TIDM88E
RNS Number : 8383R
88 Energy Limited
31 October 2023
QUARTERLY ACTIVITIES REPORT
For the quarter ended 30 September 2023
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy, 88E
or the Company) provides the following report for the quarter ended
30 September 2023.
Highlights
Project Phoenix (75% WI)
-- Hickory-1 planning and permitting activities on schedule for Q1 2024 program commencement:
Ø Stimulation and flow test modelling complete for all target
intervals
Ø All American Oilfield Rig-111 contracted and long lead orders
underway
-- Mapping of the Upper Slope Fan System (Upper SFS) has
demonstrated a reservoir zone that is more laterally extensive than
was originally mapped
Project Leonis (100% WI)
-- Internal fault interpretation and reservoir trapping
geometries validated by 3(rd) party mapping
-- Maiden prospective resource estimate for Upper Schrader Bluff
(USB) reservoir expected Q1 2024
-- Target for farm-out to commence in CY2024 for the potential
drilling of new well in 2025/2026
Project Peregrine (100% WI)
-- Two newly identified prospects (N12 and N13) within the
prolific Nanushuk Formation added to the independent prospective
resource and initlal assessment implied that a short sidetrack from
the Harrier-1 well could be used to assess up to three independent
prospects from a single ice pad.
Project Icewine West (75% WI)
-- Mapping activities identified a series of untested Mid
Schrader Bluff (SMD) prospects, with strong potential for
delineation of further significant prospective resources
Project Longhorn (62% WI)
-- Additional non-operated 45% net working interest and 435 net
acres, acquired 4 miles from existing Longhorn assets with low
entry cost of US$1.00/BOE and net 2P reserves of 1.1MMBOE(1)
-- Q3 production averaged 335 BOE per day gross (70% oil) due to gas-buyer plant maintenance
Corporate
-- Cash balance of A$10.2M and no debt (as at 30 September 2023) following completion of the non-renouceable rights issue and shortfall placement during the quarter.
-- Reduction of the shareholder base by 7,362 shareholders
following completion of the Small Holding Sale Facility on 11
September 2023 with a total 212,193,734 ordinary shares sold on
market. This made an immediate reduction in the Company's
adminstration costs
1. Refer announcement released to ASX on 3 July 2023 including
initial reserves estimates and assumptions and net revenue
entitlement to 88 Energy.
1.
Cautionary Statement: The estimated quantities of petroleum that
may be potentially recovered by the application of a future
development project relate to undiscovered accumulations. These
estimates have both an associated risk of discovery and a risk of
development. Further exploration, appraisal and evaluation are
required to determine the existence of a significant quantity of
potentially movable hydrocarbons.
Project Phoenix (75% WI)
Project Phoenix is focused on oil-bearing conventional
reservoirs identified during the drilling and logging of Icewine-1
and Hickory-1 and adjacent offset drilling and testing. Project
Phoenix is strategically located on the Dalton Highway with the
Trans-Alaskan Pipeline System running through the acreage.
Hickory-1 Well
The Hickory-1 well is cased and suspended ahead of the planned
multi-zone flow test program, scheduled to commence in Q1 2024.
During the quarter, Industry-leading stimulation models were
built for each of the target intervals in Hickory-1 with the
objective of ensuring a successful stimulation and flow test in
each zone. The design of the flow test program was completed in
consultation with industry experts who utilised available offset
well information in combination with a detailed evaluation of the
drilling and wireline logging data from Hickory-1. The stimulation
models incorporate high quality offset well data and operational
lessons learnt in the area. As is typical for early-stage appraisal
and development operations, the largest gains in understanding are
achieved in the initial stages of activity and analysis, with 88
Energy set to benefit from neighbouring offset well test
results.
As previously reported, Pantheon Resources (Pantheon) announced
flow rates of 50-100 BOPD from several vertical wells and intervals
in the adjacent northern acreage. These vertical test results,
although modest, provided critical information in understanding the
reservoirs and allow the design of long, horizontal wells that
would be employed in any development scenario. Using unconventional
completion techniques, horizontal development wells typically
achieve 6-12 times the flow rates seen in vertical wells in
analogue fields in the Texas Lower 48.
Post-well analysis and flow test modelling of the Hickory-1
reservoirs have enabled accurate calculation of the quantum of
completion fluids as well as the design of the completion string
necessary for flow test operations. Sourcing and procurement of the
long lead items for this is underway.
Figure 1: Image of modelled stimulation test designs and
results
Mapping was completed of the recently identified Upper Slope Fan
System ( Upper SFS ) across the Project Pheonix acreage. Seismic
interpretation and log correlation has revealed that the Upper SFS
reservoir is more extensive than originally mapped, correlating
over 4 miles (7km) to strong shows in the Icewine-1 well
(previously interpreted/attributed to be part of the lower SMD-A
package). Resources in this reservoir are not currently included in
the Company's resource estimates as they have yet to be
assessed.
Figure 2: Mapping of the Upper SFS target indicates reservoir is
more extensive than originally thought, correlating over 4 miles
(7km) to strong shows in the Icewine-1 well.
The Upper SFS target remains an untested reservoir in nearby
offset wells. The quality and strength of shows recorded during the
drilling and logging of Hickory-1 remain amongst the best the
Company has witnessed to date. Post-well geochemical analysis of
Hickory-1 sidewall core data indicates fluid maturity to be in the
early-peak oil window.
Permitting is on track with the Alaskan state authorities and
All American Oilfield's recently upgraded Rig 111 drilling/workover
module has been secured for the flow test program.
Resource Estimate Update
As announced to the ASX on 30 October 2023, following Pantheon
Resources Plc declaring a significant contingent resource for the
Lower BFF, 88 Energy has appointed independent resource certifier,
Netherland, Sewell & Associates, Inc ( NSAI ) to assess the
Basin Floor Fan ( BFF ) reservoir at Project Phoenix.
The Basin Floor Fan ( BFF ) reservoir was the deepest of the
multiple hydrocarbon-bearing pay zones intersected during the
drilling and logging of the Hickory-1 exploration well. NSAI will
assess the BFF reservoir at Project Phoenix for a maiden contingent
resource estimate based on Hickory-1 results and nearby offset well
results, which may lead to the Hickory-1 being confirmed as a
discovery.
Joint Venture Funding
As previously reported, the Company through its 100% owned
subsidiary Accumulate Energy Alaska, Inc ( 88E-Accumulate ) entered
into a standstill and option agreement with its Project Phoenix JV
partner, Burgundy Xploration, LLC ( Burgundy ). The agreement
provided Burgundy additional time to raise funds to pay outstanding
2023 cash calls by 31 October 2023.
On 31 October 2023, 88E-Accumulate, issued Burgundy with a
default notice under the Joint Operating Agreement ( JOA ) in
respect of its outstanding cash calls for the 2023 work program and
budget including acreage lease payments and share of costs
associated with the Hickory-1 well that was completed in Q1 CY2023
( Cash Calls ). Burgundy can cure its payment defaults under the
JOA if 88E-Accumulate receives payment in full of the cash call
amount totalling US$3.4 million within 30 days. If such payment is
not made within 30 days, 88E-Accumulate intends to exercise some or
all of the remedies available under the JOA on the first business
day after the commencement of the default period. Remedies include
88E-Accumulate having the right to require that Burgundy completely
withdraw from the JOA and assign all of its participating interest
in the relevant leases to 88E-Accumulate. This may result in 88
Energy holding a 100% working interest in some or all of the leases
covered under the default within Project Phoenix and Project
Icewine West. Any additional working interest secured under the
default process could create greater flexibility around any
possible future farm out arrangement.
Burgundy continues to support the progression of the flow test
program and has been working through various funding avenues to
secure its 25% share of funding towards the Hickory-1 flow test and
the 2024 WP&B. Burgundy confirmed on 30 October 2023 it is
actively securing US$7.5 million in funding and is committed to
curing its default within 30 days, and understands the implications
and intentions of 88 Energy should this not occur. 88 Energy will
update the market on or around 30 November 2023.
88 Energy, as the majority working interest owner (75%) in
Project Phoenix, remains committed to advancing the upcoming
Hickory-1 flow test program regardless of Burgundy's participation
and has been evaluating various options in the event that
Burgundy's share remains unfunded, including the number and
prioritisation of zones to be tested.
Project Icewine West (75% WI)
Icewine West contains the Charlie-1 discovery well drilled in
2020 where hydrocarbons were successfully recovered from the Torok
formation during wireline operations.
Mapping activity at Icewine West identified a series of SMD
prospects, the majority of which have not yet been drilled. Given
the recent success of the SMD at Hickory-1, 88E intends to assess
these prospects and add them to the already extensive prospective
resource portfolio at Icewine West; this includes the interpreted
extension of the Kodiak contingent resources recently certified by
Pantheon on their acreage onto the Icewine West acreage. The Basin
Floor Fan, mapped across Pantheon's Kodiak field, as well as 88
Energy's Phoenix and Icewine West Projects, is the same play type
as (although slightly younger than) 88 Energy's Lima Complex.
Contingent on a successful flow test at Hickory-1, 88 Energy
anticipates a follow-up appraisal well at Icewine West in future
years.
Project Leonis (100% WI)
Project Leonis is superbly located adjacent to TAPS and the
Dalton Highway, enhancing the future potential for
commercialisation. The acreage is covered by an existing data suite
including Storms 3D seismic data and the Hemi Springs Unit #3 (
HS-3 ) exploration well drilled by ARCO in 1985, which logged 200
feet of bypassed net pay in the now-producing USB reservoir, with
good porosity and oil shows including oil over shakers at multiple
depths.
The maiden prospective resource determination for Project Leonis
is underway and expected to be completed in Q1 2024.
88 Energy is targeting a farm-out on Project Leonis during
CY2024 and if successful, 88E could drill a new exploration well on
this acreage in the 2025/2026 Alaska winter operational season.
Figures 3 and 4: Initial interpretation of reprocessed 3D Storms
3D data suite and preliminary USB boundary assessment.
Project Peregrine (100% WI)
During the quarter, 88 Energy released an independent
prospective resource update for Project Peregrine, with two new
prospects identified in the prolific Nanushuk Formation. The
assessment indicated that with a short sidetrack of the proposed
Harrier-1 well, 88E can assess up to three independent prospects
from a single ice pad. This significantly reduces the costs of
exploration.
The Company remains positive on the prospectivity of the
Peregrine acreage and continues to target the potential re-entry of
the Harrier-1 well at a point in the future.
Project Longhorn (62% WI)
On 1 July 2023, 88E via its 75% ownership interest in subsidiary
Bighorn Energy LLC (Bighorn), acquired an additional interest in
new leases from Oxy USA WTP LP for US$1.5M (US$1.1M net to 88E).
The new assets are located 4 miles from the existing Longhorn
assets and 88E acquired a non-operated 45% net working interest
(WI) and 399 net acres with net 2P reserves of 1.1MMBOE(1) . The
acquisition provides multiple development opportunities and a small
base production.
The newly added production wells have been in operation for
several years, with average net to Bighorn production from the new
leases of 12 BOE per day gross (88E net 10 BOE per day), of which
75% is oil.
The combined Project Longhorn portfolio now consists of 14
leases (5 new) with 40 producing wells over 1,363 acres net to 88E,
in the Texas Permian Basin. Lonestar I, LLC (Lonestar) which has a
25% ownership interest in Bighorn, also acquired additional working
interest in the new assets, and through an affiliate is Operator
for the entire Portolio.
As part of the acquisition, 88 Energy agreed to a new well work
development program, consisting of 2 new wells scheduled to
commence in Q4 2023 / Q1 2024 (on leases in which 88E has a 75% WI)
and, if successful, potentially subsequent new wells over the next
3-5 years depending on JV approval and funding. The new wells are
expected to deliver initial production rates of 160-200 BOE per day
gross (75% oil).
The acquisition represents a further expansion of 88 Energy's
move into producing oil and gas assets and is in line with the
Company's strategy to build a successful exploration and production
company. This further step has again been undertaken in a measured
fashion via the purchase of a non-operated working interest whilst
retaining a single basin focus. Project Longhorn contains well
understood geology with low technical risk and provides near-term
upside via low-cost field development opportunities.
Third quarter production averaged 335 BOE per day gross (70%
oil) largely due to gas-buyer plant shutdown but remained ahead of
the budget for the quarter of 323 BOE per day gross. The two
workovers on wells that were producing 1-2 BOE per day gross, were
completed safely and on time during the quarter. Both workovers did
not meet initial expectations and will be monitored and reviewed to
better understand the root cause and path forward, including one
well that is undergoing low-cost remedial work. 2024 activities
will focus on several development opportunities at the newly
acquired acreage while monitoring and optimising production on the
existing acreage.
The JV continues to assess further nearby acreage acquisition
opportunities, and the Operator has recently secured a line of
credit to assist in cash flow management associated with CAPEX
initiatives.
1. Refer announcement released to ASX on 3 July 2023 including
initial reserves estimates and assumptions and net revenue
entitlement to 88 Energy.
Corporate
In August 2023, the Company completed its non-renounceable
rights issue (Rights Issue) and Shortfall Offer Placement from the
Rights Issue. The Rights Issue was based on one (1) fully paid
ordinary share in the Company (New Share) for every ten (10)
existing shares held at an issue price of A$0.006 (GBP0.0031) per
share. The completion of the Rights Issue on 29(th) August 2023,
resulted in the Company issuing 553,070,348 New Shares to eligible
shareholders with proceeds of A3.3M. On the 31(st) August 2023, the
Company announced that the Shares not taken up under the Rights
Issue were to be placed via the Shortfall Offer Placement,
representing 1,457,716,470 New Shares at an issue price of A$0.006
(GBP0.0031) per share. 675,000,000 shares were issued under the
Company's placement capacity pursuant to ASX Listing Rules 7.1 and
782,716,470 shares issued under Listing Rules 7.1A.
The proceeds of the Rights Issue and Shortfall Offer Placement
of A$8.0M (before costs), together with the Company's existing cash
reserves, provide the Company with further capital to fund 88
Energy's share of the Hickory-1 well flow test at Project Phoenix,
working capital and permitting and planning for a potential new
well at Project Leonis. As part of the Shortfall placement, the
Company issued A$4M worth of Capital Development Shares to the
operator Lonestar, which is expected to save the Company at least
an equivalent amount in cash costs on development wells for Project
Longhorn production growth, so that the value of the benefit to the
Company from the Rights Issue and Shortfall Placement totalled
A$12M (before costs). Euroz Hartleys Limited acted as lead Manager
and bookrunner to the Shortfall Offer Placement. Cavendish
Securities Plc acted as nominated adviser and broker to the
Shortfall Offer Placement in the United Kingdom. Inyati Capital Pty
Ltd acted as co-manager to the Shortfall Offer Placement.
Commission for the Shortfall Offer Placement was 6% (plus GST) of
total funds raised across Euroz Hartleys Limited, Inyati Capital
Pty Ltd and Cavendish Securities Plc. This fee did not apply to the
Capital Development Shares
On 31 August 2023, 88 Energy announced it had established a
Small Holding Sale Facility (SHSF) for holders of less than A$500
of the Company's shares. The SHSF closed on 11 September 2023 with
a total 212,193,734 ordinary shares sold on market at an average
price of A$0.00644 per share. The SHSF reduced the shareholder base
by 7,362 and has an immediate reduction in the Company's
adminstration costs.
New Ventures
The Company is actively assessing new venture opportunities
across the oil and gas life cycle, and is in advanced stages of
review and negotiation with regard to additional near field acreage
at Project Longhorn, as well as a potential frontier exploration
opportunity outside of the USA. There is no guarantee that current
due diligence and negotiations will lead to a conclusive and final
agreement.
Finance
The ASX Appendix 5B attached to this quarterly report contains
the Company's cash flow statement for the quarter. The material
cash flows for the period were:
-- Net proceeds from the Rights Issue and Shortfall Placement of A$7.6M
-- Exploration and evaluation expenditure of A$2.1M (June 2023
quarter: A$15.5M) predominantly related to final Hickory-1 drilling
payments as well as planning and permitting costs for Hickory-1
flow test program. Hickory-1 exploration drilling AFE was closed
during the quarter.
-- Lease rental payments of A$1.7M related to acreage rentals for Phoenix and Icewine West.
-- Administration, staff, and other costs of A$1.0M. Including
fees paid to Directors and consulting fees paid to Directors of
A$0.2M.
At quarter end, the Company's cash balance is A$10.2M and no
debt.
Information required by ASX Listing Rule 5.4.3
Project Name Location Interest Interest
Net at beginning at end
Area of Quarter of Quarter
(acres)
Onshore, North Slope
Project Phoenix Alaska 62,324 75% 75%
------------------- ------------------------ ---------- -------------- ------------
Project Icewine Onshore, North Slope
West Alaska 121,996 75% 75%
------------------- ------------------------ ---------- -------------- ------------
Onshore, North Slope
Project Peregrine Alaska (NPR-A) 125,735 100% 100%
------------------- ------------------------ ---------- -------------- ------------
Onshore, Permian Basin
Project Longhorn Texas 1,363 73% 62%
------------------- ------------------------ ---------- -------------- ------------
Onshore, North Slope
Project Leonis Alaska 25,431 100% 100%
------------------- ------------------------ ---------- -------------- ------------
Onshore, North Slope
Umiat Unit Alaska (NPR-A) 17,633 100% 100%
------------------- ------------------------ ---------- -------------- ------------
Pursuant to the requirements of the ASX Listing Rules Chapter 5
and the AIM Rules for Companies, the technical information and
resource reporting contained in this announcement was prepared by,
or under the supervision of, Dr Stephen Staley, who is a
Non-Executive Director of the Company. Dr Staley has more than 40
years' experience in the petroleum industry, is a Fellow of the
Geological Society of London, and a qualified Geologist /
Geophysicist who has sufficient experience that is relevant to the
style and nature of the oil prospects under consideration and to
the activities discussed in this document. Dr Staley has reviewed
the information and supporting documentation referred to in this
announcement and considers the prospective resource estimates to be
fairly represented and consents to its release in the form and
context in which it appears. His academic qualifications and
industry memberships appear on the Company's website and both
comply with the criteria for "Competence" under clause 3.1 of the
Valmin Code 2015. Terminology and standards adopted by the Society
of Petroleum Engineers "Petroleum Resources Management System" have
been applied in producing this document.
This announcement has been authorised by the Board.
Media and Investor Relations:
88 Energy Ltd
Ashley Gilbert, Managing Director
Tel: +61 8 9485 0990
Email: investor-relations@88energy.com
Fivemark Partners , Investor and Tel: +61 422 602 720
Media Relations
-----------------------
Michael Vaughan
-----------------------
EurozHartleys Ltd Tel: + 61 8 9268 2829
-----------------------
Dale Bryan
-----------------------
Cavendish Securities Plc Tel: + 44 131 220 6939
-----------------------
Neil McDonald / Derrick Lee
-----------------------
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
88 Energy Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
80 072 964 179 30 September 2023
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows (9 months)
$A'000 $A'000
1. Cash flows from operating
activities
1.1 Receipts from customers - -
1.2 Payments for
(a) exploration & evaluation - -
(b) development - -
(c) production - -
(d) staff costs (604) (2,121)
(e) administration and corporate
costs (400) (1,861)
1.3 Dividends received (see - -
note 3)
1.4 Interest received 5 43
1.5 Interest and other costs - -
of finance paid
1.6 Income taxes paid - -
1.7 Government grants and tax - -
incentives
1.8 Other - -
---------------- -------------
Net cash from / (used in)
1.9 operating activities (999) (3,939)
----------------- ------------------------------------ ---------------- -------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements (1,694) (5,601)
(c) property, plant and - -
equipment
(d) exploration & evaluation (2,137) (22,414)
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and - -
equipment
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to - -
other entities
2.4 Dividends received (see - -
note 3)
2.5 Other - Joint Venture Contributions - 1,462
Other - Distribution from
Project Longhorn - 1,405
Other - Return of Bond - 585
---------------- -------------
Net cash from / (used in)
2.6 investing activities (3,831) (24,563)
----------------- ------------------------------------ ---------------- -------------
3. Cash flows from financing
activities
Proceeds from issues of
equity securities (excluding
3.1 convertible debt securities) 8,015 25,515
3.2 Proceeds from issue of convertible - -
debt securities
3.3 Proceeds from exercise of - -
options
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (395) (1,575)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related - -
to loans and borrowings
3.8 Dividends paid - -
3.9 Other (provide details if - -
material)
---------------- -------------
Net cash from / (used in)
3.10 financing activities 7,620 23,940
----------------- ------------------------------------ ---------------- -------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 7,321 14,123
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (999) (3,939)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (3,831) (24,563)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 7,620 23,940
Effect of movement in exchange
4.5 rates on cash held 72 622
---------------- -------------
Cash and cash equivalents
4.6 at end of period 10,183 10,183
----------------- ------------------------------------ ---------------- -------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 10,183 7,321
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 10,183 7,321
----------------- ----------------------------------- ---------------- -----------------
(a)
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 214
----------------
6.2 Aggregate amount of payments to related -
parties and their associates included in
item 2
----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
6.1 Payments relate to Director and consulting fees paid to
Directors. All transactions involving directors and associates were
on normal commercial terms.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $US'000
arrangements available to $US'000
the entity. Add notes as necessary
for an understanding of the
sources of finance available
to the entity.
7.1 Loan facilities - -
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities - -
------------------- ----------------
7.5 Unused financing facilities available at -
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
----------------- ---------------------------------------------------------------------------
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (999)
8.2 (Payments for exploration & evaluation classified (2,137)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (3,136)
8.2)
8.4 Cash and cash equivalents at quarter end 10,183
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.5)
--------
8.6 Total available funding (item 8.4 + item 10,183
8.5)
--------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 3.2
--------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
-------------------------------------------------------------------
Answer: n/a
-------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
-------------------------------------------------------------------
Answer: n/a
-------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
-------------------------------------------------------------------
Answer: n/a
-------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of
questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
----------------- -------------------------------------------------------------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 31 October 2023
Authorised by: By the Board
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
Information required by ASX Listing Rule 5.4.3 - Lease Schedules
as at 30 September 2023
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