88 Energy (LON:88E) told investors that its drilling operation in Alaska has been catching up lost time.
Following the replacement of faulty equipment - relating to the blow-out preventer (BOP) – which initially caused a three day delay, drilling resumed and the new piece of kit is now actually improving drilling capability.
The Icewine-1 well has now been drilled down to 6,258 feet, according to the weekly update released this morning. The company highlighted that an interval of 2,600 feet had been drilled in 48 hours, which is significantly higher than the budgeted rate.
88 Energy added that the well was now partially through the Bookian sequence, comprising siltstones and clays with some sandstone intervals.
The geology of the sequence so far matches prognosis, the company said, highlighting good porosity in several horizons and that multiple oil shows had been observed. They have, however, been interpreted as being of minor significance following first analysis.
The Brookian is the secondary conventional play for the well, and the company says there remains further potential in the sequence as the drilling continues deeper towards the well’s main target, HRZ.
It is anticipated that there may be additional conventional hydrocarbon potential beneath the HRZ shale target.
Icewine-1 well is planned to have a target depth of 11,600 feet.
"Whilst the issues with the BOP and mud pump caused minor delays to the schedule, the well remains well within the Budget and substantial lost time has already been clawed back while drilling the intermediate section, which includes potential remaining conventional zones of interest in the Brookian sequence,” said managing director Dave Wall.
“The crew has done a great job at expediting the necessary repairs and we are now making excellent progress through the Brookian and towards the primary objective in the HRZ."