88 Energy Limited - Operations Update
· Multiple high-quality parties active in conventional dataroom
o Deadline for bids extended due to request
o Deal now targeted for 1Q 2019
· Initial HRZ review by
o Additional value add analysis now underway ahead of finalising farm-out package
· Yukon Leases - 3D seismic processing continues with inversion now underway
· Western Leases - Winx-1 exploration well on schedule for
Project Icewine - Conventional
The level of interest and the quality of parties in the Project Icewine Conventional farm-out dataroom remains highly encouraging.
Project Icewine -
The Project Icewine JV engaged
Given the rapid advancement of unconventional assessment technologies over the past several years,
The JV is also working with the
In summary, the HRZ shale remains prospective and will continue to be a focus for
The Yukon Leases contain the recently defined Cascade Prospect (refer release dated
Cascade was intersected by the Yukon Gold-1 well, drilled in 1993, which penetrated the prospect in a down-dip location in reasonable quality, hydrocarbon saturated sandstone. The up-dip portion of the prospect can now clearly be identified as a channelised feature and is likely to contain thicker sands of higher quality.
As recently announced, all major permits associated with the drilling of the Winx-1 well (with the exception of the Permit to Drill) are now in hand. The Permit to Drill will be submitted prior to year-end, as planned. All other logistics are on schedule for commencement of drilling at Winx in
Winx-1 is located ~4 miles east of the Horseshoe1/1A well that significantly extended the highly successful Nanushuk play fairway to the south. Winx-1 will target multiple stacked potential objectives, including the Nanushuk, which is the primary target of the well.
Commenting on the operations update,
The first quarter of 2019 is shaping up to be an important period for the Company with results expected from ongoing analysis related to the HRZ shale, the drilling of the Winx-1 exploration well, further definition of the potential on the Yukon Leases and, of course, the Project Icewine conventional farm-out.
We look forward to a prosperous 2019 and wish all our shareholders a safe festive season."
Media and Investor Relations:
Email: [email protected]
Finlay Thomson, Investor Relations Tel: +44 797 624 8471
Dale Bryan Tel: + 61 8 9268 2829
Neil McDonald/Derrick Lee Tel: +44 131 220 6939
This information is provided by RNS, the news service of the
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