RE: Indication of FO18 Mar 2019 10:58
Before we get any more spurious posts from uninformed individuals, and to appease the extraordinary laziness of some, I thought that I would deliver the salient paragraphs from 20th December 2018 RNS:
Highlights
* Multiple high-quality parties active in conventional dataroom
* Deadline for bids extended due to request
* Deal now targeted for 1Q 2019
* Initial HRZ review by Baker Hughes encouraging
* Additional value add analysis now underway ahead of finalising farm-out package
*· Yukon Leases - 3D seismic processing continues with inversion now underway
Project Icewine - Conventional
The level of interest and the quality of parties in the Project Icewine Conventional farm-out dataroom remains highly encouraging. 88 Energy decided to honour requests for an extension to the year-end deadline in order to maximise the number of bid ready parties, whilst also remaining within the logistical schedule required for the drilling of multiple wells in the 2020 operating season. Consequently, the Company is now targeting close of a deal in 1Q 2019.
Project Icewine - HRZ Shale
The Project Icewine JV engaged Baker Hughes, a GE Company, to undertake a comprehensive, ground-floor peer review of data and analysis, both internal and third-party, related to the HRZ shale. This analysis included the pre-drilling work completed by Burgundy Xploration as well as data obtained from the Icewine-1 and Icewine-2 wells. Baker Hughes brings global experience from both longstanding and burgeoning unconventional plays to provide integrated geological, structural, petrophysical, and geomechanical interpretations for evaluation of the HRZ shale. The initial review is now complete and is consistent with the prior work done.
Given the rapid advancement of unconventional assessment technologies over the past several years, Baker Hughes has recommended several new state-of-the-art lab tests to augment the current body of work. The main thrust of the work being undertaken is to better understand the producibility of the formation by advanced electron microscope analysis, which will allow for a spatial understanding of landing zones in a horizontal lateral. This work incorporates an integrated producibility, fracability and geohazards model to find optimal placement for a lateral well in addition to a completion and stimulation program.
The JV is also working with the U.S. Geological Survey (USGS), who have access to specialist testing equipment, which allows for better definition of quantitative oil and gas biomarkers, kerogen, age dating, as well as variability in source rock geochemistry, both vertically within the core due to changes in lithofacies and laterally across the fairway.
In summary, the HRZ shale remains prospective and will continue to be a focus for 88 Energy in order to unlock its considerable value for shareholders. Work currently underway is expected to be complete in 1H 2019 ahead of commencing farm-out proceedings.
Sign In
Follow the stocks
