Questions And Answers from Dave

please note:- readers should be aware that not all statements may be factual or correct, please verify and research independently where possible.


Q & A Private Investors 88e 23/07/ 2018

Responses from Dave Wall MD 88e

Q Any indication as to when the SOA rebates are to be repaid in full. Will there be a ‘hair cut’ as the increase in POO would suggest that the SOA coffers should be close to over flowing!!
A There is a court case pending which could delay the proposed bond issue for paying back the credits. Could delay the process by 12 months or so meaning payback around November 2019. Check the internet – this is a well covered topic.

Q When will the Secretary update the capital infrastructure on the web page and remove the expired options. I would not see this as role for the MD, you are way too busy.
A There is no “Secretary” – a Company Secretary has different roles than what is alluded to. It will be updated regularly but may from time to time be slightly out of date.

Q Are director's looking to increase their holding to support the share price?
A Buying stock to increase / support share price is price manipulation and that is illegal so Directors won’t be doing that.

Q There are a number of other players on the North Slope who are basically inactive ( or at least appear to be) mainly due to financial limitations,
so DO you foresee more "consortium" style partnerships to get things moving, particularly as DOG seems to be finding some teeth where they perceive leases are just being sat on.
A It is possible

Q Forward guidance shows costs of $4.8m for ‘exploration and evaluation’. Can this be broken down please?
A The notes (underneath) explain what this is for. We do not provide detailed breakdown of future expenditure beyond that (which is more than most companies do).

Q Can you confirm or deny there will be no further cash raises at the expense of shareholders and that further funding post IW2 / 3D will be from a farminee as stated in the last investor presentation, or have the goal posts been moved due to IW not providing a flow rate?
A We don’t comment on this and that is well known.

Q Do you have an appointment at the Barbers in Q4?
A No comment.

Q There has been recent talk on the message boards regarding possible consolidation. Can you advise if this is something you may consider in the near future or if your thoughts on this remain unchanged (ie. That it would do more harm than good and there for isn't something you'd consider at this stage).
A We have made our position on this VERY clear. We will not consolidate unless forced to or there is a clear value point on which to do it (which usually means reserves and production).

Horseshoe / Western Acreage

Q What is the long term plan with the new Western Block project? Once drilled and proven, do you intend to continue as a producer and use the money generated to help fund any of the other projects? Or will you look to sell 88E's stake in the venture at that point to provide quicker access to a higher working capital?
A If it is successful then we will pursue the most accretive path for shareholders – could be an outright sale or could be that we fund it into development. Depends on many factors.

Q I realise the Western Block project was a very opportunistic deal. Are you on the lookout for other such opportunities or did this one merely present itself to you as an offer you couldn't refuse?
A Always on the lookout (see Yukon Gold for example).

Q In regards to Western Blocks Prospect, "geological chance of success in the range of 25-30%", where has this figure come from? Seems kind of a low COS to get excited about?
A The prospect was OEL’s number – we have reviewed it and believe it is appropriate. Typically exploration success rates are in the 10-20% range (if calculated appropriately)

Q The new western blocks JV is targeting a prospect on the third delta shelf edge whilst the proven horseshoe1/1a are on the second. Can any of the success at horseshoe be fairly extrapolated to the JV prospect, or is it better to consider it a new acreage prospect
A It is an extension to the play. Same formation and deposition but slightly younger. Some extrapolation can be done as they look similar on


Q Is the HRZ unconvential play still the number one strategic priority and where do the other various plays sit in the strategic stack?
A It is still number one as at today.

Q Why did IW2 fail to flow at the hoped for rate? Is it likely to be down to clay content and the shut in? Would a nitrogen or CO2 frack be an option in future like they have started to do in the Marcellus shale?
A We are working on the answer. We have some ideas but don’t know definitively yet. Other solutions are always options – just may not be viable due to cost.

Q Despite large pressure reading down hole we lose pressure extremely quickly once the well is re-opened. Do the team have any idea why? Is the frack design still regarded as a success or does the team now feel that something has gone wrong with the frack.
A This is typical behavior post a frac – we have created a “super charge” that needs to be drawn down.
We still view it as a successful design – we are re-assessing everything at the moment.

Q Ref. page 11 February Presentation Did we resolve or gain any greater understanding reference wettability and Pyrite levels during the period the well was open?
A The jury is out on wettability and we are working on some more sophisticated (new) techniques to understand the impact of the pyrite.

Q Given that the team employed to advise and vertically frack have not succeeded in communicating with the reservoir is there a case for fresh minds being employed for the horizontal?
A The team employed to design the frac did not recommend a vertical – that was largely driven by Paul due to the uncertainty we had about the upper HRZ (88 agreed with Paul on this – in hindsight we probably would have made a different decision).

Q Why wasn't the HRZ kept open until at least 30% frac fluid removed? It seemed to be maintaining 30 bwpd which at my reckoning took us to about the 2nd week in August. Who knows what might have happened, if nothing then we would just be back to where we are now. Wasn't it worth a punt?
A It was going to take much longer than that and the cost was prohibitive. We also felt that we had learned a lot from the well and it was time to re-assess.

Q Obviously disappointed in the recent drill results. How will this affect the horizontal plan or is everything unchanged? I’m interested purely in your opinion and will not invest based on feelings but… what is your gut telling you about the chances of success moving forward?
A Plan remains that the next well is a horizontal – we are looking to farm-out to fund the next stage of expenditure.
We remain confident in the play and do not think the IW#2 result has impacted its chance of success.

Q Would DT Ultravert be a practical solution to the enduring issue of frac fluid in wells?
A It is possible.

Q I have been at a loss to understand why the frac fluid should not have continued to be expelled, given that the weight of fluid in the wellbore would have exerted a downward pressure of c. 5000 psi whereas the pressure in the surrounding reservoir had been calculated as c. 9000 psi. The pressure of rock strata would normally act downwards, while in liquids or gases pressure can be transmitted laterally. If pressure of 9000 psi acts on water in connection with the wellbore, it should drive it towards the foot of the wellbore where the pressure is lower, and there being no obstructions to entering the wellbore, on towards the surface. So - it is not difficult to understand the explanation "no connection" but the critical question is "why no connection”?
Could the answer lie in the rock strata themselves? If there were an arch effect (imagine a ceiling of a cave), the expected downward pressure would be diverted away to the sides. Perhaps the well was sunk in an unfortunate place? If there is any validity in this theory, a horizontal well would stand a far greater chance of success, because any "arch" could cover only a limited area.
A We are working on the answers as to why no connection. We have some ideas and will communicate the results of the analysis when it is ready.

Q Can you provide any more detail of what Little Red Services actually did for us at Ice2, was it clean up?
Have we installed a plug?
Will we be filling with diesel again?
Are we still monitoring down/hole pressure?
Or are they trying to assist with looking into why we did not get connection to the reservoir?
A We suspended the well as per AOGCC standards as per previous.

Q As summer is now rapidly moving towards Autumn in Alaska with Winter kicking in around the cusp of Sept/ October, what actions are happening now on the ground and are any scheduled to stop for the winter?
A The well is suspended. Preparations for drilling the Western Blocks well (surveys etc) are underway but that is unrelated to the HRZ.

Q As winter diesel, which has a very low pour point temperature range (-40 C/60C?), was poured into the top of IW2 to avoid freezing through the permafrost why wouldn't flow have continued during winter?
A If you pour diesel in and flow the well, the diesel will come out… and then the well is unprotected again.

Q Do you consider IW2 a success (due to the information gleaned) or a failure due to the lack of flow?
A Bit of both. “The suspension operation was designed to maximise flexibility for the future use of the wellbore”

Q Would waiting an extra couple of weeks to remove more stimulation fluid have diminished our maximum flexibility that much, or had you given up that it would ever flow in current conditions?
Was the maximum flexibility higher last year before the shut in, in hindsight when was the maximum flexibility?
A It would have taken longer than a couple of weeks.
Flexibility remains the same.

Q Based on the 2017 Elyfrac frac stimulation and flow test, who advised 88E that AL (Artificial Lift) would clear the frac water? Are Ely frac still involved?
A We never said we had used an Ely design. Paul mentioned he was engaged as a consultant at one stage but 88 does not disclose which consultants we use, without their express permission (which is rarely granted).

Q Did the proximity of Icewine1 affect the quality of the data collected or the flow rate achieved?
A No.

Q Ice1 appears to have delivered better results. Can Icewine1 be developed
A That is not accurate. The rocks are the same between Icewine#1 and #2 as they are very close to each other.

Q Assuming the cost of bottling and hauling FF is relatively low, is there any intention to flow Icewine2V and monitor the HC's following the current suspension as you did at the end of summer last year?
A It is possible that we flowback again at some stage. The current plan is to drill one or more horizontal wells, to be funded via farmout.

Q With the results obtained so far on IW2 is their belief to get an operator for unconventional to continue towards production and prove the resource.
A The next stage of the HRZ evaluation process would benefit from an operator with more experience and money.

Q What was the lowest downhole pressure achieved in the gas lift operation
A If you are talking about bottomhole pressure – it was significantly below the reservoir pressure when at its lowest.

Q If monitored, has the initial pressure recovery after the latest shut in followed a similar rate and time curve to the winter shut in
A We will disclose this type of information to all, when appropriate.

Q The IW2 horizontal fracture in line with the shale grain as opposed to a 90 degree to the grain vertical fracture is a possible reason for poor reservoir contact. Is this the leading candidate for the flow result from IW2.
A Orientation of fractures is possibly a contributing factor to the lack of connectivity to the reservoir.

Q Are we likely to receive any further news during 2018 on the suspended IW#2 well, given that a major services group were engaged to assist?
A Yes.

Q As announced, “insights have been gained into the stress profile and pore pressure of the HRZ, which appears higher than previously expected. This can have a direct effect on potentially higher flow rates. Consequently, the planned micro stimulation (DFIT) is no longer necessary and will be removed from the forward program”. In hindsight was this a mistake to remove? If so who was responsible for this decision?
A No – the DFIT was completely unnecessary.

Q Is it possible, and our intention, to gain a Full Oil Production licence at Franklin Bluffs with multiple horizontal unconventional well setup? (For us or Farmee.) (Noting Alaska Gov serious need for tax revenues.)
A The equivalent to what you are asking is called a “Unit” – which comes with development plans and expenditure commitments. Now is not the right time to do that.

Q Can horizontal be commissioned during the winter, what is likely timescale?
A Drilling is commonplace in winter. Fraccing is also possible just harder and more expensive.

Icewine Conventional

Q Has there been any legacy 3d for the eastern play. Alpha sits in splendid isolation, is it really alone?
A Alpha is not covered by 3D. There is little data in this area. Great Bear and Otto have disclosed information about nearby prospects.

Q To the untrained eye, Alpha seems ripe to be developed. Can you share any plans for Alpha?
or has it been put on the backburner due to the high level in interest in the West?
A See above.

Q Could Alpha be joint developed with some or all of the” Consortium Partners”?
A It is possible.

Q Is there any the possibility of a Northern FB pad to facilitate a NE probe into Alpha and a SW horizontal into HRZ?
A It is possible.

Q Is there a possibility to test a conventional prospect this coming winter and then using the same well continue down into the HRZ & then try another frack test next summer?
A It is possible. Based on the Ann about a JV with Otto et el;

Q Are we looking to drill (Farm out) any test wells into the conventional prospects held by 88E in/over the 2018/2019 winter
A We are in the process of a farm-out to do just this – we have announced this several times. It is not based on the OEL JV in any way – that is separate.

Q How many wells in total is 88E looking to drill(be involved in drilling) over the FY19 period
A Depends on the farmout mentioned above.

BEX Joint Venture

Q Given the critical roll Paul Basinski played in the JV how is that technical/geological knowledge/assistance being replaced? Are Burgundy still supplying such assistance and to what level?
A Paul completed most of the subsurface work in relation to the geoscience prior to his passing. The engineering work was done by outside consultants (mainly two ex-EOG persons). 88E as the Operator oversaw all of this activity and continues to do so. The JV has now engaged a large (but niche) services provider that specializes in cutting edge technology used to evaluate shale plays (particularly early stage ones). This process will take several months and any material results will be reported as appropriate.

Q Could you identify who within the 88E/BEX team(s) are now heading up the technical side of the operation?
A See question 1.

Q Are there any changes to the share ownership and/or capital structure of BEX which might impact upon discussions and completion of any third party deals?
A That is not for me to say, even if I knew.
I can say that the relationship and alignment is as strong as ever.

Q How has the loss of PB impacted operational decision making if at all, & who has taken over the responsibilities PB had with regards to the JV?
A The operational decision making in relation to the HRZ was influenced by Paul, but his main role was in the geoscience – not operations.

Q Do we still get access to PB ‘tool box’ a mine of information?
and does this tool box get updated.
A Yes. The toolbox is now largely known within industry and is constantly updated. Application of the toolbox to identify new areas was Paul’s key skill.

Q In what ways has our business relationship altered with Burgundy Xploration since PB’s death?
A It has not changed.

Q Are any changes thought likely in the future with our business relationship with Burgundy?
A No – but I do not have a crystal ball.

Q Clearly PB’s experience, motivation and talents have been the driving force behind 88Energy being in Alaska. Are Burgundy maintaining this driving force or are they reducing their frontline efforts to our JV in Alaska?
A That is not totally accurate – Paul was important no doubt but 88E entered Alaska to pursue the HRZ with Paul; however, since then the strategy (particularly on the conventional) has been all 88 driven. Burgundy continue to contribute at theJV level in a meaningful way on many fronts and remain committed to Alaska and Project Icewine (based on their actions).

Q Many people believe that PB’s specific technical experience at Conoco Philips has been central to the fracking exploration efforts in Alaska. How are we compensating for the loss of his technical expertise?
A Paul’s technical experience was built over many years prior to Conoco (which was also important). See question 1

Yukon Gold

Q What percentage of your time is spent on the Yukon project?
A We acquired the 3D earlier this year and it is now being processed – post that we will interpret and announce the results. Little time is being spent on it internally (the main effort is in the processing which is third party).

Q Are we now actively seeking a partner(s) to drill Yukon Gold after the serendipitous achievement of 3D acquisition being complete before we actually paid the balance of the leases and possibly 12 months ahead of where we expected in December 17.
A See above – we need to process and interpret first. We guided results in Q4 this year.

Q Given Yukon was a lucky pickup and we were fortunate to get the sneaky 3D done, for a company that’s not rolling in cash, were you given any insight into the opportunity from Erik or others, to justify the pickup.
Surely to have moved on this so quickly something must have “stuck out” for you.
A The idea was generated out of the Perth office but nothing is done unilaterally.

3D Seismic Acquisition

Q Will shareholders be made privy to 3d interpretations once finalised?
A Yes, where appropriate – as always

Q How is the interpretation of the 3D seismic is progressing?
A It is progressing well. There will be an update shortly.


Q Can you shed some light on the current Farm Out discussions, are we negotiating with a 'preferred' potential partner, a short list of suitors or still lifting 'our skirts' up to industry.
A We don’t disclose details such as this.

Q Given we are now in formalised discussions can you shed some light on a possible timeframe for these to be concluded, ie weeks or months ?
A We have always said 2H 2018.

Q How would you rate the industry's appetite for a JV on an unconventional as opposed to conventional, we have good leads in respect of the latter, but also taking into account the recent conventional successes in the area.
A We are currently testing the market and will know the answer later this year.

Q How advanced are unconventional farm out talks?
A We are conducting a review before opening the data room.

Q Should HRZ farm out talks be unsuccessful, what then for HRZ?
A We will cross that bridge if we come to it.

Q Are farm out candidates already in the pipeline on the conventional leads ready for talks once 3d interpretations are finalised soon?
A The formal opening of the dataroom will occur in the very near future.

Q Would the next stage to prove up the HRZ be a farm out even if we had achieved a good flow result from Icewine2?
A Most likely – the next stage of the project needs deeper pockets and broader experience.

Q Is the plan for the farm out mentioned just for Icewine2H, or is an option for the whole HRZ being considered?
A Depends on the structure of the deal. We will contemplate all offers.

Q Is conventional in the farm out an option, or will we be looking to prove that up on own our or via a separate farm out?
A The main farmout that we refer to IS the conventional farmout. This may be done separately to HRZ or combined.

Q Are Farm In/Out contracts between the Farmee and 88Energy or with Accumulate Energy Alaska?
A Irrelevant! But likely it will be the local entity.

Q Can you provide a ( revised ) timescale of when we can expect to see farm in or out agreements with the various projects particularly the pursuance of IW2 Horizontal
A No revision required. 2H 2018 remains the guidance for a farm-out. Whether the deal includes the HRZ remains to be seen.

Q How strong is our negotiating position in current Icewine farm-out discussions?
A We are confident, as we have communicated.

Q Particularly with regards to how much we will have to give up and what we will receive in return for it. For example, would it bear more resemblance to the Armstrong deal with Oil Search, or to the Great Bear deal with our new consortium?
I realise this will be a sensitive topic that you may not be able to answer due to the farm out talks taking place currently, but I thought it worth asking in case you can give us some kind of an idea of what we might be looking at.
A Without a crystal ball, that is impossible to know.

Q On the scale of 1 to 10, how confident are you to execute a farm out deal?
A Not appropriate to answer specifics.

Q Typically, how many farm in/out partners/consortia are considered to ensure that the chosen partner is paying the full commercial value for the play?
A Depends on the deal – for the conventional farm out the audience is very large. The HRZ is more specialized.

Q Is it likely Farm In/Out contracts will have a Front-End payment from Farmee to us (88E, AEA, JV)?
A It is possible (for back costs for example)

Q Are Farm In/Out contracts likely to be signed during 2018? How many contracts are hoped for?
A Our goal is to have at least one executed in 2018.

Q How much of our land are the Farm Out contracts likely to cover?
A Impossible to guess – depends on the structure and what is being offered.

Q I assume contracts involve an exclusive right for Farm In company to convert to full purchase? Is a time limit put on this option?
A This would be unusual.

Q Are Burgundy involved in the above negotiations, if so in what ways?
A Yes – we are aligned in our efforts to execute a farmout.


Q & A Additional 18/10/2017
We have not yet taken up and paid for all the extra acres bid on last year, at what point would these need to be paid by before they lapse?
DW End of October

Why after 6months of imbibe & pressure build up are they going straight to artificial lift? Could they just not use the 6 month imbibe & pressure build to re flow the well? Thus saving money
DW We will flow until the pressure gets to the ideal level for artificial lift based on the modelling. The jury is out as to whether imbibition was effective.

Once we open up Ice2v, are we likely to be pumping oil out of it for the rest of summer?"
DW It is possible.

last capital raise was For £15 mill and was oversubscribed by large investors to £25 mill which was taken up If we are to raise more funds in the. NEar term would it be through a share placing or going back to the first investors whom we raised capital from in that instance and if they are still Keen to further invest
DW Last raise was A$17m. I cannot comment on whether if we did raise again in the future whether the same or new investors would be interested.

Why does 'Alpha' appear to have taken a back seat in the plans for up coming conventional drilling 2018 . At what stage is the maturation of this lead at and is a farm in/out being considered in the near term.
DW The Western Margin looks better technically. Further information on all the leads will be released in the coming weeks. Farm-out is always a consideration.

Will the reduction of the core width reduce the flow result
DW We are not taking core – we already did that. The reduction in the diameter of the tubing will not reduce the potential flow rate.

I know you stated in the RNS 6 months shut in, do you have an exact date for when the well will be opened.?
DW No – it is weather dependent

What will be the first lot of tests carried out once opened?
DW It is a flow test! We will also look at the pressure data to determine whether there is any evidence of fractures closing up whilst we are flowing back.

Q & A 17/10/2017
1. MikeMike In anticipation of a successful ICE 2 flow test how much is the budget for the lateral production drill It would depend on the length of the lateral and number of frac stages.
DW. If we used the existing vertical well bore and went with a short lateral of ~2,500ft with 10-15 stages then it would cost circa US$12m.

2. Lazarus 65 In the Nov 2016 land auctions, the JV was successful bidder on approximately 420,000 additional acres (gross). From the announcements since then, it appears that only some of these acres have been taken up. Can you shed some light on the acreage that has not been taken up - specifically, whether some of it has been relinquished (and why) and whether some of it has been deferred without losing exclusivity (and why)?
DW In our announcement dated 16th August we stated “Given the ongoing testing of Icewine#2, a decision was made to accept award on acreage where the coincidence of prospectivity for both the conventional and unconventional was greatest.” This announcement is clear in that not all acres to the West were taken up (ie rights do not exist anymore). The reasons are as stated above.

3. sharebogan Will 88e now or in the future consider a Share Consolidation and if so what would that consolidation be or would they consider a share buy back as they will have approximately 5 billion shares on issue. Will there be another capital raising?
DW A share consolidation will be considered seriously at an appropriate time – that time is not now. I cannot comment on whether there will be another capital raising or not. Will the Company be taken over tomorrow? Will we execute a farm-in that means we no longer need capital moving forward? Same deal – don’t know the future so cannot make comments about what may or may not happen in the future.

4. xDom Even though the weather was the deciding factor to shut in until April, is DW prepared to modify the 50/50 estimate. Does a 7 month shut in dramatically put the odds in our favour for a successful flow?
DW We have not modified the 50/50 estimate. Any material change to our view on the project would necessitate an announcement to that effect.

5. Aussiewasabi I would like to know if we have a plan to work through next winter on either IW2 or Conventional, or will we hibernate when it gets cold again due to costs of machinery? I know this is a simple and probably too early to answer question, but I think we were all taken back in some way with the shut in for 6 months this winter….would be good to know if this will be an ongoing plan for a few years
DW Conventional work is predominantly done in Winter so yes – we will be working at least on that. The unconventional program will depend on results from IW#2.

6. John. …'Given that you have a substantial holding of options, with a sizable tranche bought on market, what is the BOD considering with regards to option holders interest prior to the strike date'…
DW The BOD is considering all scenarios that may benefit security holders as per its mandate. No specific plan will be disclosed until the appropriate time and will be done via a public release.

7. The Guatemalan In view of the high likelihood that the majority of the Mar18 Options will not feasibly be exercised, please advise if the Company could consider adopting 1 of the 3 following alternatives, at least 1 month before the current Options expire : 1. Make an issue to shareholders only, of a 1 for 1 Options issue say @ 0.01c to cover admin. cost of issue, with an Exercise Price of 2c expiring say 1 to 3 years from xx Feb 18; 2. Make an issue to Option holders only of 1 New Option for 1 current Option held on a certain date, after such an Ann but well before 02 March 2018 (to give such opportunity also to current NON-Option holders to buy them on the open market & thus be entitled to participate in the new Options issue) also say @ 0.01c to cover admin. cost of issue, with an Exercise Price of 2c expiring say a) 1 to 3 years from xx Feb 18; or b) At 3-monthly intervals from xx Feb 18, i.e. i) a min. of the 1st 25% of a holder's holding expiring say 31 May 18 ii) a min. of the 2nd 25% of a holder's holding expiring say 31 Aug 18 iii) a min. of the 3rd 25% of a holder's holding expiring say 31 Nov 18 iv) a min. of the last 25% of a holder's holding expiring say 28 Feb 19. (The reason alternative b) above has been suggested is that the Co. would progressively receive $$$ from such Options so exercised over the suggested time-frame, rather than - all at once, or - at various unpredictable times not knowing how much will be subscribed, at the discretion of exercisers, if, of course, the Co. wants a defined amount of capital subscribed over a prescribed period.

DW The BOD does not agree with this assessment. 1. We will not be disclosing any plans of this nature until the appropriate time. If it makes sense to do so and is in the interests of security holders then the BOD will contemplate it.
2.See above. All optionholders should read the following: &esrc=s&source=web&cd=1&cad=rja&uact=8&v ed=0ahUKEwiG8pO8lPbWAhUGopQKHYUkBcwQ FggoMAA& u%2Fdocuments%2Fasx-compliance%2Fcgcprinciples-and-recommendations-3rdedn.pdf&usg=AOvVaw0URE3PQXYEA5yDhsOVxa L8

8. Avignon15 I am still trying to reconcile the diagrams of the acreage positions from 16 August 2017 page 1 and acreage position diagram page 10 October 17 document . Note southern acreage differs between the 2 updates. I am not sure if this significant or not. Just odd that they differ. 1. The difference between the "rights" and "option'' on acreage land position. In the 16 August 2017 update 22811 acres (blue) is 30% ownership to 88e however operations update October page 10 states that acreage as 30% optional. Clarify 2. Confirmation that the planned 200 sq miles seismic, forecast for March 2018 is in the Malguk#1 vicinity,or on the Bravo prospect. 3. What is the likelihood of BEX doing seismic programs on their 188640 acres in the near future. ( Grey area on the eastern end of the acreage ) And is there any significance to the 6 grey blocks on the dalton. 4. At what stage will 88e take up the 30% rights if at all , on BEX acreage
DW The page 10 map (from October 2nd not 17th…) is the old map. It serves to illustrate why the southern acreage was not picked up – i.e. no coincidence of conventional and unconventional. It is also fair to say that as you go further south the HRZ becomes more gassy and is therefore less prospective. YES I cannot speak for BEX We took up rights already to the West. The remaining acreage decision is the subject of a future announcement.

9. David F 1. What was the intended purpose of the micro-stim and why was it cancelled? 2. Why was it decided to frac 2 zones within the HRZ and would the micro-stim have had any effect on this plan? 3. In the light of the 2 fracced zones being connected, and I appreciate that the team did not know they were connected To determine rock properties related to fraccing amenability. Cancelled as not needed because we had confidence in these properties from the extended leak off test (XLOT). This turned out to be justified given how well the main frac was executed. 2 zones was due to a potential frac barrier in the middle of the HRZ and NO. until flowback started, is it the case that twice as much frac fluid as was necessary was injected into the well and is this the reason for the difficulty in removing 30% plus and then getting the well to flow? 4. Further to item 3, now that 19.9% frac fluid has been recovered, would that recovery be approx 40% had only one frac been done and would that imply that HC's would now be flowing as originally expected? 5. Now that a 'winter shut in' is in effect, is it expected that further imbibition will occur and is this likely to reduce the amount of frac fluid which needs to be recovered prior to HC flow? 6. What is the expected effect of the shut in on the proppant ie will the proppant remain in place to allow HC flowback after the well is re-opened? To determine rock properties related to fraccing amenability. Cancelled as not needed because we had confidence in these properties from the extended leak off test (XLOT). This turned out to be justified given how well the main frac was executed.
2 zones was due to a potential frac barrier in the middle of the HRZ and NO.
DW NO. The frac fluid is required to transport the proppant – higher proppant concentration would result in ‘screen out’ and the well bore filling up with sand. Depends on the size of the frac. In order to get the amount of proppant we needed into the reservoir we could not have used less fluid (without considerable operational risk). So NO. The jury is out as to the efficacy of the ‘soak’. One of the items we are working internally. Where else can the proppant go? So yes – the proppant will still be where we put it.

10. RSD 1. As a reasonably long term shareholder (since late 2013) I am concerned about March 2018 expiry option holders seeking to have their options extended or replaced 1:1 at no or little cost. Both shareholders and option holders have had the opportunity to sell at much higher prices over the last few months but there isn't likely to be a "free kick" for shareholders, so will the company rule out extending or replacing the March 2018 options? If the company won't rule that out could you please provide further comment on this?
2. What does Paul Basinski rate as the chance of commercial success of the unconventional HRZ now?

DW It sounds like you have already read &esrc=s&source=web&cd=1&cad=rja&uact=8&v ed=0ahUKEwiG8pO8lPbWAhUGopQKHYUkBcwQ FggoMAA& u%2Fdocuments%2Fasx-compliance%2Fcgcprinciples-and-recommendations-3rdedn.pdf&usg=AOvVaw0URE3PQXYEA5yDhsOVxa L8 The Board takes this extremely seriously, with only safety taking a higher priority. Rest assured.
I cannot speak on behalf of PB.

11. Olderwiser Acquire ~200 mi2 of 3D seismic ~ March 18 Meaning ? - Begin shooting new seismic data - Finish shooting new seismic data - Buy existing seismic data
DW Begin shooting new seismic data. (Yes the nomenclature is confusing). If we are buying seismic – we will say BUY if we are shooting seismic we say ACQUIRE.

12. Ponyboy Dave, how's that 50/50 looking We have not made an update to this number –
DW if it had materially changed we would have to.

13. JRM75 1. We have now shut the well in twice for varying lengths of time how much stock can we put in the results assuming it flows? Will a horizontal drill mitigate some of the difficulties with removing the frac fluid? 2. How confident are we that the fractures remained open prior to shut in and will remain open when the well is reopened next year. 3. What work is required(do we need to build roads etc) prior to shooting the 3D seismic and is this cost included in the previously mentioned $2m 4. We have a likely spend of $2m in Q4CY17 what is the estimated spend in Q1 & Q2 CY18? 5. Do we have any real understanding of what happened during the stimulation of the upper and lower zones (aside from it fracture more than expected)? Does this have any bearing on how we approach a horizontal drill? If it flows, there is no reason why we would not believe the result.
DW Yes horizontal drilling with multiple fracs has less issues with removal of frac fluid. Confident. Modelling of the shut in data is confirmatory. There is risk of some closure over the prolonged shut in period. No – seismic work (as with the 2D last year) is done in winter on snow. $6-8m (net) is the estimate provided in the latest presentation for cost of seismic. This is in the presentation also Slide 16. US$14.6m in cash vs work program of US$8- 10m. It did not fracture more than expected per se. The fracture grew through the frac barrier in the middle HRZ – that was neither expected nor unexpected – it as an uncertainty. We now know that we can frac through this layer – what remains unknown is whether the fracture through this layer will remain in communication across the layer over time. IW#2 flowback results next year will shed light on this and that will impact which zone any horizontal is located.

14. Spinefx With the release of the updated Spill Prevention Permit, that contained detailed info pertaining Bravo and Charlie for late 2017/early 2018. As you would understand caused quite some excitement. Why has this now been delayed? - Funding?
DW - Resources would be stretched to thin? - Focus on Icewine2v? - Existing 2D seismic inconclusive, 3D required? - Early stage farm in discussion? - Or other reasons? We concurrently permit all potential activity – it does not mean we are going to execute. It just means we can if it is appropriate. If we did not permit B/C and then we wanted to drill (or someone else wanted to fund drilling) and the permits were not in place then that would not be a very good outcome. On that basis – this is not delayed – it is just not considered part of the BOD plan to maximise shareholder value in the medium-long term. 2D is not inconclusive – 3D provides more detail and decreases risk to a more appropriate level. Basically, we believe that the conventional potential is exceptional and we don’t want to drill in the wrong spot and get a false negative. We aim to get this as right as we can.

15. Mikhail 1. Is the current composition of the top 20 shareholders the same as they were at July 2017 or if it has changed what is it now. Is a further capital raise planned before June 30 2018. 2. The central zone issues appear to have caused unforeseen problems. What is the current view of this and how is it/will it be addressed and do you expect any issues with this zone that might affect a positive flow. 3. I assume there was a wettability issue and has the imbibe done what was expected, ie increased pressure and soaked up excess water and if so with the increased pressure why is there now a water issue. 4. If the well flows in April/May as expected/hoped will completion to a producible stage take precedence over the conventional plan or will the unconventional and conventional be developed together. 5. 2019 seems a long time to drill a conventional well, why is that given seismic can be done over the early summer months and a conventional well can be drilled in winter 6. What percentage of the shares allocated to the American investors in exchange for the $17091mil are still held by them
DW The composition changes on a daily basis but it is largely the same. It will be updated on the website periodically. See the previous comment in relation to future events. I don’t have a crystal ball so cannot comment on what may or may not happen in the future. There were no issues caused by the central zone. It was an area that was considered a potential frac barrier – now we know it is not. A good thing if anything. The jury is out as to the efficacy of the soak. We are working on that and will announce when that work is done. Pressure has nothing to do with it though. We will continue to work both projects concurrently as funding permits. Seismic and conventional drilling can only be done in Winter (Northern Hemisphere winter)
They are not in the top 20

16. OxfordCambridge Is there any firm data that can be extrapolated from the flow tests so far
DW Some modelling is being finalised on frac half length and things like calculation of ‘skin’. These will be the subject of a future release.

17. Cosmoterios 1. Why didn't the company use anti-freeze, which I believe many drillers in that region are doing - including BP, at Prudhoe Bay? and 2. How come IW1 was able to be completed during the Winter, but not IW2 - why wasn't the company prepared for the cold (IW2) when they are operating in the Arctic region?
DW Companies do not use antifreeze in this manner. Drilling mud has agents in it that prevent freezing during drilling operations (which we of course used when drilling as do all operators). Flowing back frac fluid – which is basically 100% water (antifreezing agents are not used in frac fluid – it would not be allowed). Water freezes. As per above – frac fluid is 100% water and it freezes in winter. Fraccing can be done in Arctic conditions but it is far more expensive and carries increased operational risk. We try to mitigate risk where we can. Obviously, we had hoped to have finished the cleanup prior to winter onset (oil does not freeze so we could have continued flowing if we had oil…). Ultimately, we cannot predict the future and this is a new play so we are going to continue to encounter things that we did not expect. Hopefully the next one will be positive.

18. blondedog 1. Given we have now shut in for winter with no plan in place for this to happen would Dave still consider that when we come out of hibernation are we still looking at 50/50 for a successful of IW2 or has the chances diminished to something less than 50/50. 2. Are we considering becoming a producer with a partner on the conventional oil to give us a war chest to do more work on the HZR at so point down the road.
DW We have not modified the 50/50 – if there was a material change we would announce. We consider a lot of things. This is a possible outcome. No guarantee it will happen though.

19. gotta Dave. Are you keeping your beard? Note: Seemed luckiest when it was longest (Just to inject a little humour)
DW HA! Wait for the next video interview. Won’t be long (to wait…)

20. Prosperity and Beyond 1. What does the JV place as the chance of success for the artificial lift working given that the Frac fluid flow back / clean up was occurring naturally till shut in granted at a slower than expected rate to achieve the > 30% expectation prior to expected reservoir connectivity and then hopefully production testing? That is the specific phase of flow back / cleanup chance of success and not just the overall chance of success for the Icewine 2 vertical well. 2. Dave I know you can't speak for Mr Paul Basinski, however does the JV still maintain the theory that HRZ oil migration occurred via the thrust belt as articulated by Mr Paul Basinski in response to Mickey's question in the London February 2017 presentation video? 3. I ask question 2 above on the basis that once the Frac Fluid has been retrieved > 30% is the belief and expectation that the HRZ reservoir will flow on a similar acknowledging that it won't be exactly the same as the theory above given the thrust belt theory obviously occurred without Frac fluid?

DW Artificial lift is highly likely to effectively lift the required fluid off the reservoir. We will release the plan and modelling over the coming weeks to support this
No reason to change this.
Not sure what this question is but I would guess that this will have no bearing on the outcome.

21. qball Will there be explanation from PB as to why they think IW2 hasn’t worked up to this time? Why was there a left field closure of IW2 for 6 months (with no mention to the market before doing this that this could be required) because surprise surprise it gets cold in Alaska in winter….. Why, to date no mention of the farm in that was supposed to happen to fund the conventional if IW2 didn’t raise the SP adequately?
DW Can’t speak for PB. We had hoped to have finished clean up and had hydrocarbon flow (which does not freeze) prior to winter. It is a new play – we are learning as we go on various aspects (and will continue to do so). No promise was ever made that a farm-in would occur. It would be a nice thing to happen but there is NEVER a guarantee.

22. Luchon The BOD have previously talked about wanting to fail as soon as possible…. etc." So, where do they now feel they are based on this initial approach? Are 88e planning to employ anyone new to compose their RNS wording going forward?
DW Still the strategy but it is a new play so we won’t always be able to predict timing of future events accurately. NO – ironically, the announcement clarity is always crystal when the price is going up…

23. buster1 Does Paul Basinski believe he will conquer his Mount Everest in 2018.
DW Can’t speak for PB

24. With the possible Conventional assets being in excess of 1Bb. Is there the possibility of developing a part field strategy, which will bring income, whilst proving up the Unconventional play.
DW YES – it is possible

25. You suggested that you may not be around for full field development. Since then Conventional leads have appeared and may grow further. Do see yourself being around for full field development, for just the Conventional play.?
DW Also unlikely. Same strategy – prove it up and sell it to a bigger player would make more sense.

26. Shut in commenced September 18th. Market/shareholders not advised until September 21st. Why wasn't this significant turn of events reported immediately?
DW 18th AK time is 19th Oz time. 2 days to assess whether it made sense to undertake any additional operations (like a small pressure buildup and reopen the well for a week or so). Ultimately the decision was made to cease operations post that two day decision making process.

27. Is it possible that a 'farm in' arrangement, to progress the conventional prospects, will include a timely injection of funds that can remove/reduce the need to raise money by other means for the advancement of the unconventional prospects?
DW It is possible

28. Why wasn't the correct equipment ordered and ready for artificial lift pre-winter? As 95% of all wells need such an assist.
DW 95% of wells do not need artificial lift. It was theorised that the soak would mean we did not need it. Ultimately, the well has done something unexpected. It is a new play – this will happen from time to time.

29. What point in the advancement of the unconventional prospects is seen as prudent to explore a 'farm-in' arrangement, to speed up progress, reduce need for funding from the market, share risk etc. ?
DW A probable year, a probable number of drills, a probable point in the spend curve, …. Any of those are a reasonable way of adding to our understanding. Any time that the right deal can be struck that maximises shareholder value. Typically this is post 3D seismic for the conventional and post decent flow test from IW#2 for the unconventional. We have come close on both prior to these events – which is a testament to the quality of the project but ultimately we did not close a deal.

30. The current state of play was, to some extent, influenced by some cost-driven decisions ( absence of specialist equipment, deferral of adoption of techniques to lift the fracking fluid ). Given that these decisions impacted the timescale, but can be seen as lessons, is to true that the main driver for the revision of the Chance of Success is the additional technical data now acquired?
DW There has been no revision to the Chance of Success. We do have additional technical data and if these impact the CoS we will announce it.

31. Re Planned acquisition of 3D seismic ~March 2018 to delineate optimal drilling locationsIs this to be purchased from seismic data that has already been shot? Could this be purchased sooner to benefit from the 40% SOA rebate? Are there any plans to shoot more 3D before that rebate window closes? 'Section 12 Amends AS 43.55.025(b), Oil and Gas Production Tax, Alternative tax credit for oil and gas exploration. The 40% credit for seismic work under AS 43.55.025(a)(4) will not be available for work done after Jan. 1, 2018.
DW We will be shooting this ourselves. There is no 3D over the conventional leads – the 3D that exists on our acreage is over a small area. No rebate available. Seismic cannot be acquired prior to this as it can only be done in Winter.
Correct. We never had this in our budget anyway

32. I haven't noted a revision in the Chance of Success - can you advise if it remains 50%..
DW We have not revised it. We would announce if it had changed.

33. In the light of both recent experiences and further data, in what way have these changed PB's level of confidence in the future outcomes of the 'vapour phase' model?
DW Cannot speak for PB. The vapour phase model itself is not impacted by anything we do. It is a model that we are applying to what we do.

34. Q to DW - Are you planning on buying more shares yourself.
DW We are in almost constant blackout due to the level of activity in the background and financial reporting periods etc. I have a number of options that expire in Feb 2018. Watch this space…

35. We know this territory is virgin territory and the flow rate on the unconventional is proving to be challenging, but are the BoD confident that they will achieve commercial flow rates in 2018 and if not, can they elaborate on what the "sticking points" are that they are trying to solve - in layman's terms. Thanks.
We remain confident as per previous guidance. The sticking points are now deliverability of the reservoir – have we effectively stimulated a large volume of rock or created ‘planar’ fracs? Can we get effective connectivity to the reservoir itself, where the pore throats in the hydrocarbon hosted pore spaces deliver oil to the created fractures? Will the fracture remain open over time? Have significant ‘fines’ been created that will clog the fractures? This is a subset but gives a flavour of some of the outstanding risks/questions.
what are your thoughts on flow of HC after swabbing has finished, (how soon if at all would you expect a flow?) hours,days,weeks? Why is swabbing so expensive, what are time scales, will the narrower Gage tubing stop in place after flow or will it be removed?
We are not planning on swabbing – gas lift is the current plan as it is the most effective at both lifting fluid and reducing bottom hole pressure.
Swabbing is the least expensive option – but also the least effective.
What data is being collected analysed during the winter shut in with IW2 (conventional wells?) & what will it be useful for? Also, will there be any data being collected at IW2 or is it totally ignored until spring?
Pressure gauges remain downhole and will be collected at the end of shut in. Wellhead pressure will also be monitored from time to time. This data helps calculate whether there has been deterioration of the fracture network – ultimately we will know the answer once we open up and flow test at the same time the pressure buildup analysis is completed.
Q about leases remaining from Dec,16 North Slope sale (many in the East) and currently at award status will we be taking all, partial or none?
This is the subject of a near term public release.
DW why should an ex investor in 88E like me who made money from icewine1 buy back in? given the risk & recent downtrend
Historically (and generally speaking for all shares) it is better to buy when the price is low and sell when it is high. Arguably that time is now and plenty of news coming into the end of the year prior to the ramp up in activity in the New Year.
in the last 2 presentations when we were awarded up to 690k acres DW mentioned that there was something bigger than 8bn. Implying either the 272k acres wasn’t enough so we need more land if so how much more land to the east the only logical acreage left.. and now the sweet spot is taken up how much exactly is it in acreage to determine the OiP or recovery rate for this something bigger than 8bn, 12bn , 16bn, 25bn was this the hold up being a deeper play than was anticipated or known of….
We are working up internally any revision to the potential size of the prize and questioning whether it is appropriate to revise it prior to the results from the testing of IW#2.
The fluids (FF) returned during testing - Is there commercial value from a recycling point of view or does it incur cost to 88E for disposal?
Cannot be recycled at this stage of the operation – in future if there is a development, fluid will be recycled for the next frac.

Can you share, what temperature is it at the bottom, middle and top of the well, Thank You. i was just wondering at what level in the well free flowing fluid would freeze, and what effect the pressure has on the temp at the bottom.
0 degrees through the top 1,300ft (permafrost – permanently frozen ground).
The bottom hole temperature is 115 degrees C (this is in the wellbore at 11,100’).
The gradient is linear.
If you think about a 4.5” wellbore and a flow rate of circa 50bwpd you can figure out how many hours it takes for water to flow through the permanently frozen section. Then if you add on the effect of -20 plus at the surface, it will quickly become apparent what the issue with freezing is. Also water expands when it freezes – which can also give rise to issues.
Thanks for the questions

Shares Spotlight Interview Dave Wall 20/06/17 transcript

Transcript of interview with Mike Boydell, MD of AJ Bell Media and Dave Wall about 88 Energy. Courtesy of CO0pz.
Uploaded to Youtube on June 20th 2017.

MB: Hello and welcome to Shares Spotlight. And today’s guest is Dave Wall, he’s the CEO of 88 Energy. Welcome to Shares.

DW: Thanks for having me.

MB: I’d just like to start off really with a brief outline, perhaps you could give us a brief outline of 88 Energy, what you’re doing and your current prospects in Alaska.

DW: Ok, so we’re an oil and gas exploration company focused on the central north slope of Alaska we have a very large acreage position, up to 690,000 acres with our joint venture partner Burgundy Exploration which is a private company. We’re chasing 2 main plays, both chasing liquid hydrocarbons, oil and condensate. The major play is an unconventional play which is targeting a formation called the HRZ, which we are just about to flow test imminently. And the other play is a conventional play, but also targeting oil and that’s something that is the second string to the bow, so to speak.

MB: So, today’s RNS came out and said you’ve done the lower part of the HRZ stimulation and then you’re moving to the upper part, is that correct?

DW: That’s right, so we drilled a vertical well called ICEWINE2 to test the HRZ formation with a fracture stimulation operation, which is executed in 2 stages. The first stage is in the lower part of the HRZ and that has been successfully executed over the weekend. So that’s something that we’re very happy with, that was all done to plan. And now we’re in the process of stimulating the upper zone which is the stage 2.

MB: And timeline wise, when do you expect to have the initial flow test results coming out?

DW: So what we’ll do is we’ll flow back the upper zone, and really what we are trying to do there is get some of the stimulation fluid that we have used to open up the cracks in rock off the formation, and start to see some hydrocarbons flow to surface, and once that happens we will take a sample of those which gives us some good information about the characterisation of the hydrocarbons in the reservoir. And then we’ll drill out a plug in between the upper and lower zones and flow them both together, take another sample, and that will take several days to clean up as well. And then we’ll gradually open up the choke, because we don’t want to pull on the reservoir too hard because the sand can come out of the fractures that we have created, and we want those obviously to stay in there so that the oil can flow to the surface. Gradually open up that choke, and then after several weeks we will get a representative maximum potential flow rate from this formation.

MB: And will ICEWINE2 go to production, is it planned as a production well do you think for the future or is it literally just a test at this stage?

DW: It’s a test well, contingent upon the results it can go on a longer term test up to 6 months, and that will give us some useful information about how the pressure drops in the reservoir and then the performance once that happens in terms of decline rates and so forth. And then the follow up plans will be a horizontal well initially with a multi stage stimulation, and that will give us an idea of the relationship between the rate that we get in the vertical well, which we think if we get something in the order of 100 barrels per day is a good look through to a potentially commercial rate from one of those horizontal follow up wells.

MB: And that will be off the same pad, you’re not moving to a new location, it’s off the same pad?

DW: That’s correct, the first follow up well will be off the same pad, and then subsequent wells will have to be off a new pad that we’re in the process of permitting.

MB: And that’s in the locality of ICEWINE, current ICEWINE permits?

DW: That’s correct, so one of the key advantages of this project is that it is bisected by an all year round operational access road. And so all of our initial operations we have executed from that road, so the new pad will also be off the road as well.

MB: You acquired quite a lot more acreage recently with burgundy, obviously there’s plans to go further out I presume on your exploration in both seismic, and will you drill further out as well in the next 12 months or…?

DW: Yeah that’s right, so the plan would be, if we have success in this well we need to then delineate the potential of the HRZ across the wider acreage position that you pointed out. And ideally what we would do is we would drill a dual purpose well, one that could test one of our conventional prospects, which is the second play that we’re chasing on the acreage, but also test the HRZ as well, which sits beneath these conventional prospects. The main conventional potential that we see is out to the West, so that would be the likely location of one of those delineation wells. And at the same time obviously we would be drilling the follow up horizontal well that we mentioned before.

MB: And you raised an issue of funds in March, I think you then quoted a total of $39M AUD at that point. Clearly you are spending some cash now on the existing project. Do you think you need to raise funds in the next 6 months, 12 months, or do you think you’ve got sufficient capital base now?
DW: On the back of success we will need additional funding so, just to break it down; $30M USD, we tend to think in USD, our share of the costs of the well; 14M USD. And then, you know, overheads and everything like that. So we’ll have $12M to $13M USD left after the finalisation of this program and things are on budget, which is probably something that people will want to understand, it’s not over at the moment, and doesn’t look like it will go over. And then obviously any follow up wells that we drill we would need additional funding. So the horizontal follow up well would cost in the order of $25M USD of which our share would be around $20M USD and Burgundy would fund the remainder. And then the conventional test well out to the West also would cost in the order of $17M or $18M USD. So the $10M or $12M or $13M USD we have in the bank post the drilling of this well won’t cover that, either in the success or the failure case. So we would need to get additional funding from somewhere. So obviously in the success case, if the market cap goes up and it’s less dilutive for us to raise money and investors want us to raise money, rather than sell part of the acreage or farm it out, we would do that. And then in the failure case I think that funding that conventional test well is something that we would look to farm out that well rather than raise money because share price in the failure case would be lower and so the dilution associated with that would be harder to swallow. Whereas I think that in the success case a higher share price obviously affords a much less dilutive path.

MB: Obviously it’s been climbing the last few weeks, hopefully on the success of ICEWINE2. Looking 2 or 3 years out, do you think you’ll be producing, or do you think you’ll have probably sold the asset or farmed out the assets?

DW: There will be some production, but however our goal is to create as much value as we can over that 2 – 3 year period that you referred to. And then at that point in time it’s probably more appropriate for a larger company to come in to do a full field development of this asset because there are literally over a thousand wells that could be drilled into the HRZ on the unconventional side. And we’re not the company that would be doing that, unless we transform significantly over that period.

MB: And, you probably can’t answer this but I’m going to ask the question anyway and we can always strike it off the video, have you had approaches to get involved or partner in with you at this stage, or have you been out looking?
DW: We haven’t really actively tried to farm out, because fortunately the access capital that we’ve had from the market has been very strong, and we’ve always felt that retaining as much of the working interest as possible until we’ve actually created that definitive value point is something that in the medium and longer term would far outstrip, in terms of value for our shareholders, giving away a significant chunk at the front end. So we have talked to several companies, there is interest, we haven’t really tried to sell it, but we do know that there is a lot of interest in this well and this is something that a lot of companies are watching.

MB: That’s good, there’s a lot of big players, not only on the North Slope but other parts of Alaska as well, picking up things at the moment aren’t there, so it could be interesting times. And this final question is, for a potential investor, someone who hasn’t come across 88 Energy before, can you give us an idea of why people should consider 88 Energy as part of their investment portfolio?

DW: Yeah, so I think there’s a couple of things. 1; obviously the asset itself. We are a very large acreage position, there is a very large resource potential in the HRZ, several billion barrels of liquids potential. The conventional play which is a backup ostensibly also has by our estimation 1.5 billion barrels potential which on its own is significant. And then, in Alaska we have enjoyed the benefit of substantial credits from the State, which has helped us execute a program in a relatively lower dilution given the fairly challenging oil price environment we’ve found ourselves in, and we’ve been able to create value for shareholders. There’s a good above ground story there, we are located on an infrastructure, there’s a pipeline which runs through the acreage as well which needs more oil in it. And then I guess the second part is that we have managed to deliver on what we said we would do, operationally, we’ve been able to execute very efficiently in a safe manner and also in the timeframe that we have indicated to investors.

MB: Great. Dave, thank you very much for coming in and talking to Shares Magazine today.

DW: Thanks for having me, pleasure to be here.

7th March 2017 Questions and Answers
7th March 2017 Questions and Answers

17th January 2017 Questions and Answers
17th January 2017 Questions and Answers

26/10/16 Questions and Answers on Seismic RNS
26/10/16 Questions and Answers on Seismic RNS

09/09/16 There are also Questions and Answers in the transcript of our London Presentation

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