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88 Energy’s Charlie drilling completes, ‘shows’ seen in multiple horizons

It is designed as a follow-up to BP's Malguk discovery well, and, initial data is so far “largely consistent” with the historic results

88 Energy Ltd - 88 Energy’s Charlie drilling completes, ‘shows’ seen in multiple horizons

88 Energy Ltd (LON:88E) has told investors that the Charlie-1 well has reached target depth and it encountered ‘shows’ and ‘elevated log responses’ over several horizons.

The company, in a statement, said that the logging data to date is “largely consistent” with what was recorded at the Malguk-1 well.

Malguk-1 was drilled in 1991 by BP and is the discovery well that the Charlie-1 appraisal is designed to follow-up.

READ: 88 Energy raises A$5mln for Charlie well

“The significance of the similarities, and differences, to Malguk-1 will not be known until after the more detailed wireline logging program has been executed and analysis completed,” 88 Energy said.

The company added that wireline logging is now taking place and that is expected to take seven days to complete.

It meanwhile noted that its operations in Alaska have so far experienced no impacts of the coronavirus (COVID-19).

The well programme is partnered with Premier Oil PLC (LON:PMO) which is largely funding the venture that aims to test a potentially significant discovery previously unearthed by BP back in the 1990's.

Malguk-1 was the original discovery well, with oil shows over multiple horizons, though it was not tested at the time due to complications at the end of the programme.

The Charlie well aims to intersect up to seven stacked prospects, which are together estimated to host some 1.6bn barrels of prospective resources.

Premier is covering the well costs up to US$23mln, via a farm-out agreement.

Quick facts: 88 Energy Ltd

Price: 0.335 GBX

Market: AIM
Market Cap: £29.93 m

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