88 Energy Limited - Operations Update
· Rig Contract Executed for Western Blocks Drilling 1Q2019
· Winx Prospect located in the proven Nanushuk Play Fairway
o Permitting Progressing on Schedule
Western Blocks - Rig Contract Executed
88E, via its 100% owned subsidiary
The Winx -1 well will test a 3D seismically defined oil prospect in the successful Nanushuk play fairway comprising multiple stacked objectives with a gross mean unrisked prospective resource of 400MMbbls (144MMbbls net to 88E) and a geological chance of success in the range of 25-30%.
For further details related to the transaction, please refer to the announcement dated 25th
Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
88 Energy Ltd Managing Director,
The rig contract was executed with Nordic-Calista Services utilising Rig 3, which is a single module, self-propelled drilling rig, capable of drilling to depths of 12,000' - 14,500'. The rig structure is fully winterised for Arctic Operations and the rig has previously been utilized for grassroots drilling, exploration, sidetracks and workovers on the
An image of the Nordic Calista Rig 3 can be viewed in the pdf version of this announcement which is available at the link below:
About Nordic-Calista Services:
In 1985 Nordic Well Servicing formed a joint venture partnership with
Nordic-Calista Services is directed by its President,
Pursuant to the requirements of the
Media and Investor Relations:
Email: [email protected]
Finlay Thomson, Investor Relations Tel: +44 7976 248471
Dale Bryan Tel: + 61 8 9268 2829
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee
88 Energy Alaska North Slope Assets Overview
The Project is located on an all year operational access road with both conventional and unconventional oil potential. The primary term for the State leases is 10 years with no mandatory relinquishment and a low 16.5% royalty.
The HRZ liquids-rich resource play has been successfully evaluated based on core obtained in the Icewine#1 exploration well (
Production testing at Icewine#2 concluded on
Significant conventional prospectivity has also been identified on recently acquired 2D and 3D seismic across the project acreage.
A map of 88 Energy's North Slope Acreage (the "Map") can be viewed in the pdf of this announced which is available at the link above.
Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.
A Prospective Resources Report by DeGolyer and MacNaughton, was commissioned by 88 Energy to evaluate the unconventional resource potential of Project Icewine in
The Yukon Gold leases are located on the eastern border of the Central North Slope of Alaska and were acquired in 2018. 88 Energy via its subsidiary has a 100% working interest in these leases, totalling 14,194 acres. The leases contain an historic discovery well, Yukon Gold #1, which is currently being evaluated internally. 3D seismic was acquired in early 2018 to assist with this process and results are expected in 4Q2018. The leases are marked in yellow on the Map.
88 Energy is earning a 36% working interest in four leases (totalling 22,711 acres) immediately adjacent to the Horseshoe#1/1A oil discovery well. 88 Energy, with its consortium partners
This information is provided by RNS, the news service of the
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