88 Energy Limited Operations Update (7378C)
12 Febbraio 2020 - 8:06AM
UK Regulatory
TIDM88E
RNS Number : 7378C
88 Energy Limited
12 February 2020
12(th) February 2020
88 Energy Limited
Operations Update
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM
88E) is pleased to provide the following update related to
operations for the upcoming Charlie-1 appraisal well, on the North
Slope of Alaska.
Highlights
-- Ice road now >80% complete
-- Permit to Drill approved for Charlie-1 appraisal well
-- Spud on track for late February
Detail
The ice road to the Charlie-1 location is now >80% complete
and expected to be finished in the next two weeks. Ice pad
construction is due to commence shortly and mobilisation of the
Nordic Rig(#) 3 to site should begin in approximately 10 days.
Consequently, spud of Charlie-1 is anticipated in late
February.
The Permit to Drill was approved on the 11(th) February and all
permits required for drilling of Charlie-1 are now in hand.
A presentation detailing the drilling timetable and testing
program will be released to the market prior to spud.
Managing Director of 88 Energy, Dave Wall, stated: "Excellent
progress has been made on the ice road construction, despite
extremely cold temperatures. All permits are now in hand ahead of
the scheduled spud in late February."
Charlie-1 Ice Road Progress Map
A map detailing progress with the Charlie-1 Ice road can be
viewed in the pdf version of this announcement, which is available
at the link below:
http://www.rns-pdf.londonstockexchange.com/rns/7378C_1-2020-2-12.pdf
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
A chart detailing the Charlie-1: Seven Stacked Horizons and
further information on the Charlie-1 targets can be viewed in the
pdf version of this announcement, which is available at the link
above.
This announcement has been authorised by the Board.
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
UPDDLLBFBLLBBBL
(END) Dow Jones Newswires
February 12, 2020 02:06 ET (07:06 GMT)
Grafico Azioni 88 Energy (LSE:88E)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni 88 Energy (LSE:88E)
Storico
Da Apr 2023 a Apr 2024