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88 Energy says latest Charlie-1 well findings are “encouraging”

Further analysis of secondary targets exceeds the pre-drill expectations, for those areas, albeit that the well was not optimally positioned to assess them

88 Energy Ltd - 88 Energy says latest Charlie well findings are “encouraging”

88 Energy Ltd (LON:88E) gave investors more details on the Charlie-1 well project in Alaska, which previously failed in its primary target but encountered multiple secondary hydrocarbon targets.

The latest findings, from preliminary petrophysical interpretation, indicates hydrocarbon pay in Torok and Seabee formations, with more than 280 feet of net pay is interpreted in the Seabee Torok and Kuparuk formations, which compares favourably to pre-drill expectations, the company said.

READ: 88 Energy to avoid all costs for Charlie drilling

Whilst noting that this well’s position is sub-optimal for these secondary targets, 88 Energy pointed out that that the Lima prospects in the Seabee formation are of particular interest to the company.

In a statement, 88's managing director Dave Wall described the latest findings as “encouraging”, particularly in relation to Seabee.

“The Torok, Seabee and HRZ all remain prospective targets at Project Icewine, albeit not without risk, and the company continues to progress the aggregation strategy around its Yukon Gold-1 oil discovery,” Wall said.

“We look forward to providing additional news on all of these projects in the coming weeks. We are also aware of activity in areas nearby to our projects from other operators, which we believe has the potential to favourably impact the value of our large acreage position,” he added.

Meanwhile, it added, initial lab results from gas condensate analysis and core testing are expected in the coming weeks. These samples were taken from the Middle and Lower Stellar targets, with first results due in 2-3 weeks, and more advanced test results due in 4-6 weeks.

The company also noted that the demobilisation of all equipment has been completed, following the plugging and abandoning of the Charlie-1 well.

Quick facts: 88 Energy Ltd

Price: 0.31 GBX

Market: AIM
Market Cap: £27.7 m

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