88 Energy Limited Charlie-1 Appraisal Well Update (9893X)
27 Dicembre 2019 - 8:01AM
UK Regulatory
TIDM88E
RNS Number : 9893X
88 Energy Limited
27 December 2019
27(th) December 2019
88 Energy Limited
Charlie-1 Appraisal Well Update
88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company")
provides the following update related to the upcoming drilling of
the Charlie-1 appraisal well at Project Icewine, located on the
Central North Slope, Alaska.
Highlights
-- Initial snow trail from Dalton Highway complete
-- Ice road construction on track to commence within days
-- Operational activity for Charlie-1 progressing to plan for February 2020 spud
Operations Update
The Nordic Rig 3 will exit the Dalton Highway approximately 20
miles south of Deadhorse before it begins its 30-mile journey on an
ice road to the Charlie-1 location. Construction is complete for
the initial snow trail to the first lake that will be utilised for
building the ice road. Production of the ice road itself is
scheduled to commence prior to the end of 2019, weather
permitting.
Everything is proceeding as planned ahead of the scheduled
February 2020 spud date.
88 Energy Managing Director, Dave Wall commented: "It has been a
successful year for the Company, having matured part of the
conventional potential at Project Icewine to the point of a
farm-out that makes a lot of sense for our shareholders. We are now
on the cusp of drilling a potentially transformational well,
Charlie-1, in the first quarter of 2020 and are looking forward to
a safe and successful operation."
About the Charlie-1 Appraisal Well
The Charlie-1 appraisal well has been designed as a step out
appraisal of a well drilled in 1991 by BP Exploration (Alaska) Inc
called Malguk-1. Malguk-1 encountered oil shows with elevated
resistivity and mud gas readings over multiple horizons during
drilling but was not tested due to complications towards the end of
operations, which resulted in lack of time before the close of the
winter drilling season. It was also drilled using vintage 2D
seismic, which was insufficient to adequately determine the extent
of any of the prospective targets encountered.
88 Energy subsequently undertook revised petrophysical analysis,
which identified what is interpreted as bypassed pay in the
Malguk-1 well. 88E also completed acquisition of modern 3D seismic
in 2018, in order to determine the extent of the discovered oil
accumulations. Charlie-1 will intersect seven stacked prospects,
four of which are interpreted as oil bearing in Malguk--1 and are
therefore considered appraisal targets. 88 Energy will operate
Charlie-1, via its 100% owned subsidiary Accumulate Energy Alaska,
Inc, with cost of the well to be funded by Premier Oil Plc up to
US$23m under a recent farm-out agreement. Drilling is scheduled to
commence in February 2020 with flow testing anticipated to conclude
in April 2020. The total Gross Mean Prospective Resource across the
seven stacked targets to be intersected by Charlie-1 is 1.6 billion
barrels of oil (480 million barrels net to 88E). Refer announcement
dated 23(rd) August.
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.
CHARLIE-1 Prospective Oil Resource (MMBO): Post Farm-Out (Aug
TARGETS '19)
----------------------------------------------------------------
Horizon/Play Low Best High Gross Net Mean
Mean to 88E
-------------------------- ---- ----- ---- ------ ---------
Indigo Discovery Schrader / Topset 225 358 543 374 112
========================== ==== ===== ==== ====== =========
Charlie Prospect Schrader / Topset 126 201 304 210 63
========================== ==== ===== ==== ====== =========
Lima Discovery /
Prospect (stacked) Seabee / Apron Fan 105 323 713 376 113
========================== ==== ===== ==== ====== =========
Stellar Prospect
/ Discovery (stacked) Torok / Fan Channel 320 604 999 639 192
------------------------- -------------------------- ---- ----- ---- ------ ---------
CHARLIE-1 APPRAISAL WELL TOTAL 1,599 480
------------------------------------------------------------------------ ------ ---------
A graphic showing the proposed Charlie-1 well location and the
targets referred to in the table above can be viewed at the
following link -
http://www.rns-pdf.londonstockexchange.com/rns/9893X_1-2019-12-24.pdf
Media and Investor Relations:
88 Energy Ltd
Dave Wall, Managing Director Tel: +61 8 9485 0990
Email: admin@88energy.com
Finlay Thomson, Investor Relations Tel: +44 7976 248471
Hartleys Ltd
Dale Bryan Tel: + 61 8 9268 2829
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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