88 Energy Limited (LON:88E, ASX:88E) said its eagerly-awaited Icewine-2 well, on Alaska’s North Slope, is on track for production testing late next month or early July as it gave a progress report.
Spudded April 24, the drill bit reached 2,978 feet by 8.33pm on April 27, marking the completion of the surface hole.
The casing has now been cemented and tests on the blow-out preventer completed.
Work is now underway on the intermediate section, which extends down to 10,710 feet.
Icewine-2 is targeting 88 Energy’s shale oil discovery, estimated to comprise multi-billion barrels, and it is designed to test the project’s production potential and commercial credentials.
It is not aimed at the very substantial conventional oil potential - about 1.5bn barrels - seen by 88 Energy across its acreage.
Conventional oil is presently a secondary issue for 88 Energy, though a look around the neighbourhood suggests that it should be getting plenty of attention.
The share price was up 3% at 2.75p.