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Operations Update

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RNS Number : 2887Q
88 Energy Limited
18 February 2019
 

18th February 2019

 

88 Energy Limited

 

Operations Update - Drilling Commenced

 

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

 

Winx-1 drilling commenced 15th February 15:15 (AK time) - on schedule

 

Western Leases - Winx-1 Exploration Well

The Nordic Rig#3 commenced drilling of the Winx-1 exploration well at 15:15 on the 15th February (AK time) - on schedule. The well was drilled to 600' prior to pulling out of hole to pick up the smart bottom hole assembly, with logging while drilling tools attached. At 11:45 17th February (AK time), Nordic Rig#3 was drilling ahead at 880'. The forward plan is to deepen the hole to ~2,500' before setting surface casing. See schedule below for additional details.

 

Regular updates will be made during drilling operations.

 

Images showing (a) the Nordic Rig#3 on location, drilling ahead (b) the Winx-1 drilling and testing schedule (base case) and (c) a map of the Winx-1 Well Location and Regional Nanushuk/Torok Discovery Wells can all be viewed at the link below:

 

http://www.rns-pdf.londonstockexchange.com/rns/2887Q_1-2019-2-17.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


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 0.9884

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Market Cap: £67.92 m
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