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.