88 Energy Limited (“88 Energy”, “the Company”, “Operator”) (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.
Highlights
– Rig mobilisation complete for drilling of the Icewine#2 HRZ shale appraisal well
– Doyon Drilling Inc’s Arctic Fox rig has been mobilised to the Icewine#2 location
– Cellar and conductor installation underway on the Franklin Bluffs pad
– Spud on schedule for April 2017
– Stimulation and flow test of the HRZ shale expected to commence June-July 2017
Icewine#2 Progress Update
As of 21st March 2017, the Arctic Fox drilling rig had completed mobilisation to the Franklin Bluffs gravel pad, the location for the Icewine#2 appraisal well. The conductor has been set and installation of the cellar is currently underway. Final permit approval and delivery of additional equipment required for spud remain on schedule for an April 2017 spud.
Managing Director of 88 Energy Limited, Dave Wall commented:
“The Arctic Fox is now on location at Franklin Bluffs and ready to rig up ahead of expected spud in April. All items required to commence drilling in the near-term remain on schedule.
We are now entering an exciting phase of evaluation at Project Icewine as we seek to establish the production potential of the HRZ shale. Regular updates will be provided as appropriate during the course of operations.”
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.
