REG - 88 Energy Limited - Quarterly Report and Appendix 5B
14/04/2022 07:16
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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 40⁰ 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 £0.018) 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 beginning of Quarter Interest at end of Quarter
Net Area (acres)
Project Icewine Onshore, North Slope Alaska 192,830 ~75% ~75%
Project Peregrine Onshore, North Slope Alaska (NPR-A) 195,373 100% 100%
Project Longhorn Onshore, Permian Basin Texas 964 0% ~73%
Umiat Unit Onshore, North Slope Alaska (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
(http://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 Media Relations Tel: +61 410 276 744
Andrew Edge / Michael Vaughan Tel: +61 422 602 720
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 cash flows Current quarter Year to date (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)
1.3 Dividends received (see note 3) - -
1.4 Interest received 2 2
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other - -
1.9 Net cash from / (used in) operating activities (1,727) (1,727)
2. Cash flows from investing activities (10,694) (10,694)
2.1 Payments to acquire or for:
(a) entities
(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 - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other - Joint Venture Contributions 10 10
- Distribution from Project Longhorn 597 597
2.6 Net cash from / (used in) investing activities (27,375) (27,375)
3. Cash flows from financing activities 32,153 32,153
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt (2,152) (2,152)
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing activities 30,001 30,001
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 32,317 32,317
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,727) (1,727)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (27,374) (27,374)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 30,001 30,001
4.5 Effect of movement in exchange rates on cash held (586) (586)
4.6 Cash and cash equivalents at end of period 32,631 32,631
5. (h) Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
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) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 32,631 32,631
(i)
6. (j) Payments to related parties of the entity and Current quarter
their associates
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 198
in item 1
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 at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$US'000
$US'000
available to 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 - -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
8. (m) Estimated cash available for future operating $A'000
activities
8.1 Net cash from / (used in) operating activities (item 1.9) (1,727)
8.2 (Payments for exploration & evaluation classified as investing activities) (16,439)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (18,166)
8.4 Cash and cash equivalents at quarter end (item 4.6) 32,631
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 32,631
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.8
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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.
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. END QRFEASLLFLSAEEARecent news on 88 Energy
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