Last checked at 17 Dec 2018 07:00
17 December 2018
88 Energy Limited
Operations Update
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to advise the following in relation to its oil and gas operations on the North Slope of Alaska.
Highlights
· All major permits (excluding Permit to Drill) granted for the drilling of the Winx-1 exploration well
· Permit to Drill on schedule for submission prior to year-end, approval expected January 2019
· Preparations for ice road and pad construction underway, build start planned January 2019
· Spud of Winx-1 exploration well targeting multiple objectives on schedule for February 2019
Winx-1 Exploration Well, Western Blocks (88E earning 36%)
88 Energy, in its capacity as Drilling Manager, has now received approval for all the major permits required for the drilling of the Winx-1 exploration well, except for the 'Permit to Drill'. As planned the Permit to Drill is due for submission prior to the end of the year and approval is expected in January, prior to spud in February 2019.
A map of the Winx well location and an image of the Stacked Targets can be viewed at the link below:
http://www.rns-pdf.londonstockexchange.com/rns/6101K_1-2018-12-17.pdf
The Winx-1 exploration well is located onshore North Slope of Alaska, ~4 miles east of the Horseshoe#1/1A discovery well, which substantially extended the fairway for the successful Nanushuk oil play. Winx-1 has a best estimate unrisked prospective resource of 400 million barrels of oil, (net to 88E 144 million barrels - refer release 30th July 2018), over multiple stacked objectives, including the Nanushuk Formation (primary target).
Further details of Winx-1 operations related to the date of spud, drilling plan and contingent testing program will be released closer to commencement of drilling.
Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.
Commenting on the operations update, Dave Wall, Managing Director of 88 Energy, stated:
"Permitting and logistics for the drilling of Winx-1 are proceeding as planned or ahead of schedule.
The well itself is shaping up to be one of the most anticipated of the season due to its exploratory nature and because it is testing the extension of a fairway that has already yielded over one billion barrels in discovered resource in the last four years."
Media and Investor Relations:
88 Energy Ltd
Dave Wall, Managing Director Tel: +61 8 9485 0990
Email: admin@88energy.com
Finlay Thomson, Investor Relations Tel: +44 797 624 8471
Hartleys Ltd
Dale Bryan Tel: + 61 8 9268 2829
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Neil McDonald/Derrick Lee Tel: +44 131 220 6939