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88 Energy Limited - Operations Update - Spud on Schedule

RNS Number : 1915Q
88 Energy Limited
15 February 2019
 

15th February 2019

 

88 Energy Limited

 

Operations Update - Spud on Schedule, Final Preparations Underway

 

88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to advise the following in relation to its oil and gas operations on the North Slope of Alaska.

 

Highlights: Winx-1

 

Spud on schedule for 15th February (AK time) - final preparations underway

 

Western Leases - Winx-1 Exploration Well

The Nordic Rig#3 arrived on location, as planned, on the 7th February (AK time). Rig up activities have proceeded smoothly and final preparations for spud are now underway. The call to "crew-up" was made at 0530 14th February (AK time), which usually indicates spud will occur within 24 hours. Regular updates will be made during the drilling operations.

 

The Nordic Rig#3 on location, ready to spud, and a map of the Winx-1 Well Location and Regional Nanushuk/Torok Discovery Wells can be viewed at the link below:

 

http://www.rns-pdf.londonstockexchange.com/rns/1915Q_1-2019-2-15.pdf

 

Winx-1 is located ~4 miles east of the Horseshoe-1/1A well that significantly extended the highly successful Nanushuk play fairway to the south. Winx-1 will target gross best estimate prospective oil resource of 400 million barrels of oil (144 million barrels net to 88E) across multiple stacked objectives, including the Nanushuk Formation, which is the primary target of the well.

 

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.

 

 

Media and Investor Relations:

88 Energy Ltd

Dave Wall, Managing Director                                                 Tel: +61 8 9485 0990

  Email: [email protected] 

 

Finlay Thomson, Investor Relations                                      Tel: +44 797 624 8471

 

Hartleys Ltd

Dale Bryan                                                                               Tel: + 61 8 9268 2829

 

Cenkos Securities                                                                 

Neil McDonald/Derrick Lee                                                      Tel: +44 131 220 6939


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Market: AIM
Market Cap: £88.16 m
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