07:00 Wed 06 Jan 2021
88 Energy Limited - Operations Update
88 Energy Limited
Operations Update
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to provide the following update related to its projects on the
Highlights
· Snow road construction commenced for Project Peregrine drilling
· Rig 111 commission underway
· Spud on track for mid to late
· Drilling on neighbouring acreage
· Commercialisation options being explored for gas discovered at Project Icewine
Project Peregrine
Operations remain on track for the scheduled February spud of the Merlin-1 well at 88 Energy's Project Peregrine. Merlin-1 will target the Nanushuk topset play that has been recently successful in offset acreage as well as elsewhere on the
Snow road construction to the Merlin-1 and Harrier-1 locations commenced in the second half of
All American Oilfield's Rig 111 is currently being re-assembled post deconstruction as part of the commissioning process prior to handover and mobilisation to site. Rig 111 was contracted in
Project Icewine
The Talitha-A well, to be drilled by Pantheon Resources PLC (AIM:PANR) close to the northern border of the 88E central acreage position, is scheduled to spud in the first half of
*see 88E announcement 10th
In-house analysis has commenced on various commercialisation options for the gas condensate discovered in the Torok Formation by 88E's Charlie-1 well in 2020. The discovered resource comprises over 1 TCF of independently estimated gross mean prospective gas as well as associated condensate. The commercialisation options include, but are not limited to, possible local power generation, compressed natural gas as well as potential for conversion to hydrogen using steam methane reforming (SMR) with carbon capture and storage (CCS) processes. It is expected that this work will move to a formal feasibility stage during 2021.
Farm-out of Project Icewine is ongoing, with a deal targeted in 3Q 2021.
Managing Director of 88 Energy,
Whilst the Peregrine drilling forms the focus, there is plenty of activity on other fronts that we look forward to providing updates on throughout the course of 2021. "
The attached pdf http://www.rns-pdf.londonstockexchange.com/rns/6899K_1-2021-1-5.pdf contains the following graphics and information:
· Fig. 1: Snow road construction
· Fig. 2: Rig 111 Commissioning
· Fig. 3: Talitha-A Location in relation to Icewine leases
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