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Posts: 261
Opinion: No Opinion
Posted: August 29, 2018
RNS Number : 0996Z
88 Energy Limited
29th August 2018
88 Energy Limited
Operations Update
88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") provides the following update related to its operations, located on the North Slope of Alaska.
Highlights
· Rig Contract Executed for Western Blocks Drilling 1Q2019
· Winx Prospect located in the proven Nanushuk Play Fairway
o Permitting Progressing on Schedule
Western Blocks - Rig Contract Executed
88E, via its 100% owned subsidiary Captivate Energy Alaska, Inc., has executed a rig contract for the drilling of the Winx Prospect, located on the Western Blocks, North Slope of Alaska.
The Winx -1 well will test a 3D seismically defined oil prospect in the successful Nanushuk play fairway comprising multiple stacked objectives with a gross mean unrisked prospective resource of 400MMbbls (144MMbbls net to 88E) and a geological chance of success in the range of 25-30%.
For further details related to the transaction, please refer to the announcement dated 25th June 2018.
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 moveable hydrocarbons.
88 Energy Ltd Managing Director, Dave Wall, commented: "The execution of a rig contract is an important milestone for the Consortium as plans progress to drill the large Winx prospect in the first quarter of 2019."
The rig contract was executed with Nordic-Calista Services utilising Rig 3, which is a single module, self-propelled drilling rig, capable of drilling to depths of 12,000' - 14,500'. The rig structure is fully winterised for Arctic Operations and the rig has previously been utilized for grassroots drilling, exploration, sidetracks and workovers on the North Slope.
An image of the Nordic Calista Rig 3 can be viewed in the pdf version of this announcement which is available at the link below:
http://www.rns-pdf.londonstockexchange.com/rns/0996Z_1-2018-8-29.pdf
About Nordic-Calista Services:
In 1985 Nordic Well Servicing formed a joint venture partnership with Calista Corporation and Nordic-Calista Services was created. Founded in 1972, Calista Corporation is the second largest of the 13 regional corporations formed under the Alaska Native Claims Settlement Act (ANCSA) of 1971. It is a business corporation formed under State and Federal laws, including the Settlement Act and its amendments. In the Shareholders' Yup'ik Eskimo language the name "Calista" translates to "Cali" which means work and "ista" which means someone or something which does.
Nordic-Calista Services is directed by its President, Ron Rowbotham, and Financial Director, James Albach. With over 40 years of oilfield experience, Ron is committed to providing the benefit of his extensive knowledge and experience to each and every customer. Based in Anchorage, Nordic-Calista Services' Operations Manager, Noel Therrien, has over 30 years of service with the company and offers 20 plus years of operations experience in the arctic.
Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM Rules for Companies, the technical information and resource reporting contained in this announcement was prepared by, or under the supervision of, Mr Brent Villemarette, who is a Non-Executive Director of the Company. Mr Villemarette has more than 30 years' experience in the petroleum industry, is a member of the Society of Petroleum Engineers, and a qualified Reservoir Engineer who has sufficient experience that is relevant to the style and nature of the oil prospects under consideration and to the activities discussed in this document. Mr Villemarette has reviewed the information and supporting documentation referred to in this announcement and considers the prospective resource estimates to be fairly represented and consents to its release in the form and context in which it appears. His academic qualifications and industry memberships appear on the Company's website and both comply with the criteria for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and standards adopted by the Society of Petroleum Engineers "Petroleum Resources Management System" have been applied in producing this document.
Posts: 261
Opinion: No Opinion
Posted: June 13, 2018
RNS Number : 2276R
88 Energy Limited
13 June 2018
13th June 2018
88 Energy Limited
Operations Update
88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") is pleased to announce the following update for its projects located on the North Slope of Alaska.
Highlights
· Flowback commenced at Icewine#2
Project Icewine - Icewine#2 Production Testing
Flowback commenced, on schedule, at 22:30 11th June (AK time) to clean-up stimulation fluids from the Icewine#2 borehole with a well head pressure of 3,000 psi and flowback rate of 253 barrels of water per day. As at 1230 12th June (AK time), wellhead pressure was 816 psi with a flowback rate of 160 barrels of water per day. Based on the pressures and flow rates, there is no indication of any impediment to flow through the perforations at this stage. A production log has been run to confirm this, and the results will be disclosed to the market once the report has been finalised.
At this early stage of flowback, the fluid has not been run through the separator, so the hydrocarbon rate has not been measured. Flowback through the separator and gas chromatograph is expected to commence today.
The velocity string, comprised of 1.75" coiled tubing, is ready to be installed and connected to nitrogen lift utilising a membrane unit, currently set-up on location.
The Icewine#2 well is located on the North Slope of Alaska (ADL 392301). 88 Energy Ltd (via its wholly owned subsidiary, Accumulate Energy Alaska, Inc) has a 77.55% working interest in the well. The well was stimulated in two stages over a gross 128 foot vertical interval in the HRZ shale formation, from 10,957-11,085ft TVD, using a slickwater treatment comprising 27,837 barrels of fluid and 1,034,838 pounds of proppant.
Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM Rules for Companies, the technical information and resource reporting contained in this announcement was prepared by, or under the supervision of, Mr Brent Villemarette, who is a Non-Executive Director of the Company. Mr Villemarette has more than 30 years' experience in the petroleum industry, is a member of the Society of Petroleum Engineers, and a qualified Reservoir Engineer who has sufficient experience that is relevant to the style and nature of the oil prospects under consideration and to the activities discussed in this document. Mr Villemarette has reviewed the information and supporting documentation referred to in this announcement and considers the prospective resource estimates to be fairly represented and consents to its release in the form and context in which it appears. His academic qualifications and industry memberships appear on the Company's website and both comply with the criteria for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and standards adopted by the Society of Petroleum Engineers "Petroleum Resources Management System" have been applied in producing this document.
Posts: 261
Opinion: No Opinion
Posted: January 31, 2018
RNS Number : 4047D
88 Energy Limited
Corporate Presentation
88 Energy Limited ("88 Energy", "the Company") (ASX, AIM: 88E) is pleased to confirm that the Company's latest corporate presentation is now available at the link below and on the 88 Energy website at www.88energy.com.
http://www.rns-pdf.londonstockexchange.com/rns/4047D_-2018-1-30.pdf