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Keep eye on drilling next door to 88 Energy says broker

One of these wells is expected to be close to 88’s acreage said Patersons.

picture of snow-capped fields
Lots of drilling planned in Alaska

A catalyst for the 88 Energy’s (LON:88E ASX:88E) shares price in coming months will be drilling on the acreage adjacent to its Icewine project in Alaska says Aussie broker Patersons.

88 Energy has accumulated a significant acreage position (77.5% working interest in over 271,119 gross acres) across the Central North Slope, onshore Alaska and has partnered with a highly-experienced and well-recognised partner in Burgundy Xploration.

The company is currently planning its second well (Icewine#2), which would include planned multi-stage fracture stimulation and flow tests. Icewine#2 is scheduled to spud in March 2017.

Alongside its acreage, however, is the Great Bear licence and the outcome of drilling on this adjacent acreage to the north would be a boost to 88 Energy if successful says Patersons.

According to a recent announcement by Great Bear’s operator Otto Energy (OEL) its joint venture intends to drill between two and four wells on its acreage during the 2016-2017 drill season.

One of these wells is expected to be close to 88’s acreage said Patersons.

Ahead of that ‘speculative buy’ is its rating on 88E shares.

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