RNS1 Mar 2019 07:46
1st March 2019
88 Energy Limited
Operations Update - Interim Results from Drilling
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) advises the following in relation to its oil and gas operations on the North Slope of Alaska.
Highlights: Winx-1
· Oil shows have been observed whilst drilling within the Nanushuk Formation in the Winx-1 exploration well
o Preliminary review of the interval suggests that the zone in which the shows were encountered is at the lower end of the range required for commerciality; however, further petrophysical analysis is necessary
· No oil shows were recorded in the shallower secondary target (Seabee turbidites)
· Forward plan is to continue drilling to test the deeper objectives
Western Leases - Winx-1 Exploration Well
The Winx-1 exploration well intersected a zone of interest in the Nanushuk Formation between 4,460' and 4,530' on the 28th February 2019. Weak to moderate oil shows were recorded, including fluorescence and crush/cut fluorescence, whilst drilling through this zone; however, initial petrophysical analysis indicates potentially high water saturation. Additional analysis is ongoing and will be reported once available. The Seabee turbidite target at ~4,272' exhibited no evidence of hydrocarbon saturation.
The forward plan is to continue drilling ahead to TD to test the deeper objectives.
A chart detailing the Winx-1 drilling and testing schedule (base case) and a map of the Winx-1 Well Location and Regional Nanushuk/Torok Discovery Well