88 Energy Limited Operations Update (5540N)
21 Maggio 2020 - 8:00AM
UK Regulatory
TIDM88E
RNS Number : 5540N
88 Energy Limited
21 May 2020
21(st) May 2020
This announcement contains inside information
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 recently drilled Charlie-1 appraisal well,
located on the North Slope of Alaska.
The attached pdf -
http://www.rns-pdf.londonstockexchange.com/rns/5540N_1-2020-5-20.pdf
- contains graphics and information referred to in the following
commentary
Highlights
-- Average API gravity of liquid hydrocarbon in the Torok Fm confirmed as 50 degrees
-- Compelling indications of oil updip from Charlie-1 in Torok
and possible intraformational seal identified, supporting
geological model for alternate phase
-- Oil interpreted in the Seabee at Malguk-1/Charlie-1 as well as updip at Heavenly-1
-- Additional results from laboratory testing expected over coming weeks
Detail
Laboratory tests from fluid hydrocarbons retrieved from the
Lower Stellar discovery in the Torok Formation have confirmed
gravity of 49-52 degrees API, with an average of 50 degrees API.
This gravity is near the typical crossover between volatile oil and
condensate; however, constant composition expansion confirms that
the phase at this location is condensate gas. The gas oil ratio
("GOR") as measured from the most representative sample is 17,000 -
23,500 cf per bbl. This may be higher than the actual GOR in the
reservoir due to the sampling procedure and drawdown pressure. The
main implication of having high GOR is that gas would need to be
re-injected into the reservoir to maintain pressure during
production, an already common practice on the North Slope for both
oil development and at the Pt Thomson condensate stripping
operation.
88 Energy originally preferred drilling location: Regional
integration of early Charlie-1 results
The graphic in the attached pdf (Fig.1) depicts the preferred
drilling location marketed by 88 Energy during the 2018/19 farm-out
process. This location has several advantages over the Charlie-1
location, selected by the farminee, and will continue to form the
basis of the ongoing farm-out for drilling on the acreage:
-- Greater certainty of data due to the higher quality log suite
obtained from the 2002 Heavenly--1 well vs the 1991 Malguk-1 well,
which encountered drilling / logging issues below 10,700' MD
-- Located in more optimal thermal maturity window for generation of oil / volatile oil (Fig. 1)
-- Evidence of oil in the Torok formation based on shows and oil
saturations from side wall cores take from Heavenly-1 (Fig.
2,2a)
-- More ideal intersection of targets in the Seabee formation
where oil was observed from logs / shows / cores in Heavenly-1 in
addition to the oil observed at surface whilst drilling Malguk--1
(Fig. 3 and Fig. 4)
-- Better continuity of reservoir and improved reservoir quality interpreted based on inversion interpretation
-- More compelling impedance contrasts / high amplitude events
on 3D seismic across Seabee and Torok formation targets
-- Seismic inversion indicates that the Torok geobodies in the
Heavenly area are likely separate to those in the Malguk/Charlie
area, supporting geological model for different hydrocarbon phase
(Fig. 5)
Media and Investor Relations:
88 Energy Ltd Tel: +61 8 9485 0990
Dave Wall, Managing Director Email: admin@88energy.com
Finlay Thomson, Investor Relations Tel: +44 7976 248471
Hartleys Ltd Tel: + 61 8 9268 2829
Dale Bryan
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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