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Icewine#2 permitting on track, says 88 Energy

02 December 2016 08:05

88 Energy says permitting for Icewine#2 remains on track for completion well ahead of the scheduled spud date in late Q1 2017.

Two of the major permits, the plan of operations and oil discharge prevention and contingency plan, have just passed major milestones in the permitting process with no problems identified.

With the design of the well, logging programme and stimulation design now largely finalised, 88 Energy anticipates conclusion of key vendor contracts over the coming weeks, including rig selection. Availability of equipment for the planned design and schedule has been ascertained and no issues are expected on this front.

88 Energy says final processing of the Icewine 2D vibroseis data acquired by the company during the first half of 2016 across the Project Icewine acreage was successfully completed in November.

The range of preliminary leads identified in the Brookian and Beaufortian sequences, along with additional mapped leads have been matured and now form the basis of a diverse conventional prospect and Lead inventory across the Project Icewine acreage.

The majority of leads identified are stratigraphic: typically comprising slope apron, basin floor fan systems and turbidites. These leads are within proven play fairways with successful analogues on the North Slope.

88 Energy says: "A number of leads are associated with enhanced seismic amplitudes which is considered promising as it can indicate the presence of hydrocarbons. To further evaluate the enhanced amplitudes, an amplitude versus offset (AVO) analysis was undertaken - this work is ongoing and the initial results are encouraging."

At 8:05am: (LON:88E) 88 Energy Ltd share price was -0.1p at 2.13p

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