88 Energy Limited Charlie-1 Appraisal Well Update (7868Z)
15 Gennaio 2020 - 08:00AM
UK Regulatory
TIDM88E
RNS Number : 7868Z
88 Energy Limited
15 January 2020
15(th) January 2020
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
-- Ice road construction underway - base layer 25% complete
-- Permit to Drill submitted - approval expected in January 2020
-- Operational activity for Charlie-1 progressing to plan for February 2020 spud
Operations Update
Ice road construction is now fully underway with 25% of the base
road now completed and 35% of the total route staked and
pre-packed.
The Permit to Drill was submitted prior to the end of 2019, as
planned, and approval is expected towards the end of January. This
is the last major permit required prior to spud of the Charlie-1
well.
A more accurate forecast for the scheduled February spud and
timing for the drilling / logging / testing program will be
communicated in due course.
As per the farm-out agreement, initial cash calls have been
receipted into the Joint Venture account.
88 Energy Managing Director, Dave Wall commented:
"The New Year is off to a busy start for the Alaska Operations
team with all activity progressing as planned."
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
TARGETS (Aug '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/7868Z_1-2020-1-14.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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