88 Energy making significant progress with latest Alaska well
Spudded April 24, the drill bit reached 2,978 feet by 8.33pm on April 27, marking the completion of the surface hole.
Company
LON:88E
88 Energy Ltd is a multi-listed oil and gas exploration and production company with a North American focus. The company has operator exploration and appraisal projects in onshore Alaska and non-operator exploration in onshore Namibia. It has been operating on the North Slope of Alaska since 2015, successfully drilling multiple exploration wells and acquiring extensive seismic data across a large acreage position.
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Spudded April 24, the drill bit reached 2,978 feet by 8.33pm on April 27, marking the completion of the surface hole.
The FTSE 100 closed 15.52 down at 7,234 with Sainsbury's and mining shares under pressure
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A look back at the week’s highlighted news for junior oilers
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A 30 to 45-day drill programme got underway on Alaska's North Slope earlier this week.
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A glance at some of the stories on the Proactive newswire today
The Arctic Fox rig started drilling Icewine-2 last night, at 19:15 local time in Alaska.
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The new estimates, revealed in a new power point presentation, put the field’s oil-initially-in-place in a range of 1.29bn to 3.03bn barrels
Two companies, three wells
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A glance at some of the stories on the Proactive newswire today
A programme of well stimulation and testing is slated for June/July.
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A glance at some of the stories on the Proactive newswire today
The explorer told investors that it expects to start stimulation operations and flow testing of the HRZ shale in June-July.
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Managing director Dave Wall says 88 Energy is now entering an 'exciting phase' at its new shale discovery, on Alaska's North Slope.
Alaska's North Slope is now host to the largest discovery onshore USA for thirty years, and that bodes well for 88 Energy's own conventional prospects.
Improving market conditions and Icewine’s exciting potential were important factors supporting the successful placing, according to chief executive Dave Wall.