08:00 Tue 15 Oct 2019
88 Energy Limited - Charlie-1 Appraisal Well Update
15th
Charlie-1 Appraisal Well Update
Highlights
· Rig contract executed for Charlie-1 appraisal well
· Operational activity for Charlie-1 progressing to plan for
· Farm-out with Premier Oil Plc expected to complete shortly
Operations Update
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
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
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 |
|
||||||
Horizon / Play |
Low |
Best |
High |
Gross Mean |
Net Mean to 88E |
||
Indigo Discovery |
Schrader/Topset |
225 |
358 |
543 |
374 |
112 |
|
Charlie Prospect |
Schrader/Topset |
126 |
201 |
304 |
210 |
63 |
|
Lima Upper Prospect |
Seabee/Apron Fan |
23 |
66 |
144 |
77 |
23 |
|
Lime Lower Prospect |
Seabee/Apron Fan |
77 |
240 |
528 |
299 |
90 |
|
Stellar Upper Discovery |
|
121 |
234 |
394 |
249 |
75 |
|
Stellar Middle Discovery |
|
148 |
277 |
455 |
292 |
88 |
|
Stellar Lower Prospect |
|
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
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Neil McDonald/Derrick Lee
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