Progress at Project Icewine, in Alaska, remains the primary focus for 88 Energy ltd (LON:88E) as it works to follow up breakthrough well results.
Near term endeavours are geared towards finalising designs and securing permitting for the Icewine 2H well, the company said in its interim report.
The explorer told investors that Icewine 2H is scheduled to ‘spud’ in the first quarter of next year.
Partnering discussions may also feature, judging by comments managing director who recently told Proactive Investors that the company would potentially look to do a ‘small farm out’ ahead of the next well.
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88 Energy, a pre-revenue explorer, reported an A$8.05mln loss for what was an active six months ended June 30 2016, and it finished the period with A$20.04mln of cash and equivalents.
Operationally, the group was largely focussed on analysis in the six month period.
Crucially, 88 Energy also expanded its footprint in the area taking some 172,000 acres to enlarge and secure its first mover position in the region.
The project’s resources were significantly upgraded during the half, and the group’s own economic modelling gave what were described as a “compelling success case break even oil price”.