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88 Energy gives quarterly update

19 July 2017 09:20

88 Energy has issued a report on activities for the quarter ended 30 June with the highlight being the spud of Icewine#2 production test well which occurred on 24 April, with the following key project milestones: - The Arctic Fox drilling rig reached a Total Depth of 11,450' on 15 May , on schedule and without incident - Wireline logging successfully completed throughout the production interval - Stage 1 and Stage 2 stimulation operations completed successfully, with over 98% of the intended proppant volume placed in the HRZ reservoir - Flowback commenced on 19 June with ~16% of stimulation fluid recovered prior to shut in on 10 July, with trace hydrocarbons encountered during flowback

- Drilling and production testing expenditure anticipated to be within budget

The company said the well was shut in on 10 July for an anticipated period of 6 weeks to allow for pressure build up and imbibition to occur.

The company said that at the end of the quarter, it had cash reserves of A$31.6m, including cash balances held in joint venture bank accounts.

At 9:20am: (LON:88E) 88 Energy Ltd share price was -0.05p at 1.58p

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