 12 to June 30 flowback comprised; Gaseous hydrocarbons ranging from C1 to trace C6, predominantly 90% methane, averaging 26mcf/day since June 12; and 1,372 barrels of recovered fluid interpretedas 100% stimulation fluid.
o Flowback fluids are not considered representative of the reservoir fluid in situ;
o Given the low assisted flowback rate, and that in total only 24.8% of the stimulation fluid injected has been lifted during the entire 2017/2018 flowback operation, the Joint Venture decided on June 30 to suspend the Icewine#2 well; and
o The Joint Venture believes that the flowback data, combined with results to date from core and logs, demonstrates that the HRZ is comparable to other early-stage commercial unconventional plays.

  •  Icewine Western Margin Leases bid on by the Company in the December 2017 State of Alaska Licensing Round were

    formally awarded; and

  •  The Icewine 3D seismic survey, approximately 480 km2 in area and covering prospectivity identified on 2D seismic, was completed on the 28th March 2018 on schedule and within budget. Processing of the Icewine 3D seismic survey commenced in Q2 2018 to mature several large conventional leads previously identified on 2D seismic.

    Yukon Acreage

  •  Yukon Gold leases bid on by the Company in the December 2017 State of Alaska Licensing Round were formally awarded; and

  •  The Yukon 3D survey, approximately 100 km2 in area, was completed on April 1 with deblending commencing in preparation for processing.

    Western Blocks

Agreement Executed to Drill High Impact Oil Prospect onshore Alaska Q12019;

o The Company executed a binding term sheet agreement, in conjunction with other parties, to acquire the majority of Great Bear Petroleum Ventures II LLC working interest in four leases comprising the “Western Blocks” located onshore North Slope Alaska.

Corporate

  •  The Company refinanced the outstanding US$16.5m loan with Bank of America in the first quarter of 2018, on substantively similar terms to the original agreement and extending the maturity date to 30 December 2022;

  •  A total of A$8.7 million was received in from the conversion of the $0.02 88EO listed options with > 98% take-up by holders and the remainder being placed under an Option Underwriting Agreement. This total includes proceeds of >A$500,000 received from the exercise of Director options during the period; and

  •  Oversubscribed placement to domestic and international institutional and sophisticated investors raised A$ 17 million in the half year.



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