TIDM88E
RNS Number : 3930I
88 Energy Limited
14 April 2022
QUARTERLY ACTIVITIES REPORT
For the quarter ended 31 March 2022
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or
the Company) provides the following report for the quarter ended 31
March 2022.
Highlights
Project Peregrine (100% WI)
-- Spud of the Merlin-2 well occurred on 7 March 2022 and
successfully reached Total Depth of 7,334 feet on 22 March 2022.
All three Nanushuk reservoir targets (N20, N19 and N18) were
penetrated with elevated mud gas readings and oil shows noted in
cuttings.
-- Wireline logging program completed with provisional analysis
indicating reservoir quality at Merlin-2 was insufficient to
warrant a production test and the MDT tool was unable to obtain
fluid samples from target zones, despite encouraging oil shows and
Logging While Drilling (LWD) data.
-- A decision to plug the well and commence demobilisation from
the Merlin-2 well site was made just prior to the end of the
quarter.
Project Longhorn (73% WI)
-- Production rate exceeding 400 BOE gross per day (70% oil) at the end of March 2022.
-- Successful completion of the first planned capital-efficient work-over in March 2022.
-- First net cash flow distribution received in March 2022 of A$0.6M.
Project Icewine (75% WI)
-- Preliminary 3(rd) party mapping of the Shelf Margin Delta
(SMD) play indicates extension of the play fairway from
neighbouring Pantheon Resources acreage onto Project Icewine's
acreage.
-- Mapping of Seabee Lower Basin Floor Fan (BFF) and Slope Fan System (SFS) nears completion.
-- Discussions and negotiations with potential farm-in parties into Project Icewine.
-- Completion of independent resource update scheduled for Q2 2022.
Umiat Oil Field (100% WI)
-- Ongoing optimisation studies, including evaluation of lower
cost and innovative development options.
Corporate
-- Commenced trading on the US OTCQB market on 19 January 2022 under code EEENF.
-- Oversubscribed share placement on 14 February 2022, raising
A$32.1M gross proceeds (A$30M net).
-- Acquired 73% non-operating working interest in Texas oil and
gas production assets for US$9.7M, consisting of US$7.2M cash and
US$2.5M in 88 Energy shares.
-- Cash of A$32.6M and no debt (as at 31 March 2022).
Project Peregrine (100% WI)
Merlin-2 Appraisal Well
The Merlin-2 well was designed to appraise the N20, N19 and N18
horizons (targeting a net mean aggregate prospective resource of
652(1,2) million barrels) which were encountered in Merlin-1 and
returned compelling evidence of hydrocarbons across these three
separate zones. The Merlin-2 well represented a move east from
Merlin-1 towards the shelf edge where thicker and higher porosity /
permeability formation was anticipated with the primary target
being to collect hydrocarbon samples from the target zones.
The Arctic Fox rig commenced drilling the Merlin-2 appraisal
well, located on Project Peregrine in the NPR-A region of the North
Slope of Alaska, on 7 March 2022. The surface hole was successfully
drilled to 2,005 feet, the surface casing installed and cemented,
and the Blow Out Preventer (BOP) system tested on 17 March 2022.
The Arctic Fox reached Total Depth (TD) of 7,334 feet on 22 March
2022 and ceased drilling. The Arctic Fox exceeded expectations in
terms of drilling performance, with the well reaching TD safely and
efficiently.
All three Nanushuk targets (N20, N19 and N18) were penetrated
during drilling, with Logging While Drilling (LWD) data and
physical cuttings collected throughout the Merlin-2 program.
Observations of LWD logs and drill cuttings collected during
drilling revealed target intervals were thicker than those
encountered in Merlin-1 and preliminary analysis of the LWD data
indicated sufficient permeability / porosity to obtain a
hydrocarbon sample which prompted running a sophisticated Wireline
logging program to confirm reservoir quality and to establish if
mobile hydrocarbons were present.
The Wireline logging program consisted of multiple runs that
included the use of Schlumberger's MDT (Modular-Formulation
Dynamics Testing) tool to conduct fluid sampling and acquire flow
potential measurements, side wall cores and image logs.
Unfortunately, the MDT tool was unable to obtain fluid samples from
target zones due to the tightness of the formation in this
location. Plugging, abandonment and demobilisation of the Merlin-2
well is underway and will be completed in April 2022.
The results of Merlin-2 are largely consistent with the Merlin-1
exploration well drilled in 2021, with strong fluorescence, oil
sheen, petroliferous odour and cut noted in the drilling cuttings,
elevated C2-C5 mud gas readings over the target zones with total
gas significantly above background gas readings and also evidence
from the reservoir sampling tool of moveable hydrocarbons. Both
Merlin wells were drilled on sparse, vintage 2D seismic data, which
provides a narrow field of view of the reservoir and limited
optionality on driling locations. 88 Energy will now assess the
merits of a future 3D seismic acquisition program allowing modern
processing of data at future drilling locations in order to
optimally test and determine the potential comerciality of the
Project Peregrine acreage.
88 Energy will also undertake detailed analysis of all data
obtained from the Merlin-2 drilling program and evaluate potential
future appraisal activities within the Project Peregrine acreage,
which includes additional independent drilling locations such as
the Harrier-1 prospect to test the N-14 and N-15 horizons.
Project Longhorn (73% WI)
On 21 February 2022, 88 Energy executed a binding Securities
Purchase Agreement (SPA) for the acquisition of a 73% average net
working interest in established conventional oil and gas production
assets in the proven Permian Basin, onshore Texas, U.S. The oil and
gas assets, collectively known as Project Longhorn contain
certified net 2P reserves of 2.05MMBOE(1) . The purchase price for
the acquisition was US$9.7M, consisting of US$7.2M cash and US$2.5M
in 88 Energy shares (98.1 million shares at an issue price of
A$0.035 per share).
The acquisition represents 88 Energy's first move into producing
oil and gas assets and is in line with Company's strategy to build
a successful oil and gas exploration and production Company.
The Project Longhorn assets are located in the attractive
Permian Basin, with 1,300 net acres and well understood geology
with low technical risk. The assets consist of 9 leases with 32
producing wells and associated infrastructure. Most of the existing
production wells have been in operation for several years. Lonestar
I, LLC will retain a 24% net working interest in the assets and,
through an affiliate, will remain Operator, with the remaining
working interests retained by existing Joint Venture partners.
As part of the acquisition, 88 Energy agreed to a low-cost work
program for 2022 that includes seven work-overs, which are expected
to double current production rates by the end of 2022.
In March 2022, the operator of the Longhorn production assets,
Lonestar I, LLC , successfully completed the first planned
capital-efficient work-over since the acquisition, on time and on
budget, which has delivered an immediate increase to the total oil
and gas production rates of the project.
Production from the Longhorn wells exceeded 400 BOE per day
gross (approx. 70% oil) at the end of March 2022. This represents
an increase of over 30% since the completion of the acquisition in
mid-February 2022. The production increase provides additional
direct exposure to the higher WTI oil prices and an accelerated
pay-back on both the acquisition of the assets and the capital
investment in the work-overs.
Project Longhorn has exceptionally low operating costs (lifting
costs), which provides high margins from production. First cash
receipts from Project Longhorn were received by 88 Energy in March
2022, which comprised a payment of approximately A$0.6 million (net
to 88 Energy and net of OPEX/CAPEX).
Project Longhorn remains on track to complete the targeted seven
capital development activities this year, which is expected to
approximately double current production rates by the end of
CY2022.
Table 1: Project Longhorn Reserves (barrels of oil equivalent;
millions)
GROSS RESERVES NET 88 ENERGY REVENUE ENTITLEMENT
1P 2P 3P 1P 2P 3P
2.78 3.46 4.00 1.64 2.05 2.33
Project Icewine (75% WI)
88 Energy is progressing activities well at Project Icewine,
following the drilling results of the Talitha-A well in Q1 2021,
where Pantheon Resources (Pantheon) reported oil shows in multiple
formations in the Talitha-A well [refer AIM:PANR release dated 19
April 2021]. The Talitha-A well is located 2.8 miles north of the
Project Icewine permit boundary. The Talitha-A well was suspended
following a production test of the Kuparuk, with Pantheon
announcing its intention to return to test additional targets,
namely the Seabee Lower Basin Floor Fan (BFF), the Slope Fan System
(SFS) and the Shelf Margin Delta (SMD), during the 2022 drilling
season. Earlier this year, Pantheon re-entered the Talitha-A well
and individually flow-tested the BFF target and the SFS target,
which resulted in the sustained recovery of light oil over a
three-day period from each test. All targets are interpreted by the
Company, and independently, to extend into the Project Icewine
acreage.
88 Energy's ongoing assessment of the SMD, SFS and BFF play
fairways onto its Project Icewine acreage is progressing as
planned. Preliminary independent third-party mapping using
available well information from presentations publicly released by
neighbouring acreage holder, Pantheon, plus internal 88 Energy
data, including Icewine-1 and Icewine-2 well logs and existing 2D
seismic, indicates that all play fairways extend into the Project
Icewine lease holding. The source rocks (GRZ/HRZ) for the Brookian
plays within the Project Icewine area are modelled to be within the
oil mature window, with historical wells reporting abundant oil
shows and interpreted oil saturations from electric log data.
Recent Pantheon wells - Alkaid-1, Talitha-A and Theta West-1 -
have flowed 35 to 40 API oil from multiple Brookian reservoirs.
Pantheon testing has confirmed reservoir deliverability of light,
sweet oil (refer AIM:PANR releases dated 7 and 21 February 2022),
which 88 Energy believes is positive for the prospectivity of the
adjacent Project Icewine acreage.
Following these recent results, 88 Energy has a positive view of
the potential of the SMD, SFS and BFF play fairways that extend
onto the Icewine acreage. In particular, the Company notes the
relative consistency of results over a large area to the north are
suggestive of reasonably homogeneous reservoirs that potentially
extend into 88 Energy's acreage. The Company also notes Pantheon's
planned development wells are expected to produce at rates of over
1,000 BOPD per well via long horizontal wells with multi-stage
hydraulic fracturing technology (refer AIM:PANR release dated 24
January 2022).
88 Energy is in the process of finalising mapping of the SFS and
BFF play fairways onto the Icewine acreage and expects this work to
be completed in April 2022. Once complete, the combined mapping of
the three prospects (SMD, SFS and BFF) is set to form the basis of
an updated resource estimate at Project Icewine, scheduled for
completion in Q2 2022.
During Q1 2022, 88 Energy commenced discussions in relation to a
potential farm-out of the Project Icewine acreage. Due diligence
activities and negotiations are advancing with a third party,
including the related work program terms and structure. Execution
and completion of the potential transaction is not guaranteed and
remains subject to all documentation being agreed and due diligence
completed. There is no guarantee that negotiations will lead to a
binding agreement or a completed transaction.
Umiat Oil Field (100% WI)
In Q1 2021, 88 Energy acquired the Umiat Oil Field. As part of
the acquisition, the Company received the Umiat data pack which
includes Umiat 3D seismic data. The Umiat 3D survey abuts the
southern edge of the Project Peregrine lease blocks. Integrating
the Linc/Malamute seismic interpretation has provided a better
understanding of the Peregrine reservoir geometries to the north as
well as enriching our petrophysical database with additional well
control (Umiat-8 and Umiat-23H).
Internal reinterpretation of modern 3D seismic is suggestive of
untested reservoirs at Umiat. Prospects have been mapped in the
footwall of the Umiat structure as well as downdip from the proven
oil zone in the hanging wall. Initial internal volumetric
calculations suggest there may be multi-million barrels of
recoverable oil combined in the hanging wall and footwall. Both
prospects are deeper than the current reserves at Umiat which
should have a positive impact on productivity.
Development studies continued in the quarter, focusing on the
potential integration of Ultra Low Sulphur Diesel (ULSD) production
with previous studies. Initial screening economics suggest that
this development option adds further value to a future Umiat
development, considering the high cost of diesel (currently
US$6-7/gal) on the North Slope of Alaska.
A separate Umiat-23H well performance review was also finalised
during the quarter. This well was drilled in 2014 by a previous
owner and flowed at a sustained rate of 200 BOPD with no water, and
a maximum rate of 800 BOPD. The review concluded that this well
significantly underperformed due to poor drilling and completion
techniques. A more conventional trajectory and completion design
for a 5000 ft horizontal section was modelled to produce at
stabilised rates of between 800 and 1600 BOPD. Consequently, an
opportunity exists for the optimisation of historic subsurface
development plans.
Yukon Leases (100% WI)
The Yukon Leases contain the 82 million barrel(1) Cascade
Prospect, which was intersected peripherally by Yukon Gold-1 and
classified as a historic oil discovery.
The Company continues to complete due diligence and commercial
assessment of a joint development with near-by resource owners.
Corporate
On 19 January 2022, the Company advised that its application to
join the OTCQB Market in the United States had been accepted and
the Company's shares were listed for trading under the code EEENF.
The OTCQB Venture Market is for entrepreneurial and development
stage US and international companies and 88 Energy sought OTCQB
quotation to provide North American investors with enhanced
accessibility and liquidity in trading the Company's shares. The
quotation delivered 88 Energy access to one of the largest
investment markets in the world at relatively nominal cost
(compared to traditional major exchanges) and with practically no
additional compliance requirements. The OTCQB Market has robust
financial reporting and corporate governance regulations which are
effectively satisfied by the Company, through its ongoing
compliance with ASX Listing rules and AIM rules.
On 14 February 2022, the Company advised that it had
successfully completed an oversubscribed bookbuild to domestic and
international institutional investors to raise A$32.1M before costs
(the Placement). This was achieved through the issue of 918,650,793
fully paid ordinary shares in the Company at an issue price of
A$0.035 (equivalent to GBP0.018) per New Ordinary Share).
The funds raised under the Placement, together with the
Company's existing cash reserves are to be used to fund the
Merlin-2 well drilling and appraisal activities including cost
overruns / contingencies, as well as new ventures portfolio
expansion opportunities, and working capital. Merlin-2, like many
other global projects has experienced cost pressures including
COVID-19 supply chain issues and global commodity price increases
(diesel, steel etc.) that have placed pressure on original budgeted
costs.
Euroz Hartleys Limited acted as Sole Lead Manager and Sole
Bookrunner to the Placement. Cenkos Securities Plc is acting as 88
Energy's Nominated Adviser and Sole Broker to the Placement in the
United Kingdom. Inyati Capital Pty Ltd (Inyati) acted as Co-Manager
to the Placement. Commission for the Placement was 6% (plus GST) of
total funds raised across Euroz Harleys Limited, Inyati Capital Pty
Ltd and Cenkos Securities Plc. In addition, the Company will issue
36,000,000 Unlisted Options (exercisable at $0.06 on or before the
date which is 3 years from the date of issue) to the managers of
the Placement. The Broker Options will be subject to shareholder
approval.
Finance
The ASX Appendix 5B attached to this quarterly report contains
the Company's cash flow statement for the quarter. The significant
cash flows for the period were:
-- Exploration and evaluation expenditure of (A$16.4M) [December
2021 quarter: A$3.1M], primarily associated with Merlin-2 drilling
operational activities at Project Peregrine
-- Investment in Project Longhorn of (A$10.7M) with first cash distribution of A$0.6M
-- Net Proceeds from oversubscribed capital raise of A$30M
-- Lease rental payments totalled (A$0.8M)
-- Administration, staff and other costs of (A$1.7M)
At quarter end, the Company had cash reserves of A$32.6M and no
debt.
Table 3: Information required by ASX Listing Rule 5.4.3
Project Name Location Interest at Interest
Net Area beginning at end
(acres) of Quarter of Quarter
Project Icewine Onshore, North Slope Alaska 192,830 75% 75%
Onshore, North Slope Alaska
Project Peregrine (NPR-A) 195,373 100% 100%
Onshore, Permian Basin
Project Longhorn Texas 964 0% 73%
Onshore, North Slope Alaska
Umiat Unit (NPR-A) 17,633 100% 100%
Yukon Leases Onshore, North Slope Alaska 38,681 100% 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 35
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.
The below graphics can be viewed in the pdf version of this
announcement, which is available on the Company's website
www.88energy.com :
-- Figure 1: Nanushuk targets (N20, N19 and N18)
-- Figure 2: Project Longhorn assets
Media and Investor Relations:
88 Energy Ltd
Ashley Gilbert, Managing Director
Tel: +61 8 9485 0990
Email:investor-relations@88energy.com
Finlay Thomson, Investor Relations Tel: +44 7976 248471
Fivemark Partners , Investor and Tel: +61 410 276 744
Media Relations Tel: +61 422 602 720
Andrew Edge / Michael Vaughan
EurozHartleys Ltd Tel: +61 8 9268 2829
Dale Bryan
Cenkos Securities Tel: +44 131 220 6939
Neil McDonald / Derrick Lee
(a) Appendix 5B
(b) Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
(c) Name of entity
88 Energy Limited
(d) ABN (e) (f) Quarter ended ("current
quarter")
80 072 964 179 31 March 2022
(g) Consolidated statement of Current quarter Year to date
cash flows (12 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 (822) (822)
(e) administration and corporate
costs (907) (907)
Dividends received (see note
1.3 3) - -
1.4 Interest received 2 2
Interest and other costs of
1.5 finance paid - -
1.6 Income taxes paid - -
Government grants and tax
1.7 incentives - -
1.8 Other - -
Net cash from / (used in)
1.9 operating activities (1,727) (1,727)
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities (10,694) (10,694)
(b) tenements (849) (849)
(c) property, plant and equipment - -
(d) exploration & evaluation (16,439) (16,439)
(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 - -
Cash flows from loans to other
2.3 entities - -
Dividends received (see note
2.4 3) - -
2.5 Other - Joint Venture Contributions 10 10
- Distribution from Project
Longhorn 597 597
Net cash from / (used in)
2.6 investing activities (27,375) (27,375)
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) 32,153 32,153
Proceeds from issue of convertible
3.2 debt securities - -
Proceeds from exercise of
3.3 options - -
Transaction costs related
to issues of equity securities
3.4 or convertible debt securities (2,152) (2,152)
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
Transaction costs related
3.7 to loans and borrowings - -
3.8 Dividends paid - -
Other (provide details if
3.9 material) - -
Net cash from / (used in)
3.10 financing activities 30,001 30,001
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 32,317 32,317
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (1,727) (1,727)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (27,374) (27,374)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) 30,001 30,001
Effect of movement in exchange
4.5 rates on cash held (586) (586)
Cash and cash equivalents
4.6 at end of period 32,631 32,631
5. (h) Reconciliation of cash Current quarter Previous quarter
and 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 32,631 32,631
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) 32,631 32,631
(i)
6. (j) 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 1 198
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. (k) 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.
(l) 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 - -
Unused financing facilities available at
7.5 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. (m) Estimated cash available for future $A'000
operating activities
Net cash from / (used in) operating activities
8.1 (item 1.9) (1,727)
8.2 (Payments for exploration & evaluation classified (16,439)
as investing activities) (item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item (18,166)
8.2)
Cash and cash equivalents at quarter end
8.4 (item 4.6) 32,631
8.5 Unused finance facilities available at quarter -
end (item 7.5)
Total available funding (item 8.4 + item
8.6 8.5) 32,631
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 1.8
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: 8.2 relates to costs with the Merlin 2 well which
are fully covered by existing cash reserves. The Merlin
2 well expenditure will reduce in the second quarter with
drilling operations, plugging of the well and demobilisation
of equipment and people concluding in April 2022.
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: There is no requirement to raise further cash
based on anticipated expenditure and cash distributions
from Project Longhorn in 2022.
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: Yes, the business expects to continue to meet
its business objectives including finalise drilling and
demobilisation at Merlin 2 well, continue to assess opportunities
across its Alaska portfolio including rental obligations
and operating objectives for Project Longhorn.
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.
(n) 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: 14 April 2022
Authorised by: By the Board
(Name of body or officer authorising release - see note 4)
(o) 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
QRFEASLLFLSAEEA
(END) Dow Jones Newswires
April 14, 2022 02:10 ET (06:10 GMT)
88 Energy (LSE:88E)
Historical Stock Chart
From Mar 2024 to Apr 2024
88 Energy (LSE:88E)
Historical Stock Chart
From Apr 2023 to Apr 2024