Proactive Investors - Run By Investors For Investors

88 Energy still ‘committed and confident’ in Alaska shale play as it expands Project Icewine footprint

“The leasing strategy has been designed to strike a balance between this confidence and available capital whilst we build towards completion of the flowback and production testing of the Icewine#2 well in 1H 2018."
oil and gas operations
Well operations will resume in the spring

88 Energy Ltd (LON:88E) managing director Dave Wall told investors that the company ‘remains committed and confident’ in the HRZ shale play, as the explorer confirmed the expansion of its Project Icewine acreage.

Sentiment towards 88 Energy has waned somewhat as the most recent well, Icewine-2, was suspended over the winter after attempts at well testing failed to deliver measurable results.

READ: 88 Energy investors need to stay patient as Alaska operations go into hibernation

Further operations will continue in the spring and new testing will take place.  In the meantime, the expansion of 88 Energy’s Icewine footprint may be seen as something of a vote of confidence in the broader play.

88 Energy’s net acreage position increases to 286,000 acres from 260,000, whereas the gross position rises to 460,000 acres from 350,000 acres.

READ: 88 Energy highlights “significant pressure build-up” in Icewine well

“The Joint Venture remains committed and confident in the HRZ shale play,” Wall said.

“The leasing strategy has been designed to strike a balance between this confidence and available capital whilst we build towards completion of the flowback and production testing of the Icewine#2 well in 1H 2018.

“Additional details on this program as well as the planned 3D seismic acquisition will be released in the coming weeks."

View full 88E profile View Profile

88 Energy Ltd Timeline

Related Articles

Greka drilling rig truck
January 29 2018
"With firm drilling contracts signed with state owned enterprises, we start 2018 with a materially stronger foundation than last year”
oil and gas operations
February 16 2018
“I believe that the ENEO issue will be solved as VOG management has prioritised this matter and is focused on achieving a result in the shortest possible timeframe,” chief executive Ahmet Dik
oil and gas operations
May 01 2018
It was a year of portfolio building and progress for the onshore UK-focused minor, punctuated by improved production volumes and a number of acquisitions with value-adding potential

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors 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.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use