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88 Energy prepares for flow testing at Icewine#2 project
AIM-quoted oil junior 88 Energy has wrapped up site work at the Franklin Bluffs Pad of its Icewine#2 exploration site in Alaska.
Flow testing at the Icewine#2 has been scheduled to kick off on 11 June after processing and analysis of previously collected pressure build-up data "will be completed by early next week".
Pressure readings were measured at just under 3,000 psi, a reading 88 Energy saw as "positive in regards to maintenance of downhole pressure", as expected.
88's flow testing program, designed to utilize nitrogen lift to assist the removal of up to an additional 4,000 barrels of fluid from the HRZ reservoir, is anticipated to enable the hydrocarbons in the reservoir to flow naturally to surface at a representative rate.
"Based on modelling of the reservoir pressure and fracture conductivity, this is estimated to take 10-14 days. The well will then continue to be flowed back to ascertain drawdown pressure and decline rate," the firm said.
88 Energy acquired an 87.5% stake in Icewine from Burgundy Xploration back in November 2014.
As of 1040 BST, 88 shares had collected 4.02% to 2.44p.