Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

88Energy Ltd soars again as it plans fracking phase in Alaska

“Icewine #1 cored a new kind of hybrid resource play that appears to have numerous similarities to reservoirs known as Low-Contrast Low-Resistivity (LCLR), or Low Contrast Pay (LCP)."
88Energy Ltd soars again as it plans fracking phase in Alaska
Alaska potential to be unlocked by phase 2 believes 88

The rise in shares of 88Energy Ltd (LON:88E) continued as the Alaska-based oil group said it had completed phase one of its Icewine project.

Shares rose 26% to 3.88p to take the rise since the start of the year to more than 800%.

In short, 88 said: “Icewine #1 cored a new kind of hybrid resource play that appears to have numerous similarities to reservoirs known as Low-Contrast Low-Resistivity (LCLR), or Low Contrast Pay (LCP).

“These reservoirs are characterised by production metrics and performance more commonly associated with conventional resources.”

An independent resources report is scheduled for mid-April that will incorporate Icewine#1’s results.

Work has now started on phase 2, the company said, which will involve multi-stage fracking through a horizontal appraisal well, Icewine#2H.

The phase 2 exploration will unlock the resource potential, he added.

Dave Wall, managing director, added that the group had overcome three potential hurdles during the first phase: effective bottom seal and frackability; wet gas thermal maturity and matrix permeability.

“Based on this information, the company’s assessment is that the HRZ is a siliceous shale, most similar to the Haynesville and Marcellus, and will be highly amenable to fracture stimulation.”

Those fields gave rise to exceptional flow rates, though 88 expects liquids as opposed to gas.

“Further work to fine tune frac design is now underway and we also expect seismic acquisition to commence imminently,” Wall said.

PhilW.jpg
Why Invest In 88 Energy ltd? Read More Here

Register here to be notified of future 88E Company articles
View full 88E profile

88 Energy ltd Timeline

Related Articles

A drill rig
July 24 2016
Greka recently sunk two directional wells as part of a previously struck contract with the Indian oil giant Essar.
Picture of palm oil kernels, from which crude palm oil is produced
May 19 2016
Tomco says the palm oil opportunity has low capex costs and potential for cash flows starting in mid-2017.
two oil rigs in the North Sea
October 31 2016
The challenging oil and gas markets have forced Plexus to make fundamental changes to its business, changes which it says have made it a stronger company than when the downturn set in

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.