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88 Energy to host AGM online to comply with coronavirus rules on social distancing

The company's AGM is due to take place online on Thursday 9 April

88 Energy Ltd - 88 Energy to host AGM online to comply with coronavirus rules on social distancing
It will take place at 10:00am Perth time, so 3:00am in the UK.

88 Energy Ltd (LON:88E) has told investors that it won’t be having a physical AGM and instead it will take place online, via webcast, as the explorer seeks to comply with Australia’s coronavirus (COVID-19) social distancing rules.

Amid a ban on public gatherings, the company said in a statement: “88 Energy understands the importance of the AGM to its shareholders, however the health and safety of shareholders, employees and the broader community is paramount.”

READ: 88 Energy’s Charlie well sees ‘shows’ in multiple horizons

“88 Energy appreciates the understanding of shareholders as it navigates this rapidly evolving situation in relation to the COVID-19 virus,” it added.

The AGM is due to take place on 9 April at 10:00am Perth time, or 3:00am London time (GMT+1).

On Tuesday this week, 88 Energy reported that the Charlie-1 well has reached target depth and it encountered ‘shows’ and ‘elevated log responses’ over several horizons.

The company, in a statement, said that the logging data to date is “largely consistent” with what was recorded at the Malguk-1 well, which was drilled in 1991 by BP.

The well programme is partnered with Premier Oil PLC (LON:PMO) which is largely funding the venture that aims to test the potentially significant discovery previously unearthed by BP. Malguk-1 was the original discovery well, with oil shows over multiple horizons, though it was not tested at the time due to complications at the end of the programme.

The Charlie well aims to intersect up to seven stacked prospects, which are together estimated to host some 1.6bn barrels of prospective resources.

Premier is covering the well costs up to US$23mln, via a farm-out agreement.

Quick facts: 88 Energy Ltd

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Price: 1.59 GBX

Market Cap: £228.97 m

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