88 Energy Limited Operations Update (7181G)
19 Marzo 2020 - 8:00AM
UK Regulatory
TIDM88E
RNS Number : 7181G
88 Energy Limited
18 March 2020
19(th) March 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 Charlie-1 appraisal well, which is currently
being drilled on the North Slope of Alaska.
Highlights
-- Drilling of production hole to commence imminently
Detail
After a minor delay, mainly due to weather, surface casing has
now been set and cemented. A mandatory test of the Blow Out
Preventer system was also completed successfully, which will now be
followed by a Formation Integrity Test. Drilling will then proceed
in the 8.5" production hole.
The results from the Logging While Drilling phase of the program
are expected to be announced after Total Depth has been reached and
initial analyses have been completed, scheduled for early
April.
The Company can confirm that COVID-19 has had no impact on the
program to date and appropriate measures have been put in place to
ensure that any potential impacts are being proactively
addressed.
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 commenced on
2(nd) March 2020 and flow testing is 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 2019.
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
------ ---------
Graphics showing the Charlie-1: Seven Stacked Horizons can be
viewed in the pdf version of this announcement, which is available
at the following link -
http://www.rns-pdf.londonstockexchange.com/rns/7181G_1-2020-3-18.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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