6th May 2016 07:50
LONDON (Alliance News) - 88 Energy Ltd on Friday said it has completed the 2D seismic acquisition at its Project Icewine in Alaska and has reached an agreement to purchase inline data from a 3D seismic acquisition completed by Alaska Seismic Ventures LLC in 2015.
88 Energy said it has completed 662 line kilometres of the planned 750 line kilometres of 2D vibroseis at the Icewine site located onshore the North Slope of Alaska, with the vibroseis used to produce a conventional-looking seismic section.
The company said it has also agreed to buy data from Alaska Seismic's 3D acquisition, which it said will result in better coverage, resolution and fold at depth over the proposed Icewine 2H location.
88 Energy said the total acquisition cost, including the purchase of data from Alaska Seismic, is within the budget of around USD3.0 million.
88 Energy added has received office notice of award documents for 172,937 gross acres, which it successfully bid on in November 2015. The company said the signing of notices and payment will take place in the near term, prior to the final award. The net payment will be USD4.3 million, 88 Energy said.
88 Energy added that the focus at the Icewine 1 well is on fine tuning the ongoing Phase II Appraisal Programme, and the company noted results from key variables, including "proppant embedment", which reduces fracture risks, and fluid sensitivity, is expected over the coming period.
"Finalisation of the 2D seismic, with the added benefits gained via purchase of the Alaska Seismic data, will allow the joint venture to gain valuable insights into the conventional potential at Project Icewine, whilst also mitigating drilling risk of the horizontal section for the planned Icewine 2H well," said Managing Director Dave Wall.
Shares in 88 Energy were up 3.6% at 1.89 pence on Friday.
By Hannah Boland; [email protected]; @Hannaheboland
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