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88 Energy readies for second well in Alaska

Next quarter will see the appraisal and evaluation of the results so far ahad of its second exploration well.

Icewine.jpg
Second well preparations underway in Alaska

Alaska-focused oil 88 Energy ltd (LON:88E ASX:88E) has spelt out its plans for the next stage of development of its keenly anticipated Icewine project.

Earlier this month, managing director Dave Wall described as ‘astounding’ the correlation between projections for its first well, Icewine-1, and the actual results.

That update, on April 6, quoted an independent expert estimating ‘billion barrel’ potential in the HRZ shale at Icewine, on Alaska’s North Slope.

Since then, 88 has raised A$25mln though a placing and for the next quarter will use that money to appraise and evaluate the results so far while planning for its second exploration well.

Planning includes elements such as the type of fracking material (proppant), fracking fluid, 2D seismic acquisition, the design of the Icewine-2 well and simulations using information from Icewine-1.

In the three months to March, 88 spent A$9.6mln on exploration and evaluation.

Quick facts: 88 Energy Ltd

Price: 1 GBX

AIM:88E
Market: AIM
Market Cap: £68.72 m
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