REG - 88 Energy Limited - Quarterly Report and Appendix 5B
31/10/2023 07:15
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RNS Number : 8383R 88 Energy Limited 31 October 2023
QUARTERLY ACTIVITIES REPORT
For the quarter ended 30 September 2023
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy, 88E or the
Company) provides the following report for the quarter ended 30 September
2023.
Highlights
Project Phoenix (~75% WI)
· Hickory-1 planning and permitting activities on schedule for Q1
2024 program commencement:
Ø Stimulation and flow test modelling complete for all target intervals
Ø All American Oilfield Rig-111 contracted and long lead orders underway
· Mapping of the Upper Slope Fan System (Upper SFS) has
demonstrated a reservoir zone that is more laterally extensive than was
originally mapped
Project Leonis (100% WI)
· Internal fault interpretation and reservoir trapping geometries
validated by 3(rd) party mapping
· Maiden prospective resource estimate for Upper Schrader Bluff
(USB) reservoir expected Q1 2024
· Target for farm-out to commence in CY2024 for the potential
drilling of new well in 2025/2026
Project Peregrine (100% WI)
· Two newly identified prospects (N12 and N13) within the prolific
Nanushuk Formation added to the independent prospective resource and initlal
assessment implied that a short sidetrack from the Harrier-1 well could be
used to assess up to three independent prospects from a single ice pad.
Project Icewine West (~75% WI)
· Mapping activities identified a series of untested Mid Schrader
Bluff (SMD) prospects, with strong potential for delineation of further
significant prospective resources
Project Longhorn (~62% WI)
· Additional non-operated ~45% net working interest and 435 net
acres, acquired 4 miles from existing Longhorn assets with low entry cost of
~US$1.00/BOE and net 2P reserves of 1.1MMBOE(1)
· Q3 production averaged 335 BOE per day gross (~70% oil) due to
gas-buyer plant maintenance
Corporate
· Cash balance of A$10.2M and no debt (as at 30 September 2023)
following completion of the non-renouceable rights issue and shortfall
placement during the quarter.
· Reduction of the shareholder base by 7,362 shareholders following
completion of the Small Holding Sale Facility on 11 September 2023 with a
total 212,193,734 ordinary shares sold on market. This made an immediate
reduction in the Company's adminstration costs
1. Refer announcement released to ASX on 3 July 2023 including initial
reserves estimates and assumptions and net revenue entitlement to 88 Energy.
1.
Cautionary Statement: The estimated quantities of petroleum that may be
potentially recovered by the application of a future development project
relate to undiscovered accumulations. These estimates have both an associated
risk of discovery and a risk of development. Further exploration, appraisal
and evaluation are required to determine the existence of a significant
quantity of potentially movable hydrocarbons.
Project Phoenix (~75% WI)
Project Phoenix is focused on oil-bearing conventional reservoirs identified
during the drilling and logging of Icewine-1 and Hickory-1 and adjacent offset
drilling and testing. Project Phoenix is strategically located on the Dalton
Highway with the Trans-Alaskan Pipeline System running through the acreage.
Hickory-1 Well
The Hickory-1 well is cased and suspended ahead of the planned multi-zone flow
test program, scheduled to commence in Q1 2024.
During the quarter, Industry-leading stimulation models were built for each of
the target intervals in Hickory-1 with the objective of ensuring a successful
stimulation and flow test in each zone. The design of the flow test program
was completed in consultation with industry experts who utilised available
offset well information in combination with a detailed evaluation of the
drilling and wireline logging data from Hickory-1. The stimulation models
incorporate high quality offset well data and operational lessons learnt in
the area. As is typical for early-stage appraisal and development operations,
the largest gains in understanding are achieved in the initial stages of
activity and analysis, with 88 Energy set to benefit from neighbouring offset
well test results.
As previously reported, Pantheon Resources (Pantheon) announced flow rates of
50-100 BOPD from several vertical wells and intervals in the adjacent northern
acreage. These vertical test results, although modest, provided critical
information in understanding the reservoirs and allow the design of long,
horizontal wells that would be employed in any development scenario. Using
unconventional completion techniques, horizontal development wells typically
achieve 6-12 times the flow rates seen in vertical wells in analogue fields in
the Texas Lower 48.
Post-well analysis and flow test modelling of the Hickory-1 reservoirs have
enabled accurate calculation of the quantum of completion fluids as well as
the design of the completion string necessary for flow test operations.
Sourcing and procurement of the long lead items for this is underway.
Figure 1: Image of modelled stimulation test designs and results
Mapping was completed of the recently identified Upper Slope Fan System (Upper
SFS) across the Project Pheonix acreage. Seismic interpretation and log
correlation has revealed that the Upper SFS reservoir is more extensive than
originally mapped, correlating over 4 miles (7km) to strong shows in the
Icewine-1 well (previously interpreted/attributed to be part of the lower
SMD-A package). Resources in this reservoir are not currently included in the
Company's resource estimates as they have yet to be assessed.
Figure 2: Mapping of the Upper SFS target indicates reservoir is more
extensive than originally thought, correlating over 4 miles (7km) to strong
shows in the Icewine-1 well.
The Upper SFS target remains an untested reservoir in nearby offset wells. The
quality and strength of shows recorded during the drilling and logging of
Hickory-1 remain amongst the best the Company has witnessed to date. Post-well
geochemical analysis of Hickory-1 sidewall core data indicates fluid maturity
to be in the early-peak oil window.
Permitting is on track with the Alaskan state authorities and All American
Oilfield's recently upgraded Rig 111 drilling/workover module has been secured
for the flow test program.
Resource Estimate Update
As announced to the ASX on 30 October 2023, following Pantheon Resources Plc
declaring a significant contingent resource for the Lower BFF, 88 Energy has
appointed independent resource certifier, Netherland, Sewell & Associates,
Inc (NSAI) to assess the Basin Floor Fan (BFF) reservoir at Project Phoenix.
The Basin Floor Fan (BFF) reservoir was the deepest of the multiple
hydrocarbon-bearing pay zones intersected during the drilling and logging of
the Hickory-1 exploration well. NSAI will assess the BFF reservoir at Project
Phoenix for a maiden contingent resource estimate based on Hickory-1 results
and nearby offset well results, which may lead to the Hickory-1 being
confirmed as a discovery.
Joint Venture Funding
As previously reported, the Company through its 100% owned subsidiary
Accumulate Energy Alaska, Inc (88E-Accumulate) entered into a standstill and
option agreement with its Project Phoenix JV partner, Burgundy Xploration, LLC
(Burgundy). The agreement provided Burgundy additional time to raise funds to
pay outstanding 2023 cash calls by 31 October 2023.
On 31 October 2023, 88E-Accumulate, issued Burgundy with a default notice
under the Joint Operating Agreement (JOA) in respect of its outstanding cash
calls for the 2023 work program and budget including acreage lease payments
and share of costs associated with the Hickory-1 well that was completed in Q1
CY2023 (Cash Calls). Burgundy can cure its payment defaults under the JOA if
88E-Accumulate receives payment in full of the cash call amount totalling
US$3.4 million within 30 days. If such payment is not made within 30 days,
88E-Accumulate intends to exercise some or all of the remedies available under
the JOA on the first business day after the commencement of the default
period. Remedies include 88E-Accumulate having the right to require that
Burgundy completely withdraw from the JOA and assign all of its participating
interest in the relevant leases to 88E-Accumulate. This may result in 88
Energy holding a 100% working interest in some or all of the leases covered
under the default within Project Phoenix and Project Icewine West. Any
additional working interest secured under the default process could create
greater flexibility around any possible future farm out arrangement.
Burgundy continues to support the progression of the flow test program and has
been working through various funding avenues to secure its ~25% share of
funding towards the Hickory-1 flow test and the 2024 WP&B. Burgundy
confirmed on 30 October 2023 it is actively securing US$7.5 million in funding
and is committed to curing its default within 30 days, and understands the
implications and intentions of 88 Energy should this not occur. 88 Energy
will update the market on or around 30 November 2023.
88 Energy, as the majority working interest owner (~75%) in Project Phoenix,
remains committed to advancing the upcoming Hickory-1 flow test program
regardless of Burgundy's participation and has been evaluating various options
in the event that Burgundy's share remains unfunded, including the number and
prioritisation of zones to be tested.
Project Icewine West (~75% WI)
Icewine West contains the Charlie-1 discovery well drilled in 2020 where
hydrocarbons were successfully recovered from the Torok formation during
wireline operations.
Mapping activity at Icewine West identified a series of SMD prospects, the
majority of which have not yet been drilled. Given the recent success of the
SMD at Hickory-1, 88E intends to assess these prospects and add them to the
already extensive prospective resource portfolio at Icewine West; this
includes the interpreted extension of the Kodiak contingent resources recently
certified by Pantheon on their acreage onto the Icewine West acreage. The
Basin Floor Fan, mapped across Pantheon's Kodiak field, as well as 88 Energy's
Phoenix and Icewine West Projects, is the same play type as (although slightly
younger than) 88 Energy's Lima Complex. Contingent on a successful flow test
at Hickory-1, 88 Energy anticipates a follow-up appraisal well at Icewine
West in future years.
Project Leonis (100% WI)
Project Leonis is superbly located adjacent to TAPS and the Dalton Highway,
enhancing the future potential for commercialisation. The acreage is covered
by an existing data suite including Storms 3D seismic data and the Hemi
Springs Unit #3 (HS-3) exploration well drilled by ARCO in 1985, which logged
200 feet of bypassed net pay in the now-producing USB reservoir, with good
porosity and oil shows including oil over shakers at multiple depths.
The maiden prospective resource determination for Project Leonis is underway
and expected to be completed in Q1 2024.
88 Energy is targeting a farm-out on Project Leonis during CY2024 and if
successful, 88E could drill a new exploration well on this acreage in the
2025/2026 Alaska winter operational season.
Figures 3 and 4: Initial interpretation of reprocessed 3D Storms 3D data suite
and preliminary USB boundary assessment.
Project Peregrine (100% WI)
During the quarter, 88 Energy released an independent prospective resource
update for Project Peregrine, with two new prospects identified in the
prolific Nanushuk Formation. The assessment indicated that with a short
sidetrack of the proposed Harrier-1 well, 88E can assess up to three
independent prospects from a single ice pad. This significantly reduces the
costs of exploration.
The Company remains positive on the prospectivity of the Peregrine acreage and
continues to target the potential re-entry of the Harrier-1 well at a point in
the future.
Project Longhorn (~62% WI)
On 1 July 2023, 88E via its 75% ownership interest in subsidiary Bighorn
Energy LLC (Bighorn), acquired an additional interest in new leases from Oxy
USA WTP LP for US$1.5M (US$1.1M net to 88E). The new assets are located 4
miles from the existing Longhorn assets and 88E acquired a non-operated ~45%
net working interest (WI) and 399 net acres with net 2P reserves of
1.1MMBOE(1). The acquisition provides multiple development opportunities and a
small base production.
The newly added production wells have been in operation for several years,
with average net to Bighorn production from the new leases of ~12 BOE per day
gross (88E net ~10 BOE per day), of which ~75% is oil.
The combined Project Longhorn portfolio now consists of 14 leases (5 new) with
40 producing wells over 1,363 acres net to 88E, in the Texas Permian Basin.
Lonestar I, LLC (Lonestar) which has a 25% ownership interest in Bighorn, also
acquired additional working interest in the new assets, and through an
affiliate is Operator for the entire Portolio.
As part of the acquisition, 88 Energy agreed to a new well work development
program, consisting of 2 new wells scheduled to commence in Q4 2023 / Q1 2024
(on leases in which 88E has a ~75% WI) and, if successful, potentially
subsequent new wells over the next 3-5 years depending on JV approval and
funding. The new wells are expected to deliver initial production rates of
~160-200 BOE per day gross (~75% oil).
The acquisition represents a further expansion of 88 Energy's move into
producing oil and gas assets and is in line with the Company's strategy to
build a successful exploration and production company. This further step has
again been undertaken in a measured fashion via the purchase of a non-operated
working interest whilst retaining a single basin focus. Project Longhorn
contains well understood geology with low technical risk and provides
near-term upside via low-cost field development opportunities.
Third quarter production averaged 335 BOE per day gross (~70% oil) largely due
to gas-buyer plant shutdown but remained ahead of the budget for the quarter
of 323 BOE per day gross. The two workovers on wells that were producing 1-2
BOE per day gross, were completed safely and on time during the quarter. Both
workovers did not meet initial expectations and will be monitored and reviewed
to better understand the root cause and path forward, including one well that
is undergoing low-cost remedial work. 2024 activities will focus on several
development opportunities at the newly acquired acreage while monitoring and
optimising production on the existing acreage.
The JV continues to assess further nearby acreage acquisition opportunities,
and the Operator has recently secured a line of credit to assist in cash flow
management associated with CAPEX initiatives.
1. Refer announcement released to ASX on 3 July 2023 including initial
reserves estimates and assumptions and net revenue entitlement to 88 Energy.
Corporate
In August 2023, the Company completed its non-renounceable rights issue
(Rights Issue) and Shortfall Offer Placement from the Rights Issue. The Rights
Issue was based on one (1) fully paid ordinary share in the Company (New
Share) for every ten (10) existing shares held at an issue price of A$0.006
(£0.0031) per share. The completion of the Rights Issue on 29(th) August
2023, resulted in the Company issuing 553,070,348 New Shares to eligible
shareholders with proceeds of A3.3M. On the 31(st) August 2023, the Company
announced that the Shares not taken up under the Rights Issue were to be
placed via the Shortfall Offer Placement, representing 1,457,716,470 New
Shares at an issue price of A$0.006 (£0.0031) per share. 675,000,000 shares
were issued under the Company's placement capacity pursuant to ASX Listing
Rules 7.1 and 782,716,470 shares issued under Listing Rules 7.1A.
The proceeds of the Rights Issue and Shortfall Offer Placement of A$8.0M
(before costs), together with the Company's existing cash reserves, provide
the Company with further capital to fund 88 Energy's share of the Hickory-1
well flow test at Project Phoenix, working capital and permitting and planning
for a potential new well at Project Leonis. As part of the Shortfall
placement, the Company issued A$4M worth of Capital Development Shares to the
operator Lonestar, which is expected to save the Company at least an
equivalent amount in cash costs on development wells for Project Longhorn
production growth, so that the value of the benefit to the Company from the
Rights Issue and Shortfall Placement totalled A$12M (before costs). Euroz
Hartleys Limited acted as lead Manager and bookrunner to the Shortfall Offer
Placement. Cavendish Securities Plc acted as nominated adviser and broker to
the Shortfall Offer Placement in the United Kingdom. Inyati Capital Pty Ltd
acted as co-manager to the Shortfall Offer Placement. Commission for the
Shortfall Offer Placement was 6% (plus GST) of total funds raised across Euroz
Hartleys Limited, Inyati Capital Pty Ltd and Cavendish Securities Plc. This
fee did not apply to the Capital Development Shares
On 31 August 2023, 88 Energy announced it had established a Small Holding Sale
Facility (SHSF) for holders of less than A$500 of the Company's shares. The
SHSF closed on 11 September 2023 with a total 212,193,734 ordinary shares sold
on market at an average price of A$0.00644 per share. The SHSF reduced the
shareholder base by 7,362 and has an immediate reduction in the Company's
adminstration costs.
New Ventures
The Company is actively assessing new venture opportunities across the oil and
gas life cycle, and is in advanced stages of review and negotiation with
regard to additional near field acreage at Project Longhorn, as well as a
potential frontier exploration opportunity outside of the USA. There is no
guarantee that current due diligence and negotiations will lead to a
conclusive and final agreement.
Finance
The ASX Appendix 5B attached to this quarterly report contains the Company's
cash flow statement for the quarter. The material cash flows for the period
were:
· Net proceeds from the Rights Issue and Shortfall Placement of
A$7.6M
· Exploration and evaluation expenditure of A$2.1M (June 2023
quarter: A$15.5M) predominantly related to final Hickory-1 drilling payments
as well as planning and permitting costs for Hickory-1 flow test program.
Hickory-1 exploration drilling AFE was closed during the quarter.
· Lease rental payments of A$1.7M related to acreage rentals for
Phoenix and Icewine West.
· Administration, staff, and other costs of A$1.0M. Including fees
paid to Directors and consulting fees paid to Directors of A$0.2M.
At quarter end, the Company's cash balance is A$10.2M and no debt.
Information required by ASX Listing Rule 5.4.3
Project Name Location Interest at beginning of Quarter Interest at end of Quarter
Net Area (acres)
Project Phoenix Onshore, North Slope Alaska 62,324 ~75% ~75%
Project Icewine West Onshore, North Slope Alaska 121,996 ~75% ~75%
Project Peregrine Onshore, North Slope Alaska (NPR-A) 125,735 100% 100%
Project Longhorn Onshore, Permian Basin Texas 1,363 ~73% ~62%
Project Leonis Onshore, North Slope Alaska 25,431 100% 100%
Umiat Unit Onshore, North Slope Alaska (NPR-A) 17,633 100% 100%
Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM
Rules for Companies, the technical information and resource reporting
contained in this announcement was prepared by, or under the supervision of,
Dr Stephen Staley, who is a Non-Executive Director of the Company. Dr Staley
has more than 40 years' experience in the petroleum industry, is a Fellow of
the Geological Society of London, and a qualified Geologist / Geophysicist who
has sufficient experience that is relevant to the style and nature of the oil
prospects under consideration and to the activities discussed in this
document. Dr Staley has reviewed the information and supporting documentation
referred to in this announcement and considers the prospective resource
estimates to be fairly represented and consents to its release in the form and
context in which it appears. His academic qualifications and industry
memberships appear on the Company's website and both comply with the criteria
for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and
standards adopted by the Society of Petroleum Engineers "Petroleum Resources
Management System" have been applied in producing this document.
This announcement has been authorised by the Board.
Media and Investor Relations:
88 Energy Ltd
Ashley Gilbert, Managing Director
Tel: +61 8 9485 0990
Email: investor-relations@88energy.com
Fivemark Partners, Investor and Media Relations Tel: +61 422 602 720
Michael Vaughan
EurozHartleys Ltd Tel: + 61 8 9268 2829
Dale Bryan
Cavendish Securities Plc Tel: + 44 131 220 6939
Neil McDonald / Derrick Lee
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
88 Energy Limited
ABN Quarter ended ("current quarter")
80 072 964 179 30 September 2023
Consolidated statement of cash flows Current quarter Year to date (9 months)
$A'000
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for - -
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (604) (2,121)
(e) administration and corporate costs (400) (1,861)
1.3 Dividends received (see note 3) - -
1.4 Interest received 5 43
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other - -
1.9 Net cash from / (used in) operating activities (999) (3,939)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements (1,694) (5,601)
(c) property, plant and equipment - -
(d) exploration & evaluation (2,137) (22,414)
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal of: - -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other - Joint Venture Contributions - 1,462
Other - Distribution from Project Longhorn - 1,405
Other - Return of Bond - 585
2.6 Net cash from / (used in) investing activities (3,831) (24,563)
3. Cash flows from financing activities 8,015 25,515
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 (395) (1,575)
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 7,620 23,940
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 7,321 14,123
4.2 Net cash from / (used in) operating activities (item 1.9 above) (999) (3,939)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (3,831) (24,563)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 7,620 23,940
4.5 Effect of movement in exchange rates on cash held 72 622
4.6 Cash and cash equivalents at end of period 10,183 10,183
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
$A'000
$A'000
5.1 Bank balances 10,183 7,321
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) 10,183 7,321
(a)
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included 214
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. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements available to the entity.
$US'000
$US'000
Add notes as necessary for an understanding of the sources of finance available to the entity.
7.1 Loan facilities - -
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities - -
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (999)
8.2 (Payments for exploration & evaluation classified as investing activities) (2,137)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,136)
8.4 Cash and cash equivalents at quarter end (item 4.6) 10,183
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 10,183
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 3.2
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7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: n/a
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: n/a
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: n/a
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 31 October 2023
Authorised by: By the Board
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
Information required by ASX Listing Rule 5.4.3 - Lease Schedules as at 30
September 2023
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. END UPDEAKEFDSDDFEARecent news on 88 Energy
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