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Premier Oil Leaves 88 Energy Joint Venture As Alaska Well Abandoned

Tue, 07th Apr 2020 10:56

(Alliance News) - Premier Oil PLC on Tuesday noted the announcement by 88 Energy Ltd that the Charlie-1 well in Area A on the North Slope of Alaska has confirmed the presence of mobile hydrocarbons in the Torok formation.

Shares in Premier Oil were 10% higher at 27.70 pence on Tuesday in London, while 88 Energy shares plunged by 70% to 0.33p, after closing at 1.10p on Monday.

The hydrocarbons were in the form of condensate gas, which were recovered to surface from both the Middle Stellar and Lower Stellar targets.

However, Premier Oil said that the gas condensate is more challenging to commercialise than the light oil the well was targeting, and as a result it will exit the Area A joint venture once regulatory approvals have been received.

Prior to this decision, Premier Oil had a 60% interest in Area A, while 88 Energy had a 30% operating interest and Burgundy LLC a 10% interest.

88 Energy itself said it will plug and abandon the well instead of moving to suspension or testing.

The reasons given by 88 Energy for its decision were uncertainty over access to required personnel due to the Covid-19 pandemic, further analysis needed on whether the discovery can even be commercialised, and reluctance to create a future liability if analysis comes to the same conclusion of plugging and abandonment.

"Charlie-1 has delivered a mixed result. On the one hand, we have confirmed the presence of mobile hydrocarbons in the primary targets of the well but, at the same time, there are challenges that need to be more fully understood related to whether these can be commercialised on the North Slope," said 88 Energy Managing Director Dave Wall.

"Samples of the hydrocarbons have been recovered to surface and will now be the subject of further analysis in the coming months. The risks related to the shallower targets have unfortunately been borne out, with one found to be water bearing and the other to have no sand development," Wall added.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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88 Energy updates market on Hickory-1 well in Alaska

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IN BRIEF: 88 Energy says operations underway at Hickory-1 well

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IN BRIEF: 88 Energy in final preparations for Hickory-1 flow test

88 Energy Ltd - Alaska-focused oil exploration company - Says flow testing operations are advancing at the Hickory-1 well at the Phoenix project in Alaska. Construction of the ice pad and rig commissioning have been completed, and camps have been mobilised to the Hickory-1 location. Company expects to complete final preparations within the next seven to ten days, including completing rig mobilisation and associated services.

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IN BRIEF: 88 Energy Hickory-1 well flow test to start in February

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88 Energy gearing up for Hickory-1 flow test

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88 Energy to commence USD11 million Hickory well tests in mid-February

88 Energy Ltd - Alaska-focused oil exploration company - Says it will conduct a flow rate and well stimulation program at its Hickory-1 well, expected to commence in mid-February. Testing for the well, which is located at 88's Phoenix project in Alaska, has a budget of USD11 million and is fully funded according to the company. The Hickory-1 well was first spudded in March and was suspended in April ahead of the upcoming flow tests. The tests' design, planning and logistics are complete, the company says, and permitting is on track for the end of January. Testing will focus on the well's slope fan system and shelf margin deltaic, both of which will be tested separately. The company says that the tests are intended to provide "critical" information for refining the well's development plans, including the reservoirs' durability, fluid compositions, pressures and connectivity.

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UK shareholder meetings calendar

Tuesday 9 January 
Agriterra LtdAGM
DX Group PLCGM re acquisition by HIG Capital funds
GENinCode PLCGM re fundraise
Leeds Group PLCGM re sale of subsidiary Hemmers-Itex
Smart Metering Systems PLCGM re acquisition by KKR funds
Wednesday 10 January 
Hummingbird Resources PLCGM re share placement
Ironveld PLCAGM
Reabold Resources PLCGM re appointment of new directors
Safestyle UK PLCEGM re approve winding up of company
Scirocco Energy PLCGM re proposed disposal of interests in Energy Acquisitions Group Ltd
Versarien PLCGM re capital reorganisation
Thursday 11 January 
Pennpetro Energy PLCAGM
R&Q Insurance Holdings LtdGM re sale of Accredited to Onex Corp
Ten Entertainment Group PLCGM re takeover by Trive funds
Friday 12 January 
Ashington Innovation PLCAGM
Dukemount Capital PLCAGM
Monday 15 January 
88 Energy LtdGM re fundraising
Mondi PLCGM re special dividend
SRT Marine Systems PLCGM re fundraising
Strip Tinning Holdings PLCGM re fundraising
  
Copyright 2024 Alliance News Ltd. All Rights Reserved. 

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