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NEWS IN BRIEF
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C O M P A N I E S
88 Energy launches share
placing to finance Icewine
East well
88 Energy Ltd on Thursday announced a share placing to raise funds for the development of its Icewine East well exploration project.
The Australian oil exploration and appraisal company said it will raise AUD14.9 million through the issue of 1.7 billion shares at an issue price of AUD0.009 per share.
88 Energy plans to use the funds raised as well as existing cash reserves to fund its Icewine East well exploration project, which targets an estimated 1.03 billion barrels of oil from multiple reservoir zones. The company said it is continuing to advance its planning for the well, which is scheduled for 2023.
In addition, the company plans to use the funds for new venture opportunities and working capital.
Managing Director Ashley Gilbert said: “Completion of this placement ensures 88 Energy is now funded to pursue securing long lead items and progress pre-planning and permitting for its planned Icewine East exploration well and flow test scheduled for 2023”
“88 Energy has also been actively assessing multiple new venture opportunities across
the asset life cycle to expand our portfolio
of assets and opportunity types. We are targeting assets that are complementary to the existing portfolio and provide shareholders with exposure to additional value creation
potential,” Gilbert added.
Shares in 88 Energy were down 0.8% at
0.52 pence in London on Thursday.
MORNINGSTAR
Zephyr’s Williston Basin revenues rise again
Zephyr Energy’s revenues from its non- operated assets in the Williston Basin, North Dakota rose 24% to US$14.3mln in its latest quarter.
Sales volumes averaged 1,856 barrels of oil equivalent per day against 1,600 boepd in the preceding three months and 148 boepd in this period in 2021, with a product mix of 73% crude oil, 15% natural gas and 12% natural gas liquids.
As a result, revenues rose to US$14.3mln net to Zephyr, up from US$11.5mln in
the first quarter, with operating income of US$10.1mln after costs.
At the end of the period 195 wells in the portfolio were available for production, said Zephyr, including 10 wells that came online during the quarter while a further 30 are expected to come on stream by the end of 2022.
Zephyr reiterated its 2022 production and revenue guidance of US$35-40mln in net non- operated revenue from 500,000 to 550,000 barrels of oil equivalent.
Colin Harrington, Zephyr’s chief executive, added: “Having completed six discrete acquisitions, our non-operated asset base is a now diverse mix of 195 low-risk, high margin producing wells operated by some of the strongest companies in the Williston Basin.
“With a further 30 wells expected to come online over the next six months, the platform is demonstrating its capacity for future organic growth.
“It’s an exciting time for Zephyr and
we look forward to keeping shareholders regularly updated on progress in the coming weeks. In particular, we look forward
to commencing the upcoming drilling programme on the Paradox project.” PROACTIVE
Mariner East pipeline
developer pleads no
contest in pollution cases
The developer of a major pipeline system
that connects the Marcellus Shale gas field in western Pennsylvania to an export terminal near Philadelphia pleaded no contest Friday to criminal charges that it systematically polluted waterways and residential water wells across hundreds of miles.
Dallas-based Energy Transfer Operating agreed to independent testing of homeowners’ water and promised to remediate contamination in a settlement of two separate criminal cases brought by the Pennsylvania attorney general. Under a plea deal, the company will also pay $10 million to restore watersheds and streams along the route of its Mariner East pipeline network.
“We are holding Energy Transfer accountable for their crimes against our natural resources,” Attorney General Josh Shapiro said at a news conference after the hearing in Harrisburg.
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