ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

88E 88 Energy Limited

0.265
-0.015 (-5.36%)
Last Updated: 09:32:59
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
88 Energy Limited LSE:88E London Ordinary Share AU00000088E2 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.015 -5.36% 0.265 0.26 0.27 0.265 0.2475 0.2575 60,559,814 09:32:59
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 3k -70.72M -0.0028 -3.57 251.24M

88 Energy Limited Operations Update (6533P)

19/02/2021 7:00am

UK Regulatory


88 Energy (LSE:88E)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more 88 Energy Charts.

TIDM88E

RNS Number : 6533P

88 Energy Limited

19 February 2021

19 February 2021

88 Energy Limited

Operations Update

88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) provides the following update related to its operations on the North Slope of Alaska.

Highlights

   --    Rig commissioning complete - mobilisation commenced for Merlin-1 drilling 
   --    Drilling scheduled to commence 1(st) week of March 2021 
   --    Nearby Talitha-A well early results encouraging - potential for extension into 88E leases 

Details

88 Energy is pleased to confirm that mobilisation of Rig-111 to the Merlin-1 drilling location has commenced. Spud is now scheduled for the 1(st) week of March 2021 with drilling expected to take 3--4 weeks, including logging. Dependent on the results from the logging, the well will then be flow tested.

Managing Director, Dave Wall, commented: "Commencement of drilling at Merlin-1 is now just around the corner, targeting the extension of the highly successful Nanushuk play.

Success would underpin a company making development project for our shareholders, with the proven resource at the recently acquired at Umiat Oil Field adding substantial value."

Project Icewine

The Talitha-A well, recently drilled by Pantheon Resources PLC (AIM:PANR) close to the northern border of the 88E central acreage position, is scheduled to be flow tested over multiple horizons after encouraging log results. Several of the prospective horizons in Talitha-A are interpreted to extend into 88E acreage.

Leases owned predominantly by Burgundy Xploration LLC in the eastern portion of Project Icewine area (where no money has been spent) were recently relinquished as part of a rationalisation process.

About Project Peregrine - Imminent Drilling

Project Peregrine is located in the NPR-A region of the North Slope of Alaska and encompasses 195,000 contiguous acres. It is situated on trend to recent discoveries in a newly successful play type in topset sands in the Nanushuk formation. 88 Energy has a 100% working interest in the project that will reduce to 50% post the completion of funding as part of a recent farm-in, whereby 88E is carried on the first US$10m (of an estimated US$12.6m total cost) for the Merlin-1 well.

The Merlin-1 well is scheduled for spud in early March 2021 and is targeting 645 million barrels of gross mean prospective resource. Flow testing of Merlin-1 is planned if wireline logging confirms a discovery. A second well, Harrier-1, is intended to commence immediately following completion of operations at Merlin-1, subject to results from Merlin-1, schedule and permit approvals. Harrier-1 is targeting gross mean prospective resource of 417 million barrels and is expected to cost US$7m.

Each of the Merlin and Harrier prospects is located on trend to an existing discovery (see next figure), in the same play type (Nanushuk topsets). This has de-risked the prospects considerably and resulted in a relatively high independently estimated geologic chance of success.

Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

The below graphics can be found in the pdf version of this announcement available from the Company's website;

   -     Graphic 1: Rig 111 prior to tear down for mobilisation 
   -     Graphic 2: Project Peregrine and Recent Nanushuk Discoveries 
   -     Graphic 3: 1 Talitha-A Location in relation to Icewine leases 
   -     Graphic 4: Merlin-1 - on trend to large Willow oil field 

Media and Investor Relations:

 
 88 Energy Ltd                        Tel: +61 8 9485 0990 
  Dave Wall, Managing Director         Email: admin@88energy.com 
 Finlay Thomson, Investor Relations   Tel: +44 7976 248471 
 EurozHartleys Ltd                    Tel: + 61 8 9268 2829 
  Dale Bryan 
 Cenkos Securities                    Tel: + 44 131 220 6939 
  Neil McDonald/Derrick Lee 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDFLFLAFLITLIL

(END) Dow Jones Newswires

February 19, 2021 02:00 ET (07:00 GMT)

1 Year 88 Energy Chart

1 Year 88 Energy Chart

1 Month 88 Energy Chart

1 Month 88 Energy Chart

Your Recent History

Delayed Upgrade Clock