Last checked at 7 Jan 2019 07:00
7 January 2019
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
· Ice road construction commenced for Winx-1 exploration well
· Winx-1 Permit to Drill submitted
· Spud schedule for mid-late February 2019
Western Leases - Winx-1 Exploration Well
Construction of the ~11 mile ice road to the Winx-1 exploration well location commenced on the 2nd January 2019, as planned. The ice road will take approximately three weeks to complete, ahead of construction of the ice pad upon which Nordic Rig#3 will be located for the drilling of Winx-1.
An image of the Ice Road Construction for Winx-1 can be viewed at the link below:
http://www.rns-pdf.londonstockexchange.com/rns/3406M_1-2019-1-7.pdf
The Permit to Drill for Winx-1 was submitted to the Alaska Oil and Gas Conservation Commission (AOGCC) on schedule, prior to the end of calendar year 2018. All logistics and permitting remains on schedule for a mid-late February spud date. Additional details related to the drilling and testing program will be released in due course.
Winx-1 is located ~4 miles east of the Horseshoe-1/1A well that significantly extended the highly successful Nanushuk play fairway to the south. Winx-1 will target gross best estimate prospective resource of 400 million barrels of oil (144 million barrels net to 88E) across multiple stacked objectives, including the Nanushuk, which is the primary target of the well.
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: "Commencement of drilling at the highly anticipated Winx-1 exploration well is now as little as six weeks away, with everything proceeding to plan.
Winx-1 aims to further extend the Nanushuk play fairway, only 4 miles east of the recently successful Horseshoe well where similar seismic amplitude response was observed."
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
Cenkos Securities
Neil McDonald/Derrick Lee Tel: +44 131 220 6939