Last checked at 15 Feb 2019 07:00
15th February 2019
88 Energy Limited
Operations Update - Spud on Schedule, Final Preparations Underway
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: Winx-1
o Spud on schedule for 15th February (AK time) - final preparations underway
Western Leases - Winx-1 Exploration Well
The Nordic Rig#3 arrived on location, as planned, on the 7th February (AK time). Rig up activities have proceeded smoothly and final preparations for spud are now underway. The call to "crew-up" was made at 0530 14th February (AK time), which usually indicates spud will occur within 24 hours. Regular updates will be made during the drilling operations.
The Nordic Rig#3 on location, ready to spud, and a map of the Winx-1 Well Location and Regional Nanushuk/Torok Discovery Wells can be viewed at the link below:
http://www.rns-pdf.londonstockexchange.com/rns/1915Q_1-2019-2-15.pdf
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 oil resource of 400 million barrels of oil (144 million barrels net to 88E) across multiple stacked objectives, including the Nanushuk Formation, 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.
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