88 Energy Limited - Icewine#2 Well Design and 2D Seismic Update
Icewine#2 Well Design Complete and Preliminary 2D Seismic Results
· Finalisation of Well Design for Icewine#2
o Well design revised and finalised as vertical completion with multi-stage stimulation
o Optimised to achieve program objectives at reduced cost
§ 88E fully funded for Icewine#2 from current cash position
o New design will test both HRZ/HUE shales with potential for significant resource upgrade
· Interpretation of inline/crossline 2D in Franklin Bluffs Area progressing well
o Subtleties of seismic stratigraphic plays clearly imaged on new 2D extracts
o Progradational sequence evident, potential basal floor fan, amplitude anomaly
· Processing of 2D data from recently acquired vibroseis over two thirds of Project Icewine acreage nearing completion
o Data is of high resolution with excellent lateral reflector continuity throughout the stratigraphic sequence
Well Design Complete
The vertical well design will allow the Joint Venture to:
· test production potential of entire HRZ/HUE interval with potential for resource upgrade
o 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
For more detail, please refer to the presentation releases on ASX today, which is also available on the Company's website www.88energy.com.
Preliminary 2D Seismic Results
Interpretation of the processed inline/crossline 2D seismic data (purchased as extracts from 3D seismic acquired in 2015 using dynamite) is at an early stage, but is progressing well due to the excellent data quality. Initial observations indicate the presence of seismic stratigraphic features, consistent with a potential basin floor fan play fairway. Further seismic interpretation and geological analysis is required to evaluate the exploration potential of this fairway, which could lead to the maturation of an attractive drilling portfolio.
In addition, processing of the 2D data acquired this year by
Further details on the finalised well design and 2D seismic progress can be found in the presentation released to the ASX today, which is also available on the Company's website www.88energy.com.
Managing Director of
Additionally, we are highly encouraged by the initial results from the 2D seismic at this very early stage of interpretation."
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Project Icewine Highlights
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 recently completed (
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.
Generous exploration incentives are provided by the
The primary objective is an untested, unconventional liquids-rich shale play in a prolific source rock, the HRZ shale (Brookian Sequence), that co-sourced the largest oil field in
Conventional play potential can be found at Project Icewine within the same Brookian petroleum system and shallow to the HRZ shale and includes high porosity channel and deep water turbiditic sands. The Brookian conventional play is proven on the
Drilling in (2012), on the adjacent acreage to the north, confirmed that the HRZ shales, along with the underlying Kingak & Shublik shales, were all within the oil window which is extremely encouraging for the unconventional potential at Project Icewine. In addition, a conventional oil discovery was reported in the Kuparuk sandstones.
A Prospective Resources Report by
This information is provided by RNS
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