Proactive Investors - Run By Investors For Investors

88 Energy confirms Winx-1 well reached total depth and hit multiple potential pay zones

“Whilst it is still early days, we are well placed and look to the wireline program with measured optimism," Dave Wall said
oil and gas operations
Further evaluation work and testing are now needed

88 Energy Ltd (LON:88E) shares jumped on Wednesday, continuing the recovery following a big drop last week after it told investors that on 3 March, the Winx-1 exploration well reached its total depth of 6,800 feet.

It added that all the well’s pre-drill targets were intersected by the well and multiple potential pay zones were identified, including a zone within the Nanushuk primary target.

READ: 88 Energy sees encouragement in additional Winx well results

A wireline logging programme, scheduled to take place immediately, aims to confirm prospectivity ahead of possible production testing, 88 Energy added

“Encouragingly, we encountered multiple potential pay zones in the primary target as well as one of the secondary targets,” said Dave Wall, 88 Energy managing director.

“Whilst it is still early days, we are well placed and look to the wireline program with measured optimism."

Today’s statement follows an earlier announcement on Monday, which walked back previous negativity that came after last week’s initial result in the shallower part of the Nanushuk – where ‘weak to moderate’ oil shows were determined by the exploration partners to be at the low end of the range that could be considered commercial.

This week, 88 Energy highlighted additional zones had been found and its communications to investors have struck a more positive sentiment.

Nevertheless, further evaluation work and testing will need to be concluded successfully before any definitive conclusions can be made regarding the potential discoveries.

In early afternoon trading, 88 Energy shares were 29.7% higher at 1.20p, back near six-month highs, having dropped to 0.79p last Friday.

 -- Adds share price --

View full 88E profile View Profile

88 Energy Ltd Timeline

Related Articles

Rig ship
May 07 2019
COPL hopes to start appraisal drilling at OPL 226 in mid-2019, subject to finance.
coal mine
April 01 2019
Lesedi is one of two projects Tlou has in Botswana and comprises five CBM prospecting licences
Cargo ship
Tue
MSAR is a cleaner substitute for heavy fuel oil that is burned to power large cargo ships
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use