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88 Energy finalises Premier farm-out as countdown for Charlie well continues

Investors in AIM-quoted 88 Energy are looking forward to February's Alaska well in partnership with Premier Oil.

88 Energy Ltd - 88 Energy finalises Premier farm-out as countdown for Charlie well continues
Pre-drill the project is estimated to have 1.6bn barrels of prospective resources.

88 Energy Ltd (LON:88E) told investors it has finalised its farm-out deal with Premier Oil PLC (LON:PMO) and said that plans for the Charlie-1 appraisal well have now been approved by the new partners.

“The plan of operations is one of the key major permits required for drilling,” the company said in a statement.

“The final major permit is scheduled for submission in December, with approval expected in January ahead of the scheduled February spud date.”

READ: 88 Energy continues countdown to Charlie-1 well

88 Energy added that all other contracting and logistical work is proceeding as planned, ahead of the anticipated February 2020 spud.

Last month, the company provided details of the Charlie project which is an appraisal of the conventional and undeveloped Malguk discovery, made by BP in the early 1990s.

Pre-drill the project has been estimated to have some 1.6bn barrels of prospective resources, which would equate to 480mln barrels for 88 Energy - presently valued at about £50mln (A$96mln).

Premier Oil is to pay up to US$23mln of Charlie’s well costs, as it earns 60% of the project.

Drilling is slated to start in February and, subject to initial findings, well testing is envisaged and would conclude by April.

Quick facts: 88 Energy Ltd

Price: 0.49 GBX

Market: AIM
Market Cap: £59.59 m

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