88 Energy Limited Charlie-1 Appraisal Well Update (7705P)
15 Octubre 2019 - 1:00AM
UK Regulatory
TIDM88E
RNS Number : 7705P
88 Energy Limited
15 October 2019
15(th) October 2019
88 Energy Limited
Charlie-1 Appraisal Well Update
88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company")
provides the following update related to the upcoming drilling of
the Charlie-1 appraisal well at Project Icewine, located on the
Central North Slope, Alaska.
Highlights
-- Rig contract executed for Charlie-1 appraisal well
-- Operational activity for Charlie-1 progressing to plan for February 2020 spud
-- Farm-out with Premier Oil Plc expected to complete shortly
Operations Update
88 Energy Ltd, via its 100% owned subsidiary Accumulate Energy
Alaska, Inc ("Accumulate"), has executed a rig contract with
Nordic-Callista Services to utilise Rig-3 for the upcoming drilling
of the Charlie-1 appraisal well. 88 Energy utilised Rig-3 for the
drilling of the Winx-1 well in March 2019 and was extremely pleased
with its safe and efficient performance throughout the course of
operations.
Significant progress has been made on the permitting front, with
only two of the key permits now outstanding; the Plan of Operations
and Permit to Drill, which are both in the process of being
finalised and approved. Additionally, tendering and finalisation of
contracts for equipment and services required for Charlie-1 are
advancing as planned.
The conditions precedent related to the recent farm-out with
Premier Oil Plc are being completed according to schedule, with all
conditions expected to be met prior to the end of November
2019.
About the Charlie-1 Appraisal Well
The Charlie-1 appraisal well has been designed as a step out
appraisal of a well drilled in 1991 by BP Exploration (Alaska) Inc
called Malguk-1. Malguk-1 encountered oil shows with elevated
resistivity and mud gas readings over multiple horizons during
drilling but was not tested due to complications towards the end of
operations, which resulted in lack of time before the close of the
winter drilling season. It was also drilled using vintage 2D
seismic, which was insufficient to adequately determine the extent
of any of the prospective targets encountered.
88 Energy subsequently undertook revised petrophysical analysis,
which identified what is interpreted as bypassed pay in the
Malguk-1 well. 88E also completed acquisition of modern 3D seismic
in 2018, in order to determine the extent of the discovered oil
accumulations. Charlie-1 will intersect seven stacked prospects,
four of which are interpreted as oil bearing in Malguk--1 and are
therefore considered appraisal targets. 88 Energy will operate
Charlie-1, via its 100% owned subsidiary Accumulate Energy Alaska,
Inc, with cost of the well to be funded by Premier Oil Plc up to
US$23m under a recent farm-out agreement. Drilling is scheduled to
commence in February 2020 with flow testing anticipated to conclude
in April 2020. The total Gross Mean Prospective Resource across the
seven stacked targets to be intersected by Charlie-1 is 1.6 billion
barrels of oil (480 million barrels net to 88E). Refer announcement
dated 23(rd) August.
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.
CHARLIE-1 INTERSECTED HORIZONS
Prospective Oil Resource MMBO (Unrisked)
-----------------------------------------------------------------------------------
Prospects and Leads August 2019: Post Farm-Out
Horizon / Play Low Best High Gross Net Mean
Mean to 88E
Indigo Discovery Schrader/Topset 225 358 543 374 112
Charlie Prospect Schrader/Topset 126 201 304 210 63
Seabee/Apron
Lima Upper Prospect Fan 23 66 144 77 23
Seabee/Apron
Lime Lower Prospect Fan 77 240 528 299 90
Stellar Upper Discovery Torok Fan 121 234 394 249 75
Stellar Middle
Discovery Torok Channel 148 277 455 292 88
Stellar Lower Prospect Torok Fan 51 93 150 98 29
------------------------- ----------------- ---- ----- ----- ------ ---------
CHARLIE-1 TOTAL: 1,599 480
---------------------------------------------------------------- ------ ---------
A graphic showing the proposed Charlie-1 well location and the
seven stacked horizons referred to in the table above can be viewed
at the following link
http://www.rns-pdf.londonstockexchange.com/rns/7705P_1-2019-10-14.pdf
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 7976 248471
Hartleys Ltd
Dale Bryan Tel: + 61 8 9268 2829
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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