logo-loader
view88 Energy Ltd

88 Energy says Charlie-1 well is “progressing to plan” ahead of February spud

"The New Year is off to a busy start for the Alaska operations team with all activity progressing as planned,” said managing director Dave Wall

88 Energy Ltd - 88 Energy says Charlie-1 well is “progressing to plan” ahead of February spud
Ice road construction is ongoing - image source: @88EnergyLtd / Twitter

88 Energy Ltd (LON:88E) has told investors that the preparation for the Charlie-1 well is “progressing to plan” with spudding expected soon.

In a statement, he Alaska-focused explorer said that ice road construction is underway and its base layer is presently about 25%.

A permit to drill has been submitted, with approval expected in January.

READ: 88 Energy finalises Premier farm-out

It said that a more accurate forecast for the anticipated February spud along with the timings for drilling, logging and testing will be communicated in due course.

"The New Year is off to a busy start for the Alaska operations team with all activity progressing as planned,” said Dave Wall, 88 Energy managing director.

Initial cash call funds have been receipted into the joint venture account, the company added.

Under a farm-out agreement, finalised in November partner Premier Oil PLC (LON:PMO) is to pay up to US$23mln of Charlie’s well costs, as it earns 60% of the project.

The Charlie-1 well aims to appraise the conventional and undeveloped Malguk discovery, made by BP in the early 1990s.

Pre-drill the project has been estimated to have some 1.6bn barrels of prospective resources, which would equate to 480mln barrels for 88 Energy - valued at about £50mln.

Quick facts: 88 Energy Ltd

Price: 0.265 GBX

AIM:88E
Market: AIM
Market Cap: £22.99 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of 88 Energy Ltd named herein, including the promotion by the Company of 88 Energy Ltd in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

88 Energy ltd boss: things are looking good, potential for farm-out

88 Energy ltd (LON:88E) Managing Director Dave Wall tells Proactive Investors that how the company has been through a period of consolidation including fundraising and acquisitions. "We've raised A25mln, we've finalized the purchase of 170,000 acres, we've completed the acquisition of some 2D...

on 08/02/2016

2 min read