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88 Energy updates investors on Alaskan operations
Dual listed exploration and development firm 88 Energy provided investors with an update on its Alaskan operations on Friday, announcing that its 450 square kilometres 3D seismic exploration programme on the Project Icewine acreage was completed on 28 March, on schedule and within budget.
88 Energy has been aiming to advance the conventional oil potential at Icewine, with its findings hopefully supporting a potential farm-out stake in the project before a proposed exploration drilling programme for next year.
The firm noted that certain technical work would take place as a result of the collated data in order to gain further insights through analysis, with the seismic programme targeting an area that was seen to have several large leads, which were previously identified in 2D seismic data.
88 Energy advised investors that it was "extremely encouraged" by it's recent conventional and historic analogue discoveries, located to the north of Icewine, which was shown to be delineated as a result of the 3D seismic surveys.
Also, in regards to its HRZ shale discovery, 88 Energy noted that the planned re-opening of the Icewine-2 well remained on schedule for April/May; however, an exact date was still dependent upon warmer temperatures arriving in Alaska over the coming weeks of spring.
88 Energy now expects processed data from the first areas to be made available in June.
Managing director, Dave Wall, said, "The 88E team have been extremely busy on multiple fronts over the last few months, with refinancing of debt, exercise of options, expanding our lease position, planning for, and acquisition of, two 3D seismic surveys and, of course, the re-opening of the Icewine#2 well."
"The remainder of 2018 promises to be pivotal for the Company and its shareholders, with near-term activity related to the Icewine#2 flow test, expected prior to mid-year, results from two 3D seismic acquisitions and one or more farm-out transactions targeted for the second half of the year," he added.
As of 1040 GMT, shares had picked up 4.46% to 1.98p