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Rns not released yet but its on their twitter.
88 Energy Limited
Operations Update
88 Energy Limited ("88 Energy" or the “Company", ASX:88E, AIM 88E) is pleased to provide the
following update related to operations for the Charlie-1 appraisal well, which is currently being drilled
on the North Slope of Alaska.
Highlights
• Total Depth of 11,112’ reached in the Kuparuk Formation
• Logging While Drilling results largely consistent with Malguk-1
• Wireline logging underway
Detail
The Charlie-1 well reached its Total Depth of 11,112’ (TVD) on 30th March 2020 at 0659 (AEST),
having drilled through and logged all of the targets in the well, including the HRZ. Results from the
Logging While Drilling program are largely consistent with those seen in the nearby Malguk-1 well,
drilled by BP in 1991, with shows and elevated log response recorded over several horizons. The
significance of the similarities, and differences, to Malguk-1 will not be known until after the more
detailed wireline logging program has been executed and analysis completed. Wireline logging has
commenced and is expected to take approximately 7 days, including initial analysis.
The Company can confirm that COVID-19 continues to have no impact on the program to date and
appropriate measures have been put in place to ensure that any potential impacts are being
proactively addressed.
About the Charlie-1 Appraisal Well
The Charlie-1 appraisal well has been designed as a step out appraisal of a well drilled in 1991 by BP
Exploration (Alaska) Inc called Malguk-1. Malguk-1 encountered oil shows with elevated resistivity
and mud gas readings over multiple horizons during drilling but was not tested due to complications
towards the end of operations, which resulted in lack of time before the close of the winter drilling
season. It was also drilled using vintage 2D seismic, which was insufficient to adequately determine
the extent of any of the prospective targets encountered.
88 Energy subsequently undertook revised petrophysical analysis, which identified what is interpreted
as bypassed pay in the Malguk-1 well. 88E also completed acquisition of modern 3D seismic in 2018,
in order to determine the extent of the discovered oil accumulations. Charlie-1 will intersect seven
stacked prospects, four of which are interpreted as oil bearing in Malguk-1 and are therefore
considered appraisal targets. 88 Energy will operate Charlie-1, via its 100% owned subsidiary
Accumulate Energy Alaska, Inc, with cost of the well to be funded by Premier Oil Plc up to US$23m
under a recent farm-out agreement. Drilling commenced on 2nd March 2020 and flow testing is
anticipated to conclude in April 2020. The total Gross Mean Prospective Resource across the seven
stacked targets to be intersected by Charlie-1 is 1.6 billion barrels of oil (480 million barrels net to
88E). Refer announcement dated 23rd August 2019
I suggest you see the oil price recovery after previous pandemics. Also you account absolutely nothing to the Andrew purchase, which is currently 23k barrels a day at $6 lift costs which is all back dated.... Also new production coming online q3.
This idiot pumps and dumps, do not listen to his advice.
He blocks anyone who dares to question his ramps you can see by his earlier message he has not got a flipping clue.... Good rns lol! Idiot
Given their lateness to report the short, when will they be reducing the short given the horrendous performance and positive outlook? I bought into pmo with the positive news, plus the added bonus that if the do decide to close the short it can only have a positive effect on the share price.
The demand for weekly updates, for him to explain himself ect ect it's kinda pathetic, you guys are obviously under water as you bought into hype rather than fundamentals. If you bought in because you can see where this could end up then nothing has changed, 2019 was about building, 2020 will be about growing revenue and getting contracts in place. This kind of thing doesn't happen over night. I bought in around 11 it's down but I'm not overly concerned,i have stop losses set if i got my buy point wrong then fair enough. Whining like petulant children on a bb won't change anything, sell your shares if your not happy and look elsewhere.ATB.
Yeh I was monitoring this at 20-25p felt that it was over priced given current state of company. Happy to be in much lower than that though.
I got my buy in point slightly wrong with this, it's still very high risk but I understand the model they are trying to do, if they get it right then this should be a nice return for my ISA.
@100kto1m
I invested in serica with the expectation of them getting a deal for Andrew, they have missed out on that but moving forward expect them to look for other options. Long term growth for the company still looks good due to cash generation. Looks like I got my buy in point wrong but as long as poo stays up above $55 the business moving forward won't have any issues. M&a will be the path too higher share price, let's see what happens this year.
@100kto1m to see my current portfolio
Yes, but not currently in place.
Lets see what happens, the potential is huge if they get it right. Helx filtered.
I wouldn't worry too much about the day to day.
I believe in this idea, it's something I understand. My only concern would be the protection of IP since the idea is easily copied.
Seem to be leading the sector in terms of development, still think this will be a M&A target for someone within 2 years, this kind of sector its all about the people as well.
Might be wrong, but i've got £10k in from my portfolio because I can see the potential.
Started my Trading Journal for this year @100kto1m hope to chat more to fellow BIDS investors.
Hi, recently invested here.
Looking forward to 2020. Could be great year for Serica.
ATB. Journal @100kto1m
Hi, recently invested here.
Looking forward to 2020.
ATB.