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88 Energy updates on Icewine#2

05 September 2016 09:29

88 Energy in consultation with its partner, Burgundy Xploration, has finalised the well design for Icewine#2, located onshore North Slope of Alaska.

Upon strategic review of the desired objectives for Icewine#2, the joint venture has concluded that a vertical well with a multi stage stimulation is superior to the initially proposed lateral well.

The vertical well design will allow the joint venture to:

- test production potential of entire HRZ/HUE interval with potential for resource upgrade

* HRZ remains premier reservoir and primary target

- enhance dataset for landing zone selection of future laterals

- decrease drilling risk associated with a more complex lateral completion

- increase availability of suitable rigs and result in a more competitive tender process

- lower the estimated cost of the well completion by ~US$5m, meaning that 88 Energy is fully funded for the costs associated with Icewine#2 from its current cash position

Managing director Dave Wall said: "The revision to the well design has resulted in a best of both worlds scenario for 88 Energy and its shareholders. We now have a more efficient, lower cost outcome that optimises achievement of the operational objectives targeted by the Icewine#2 well.

"Additionally, we are highly encouraged by the initial results from the 2D seismic at this very early stage of interpretation."

At 9:29am: (LON:88E) 88 Energy Ltd share price was -0.7p at 2.6p

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