9th Dec 2015 10:17
LONDON (Alliance News) - 88 Energy Ltd Wednesday released another update on the Icewine-1 well in Alaska.
The company has been providing weekly updates on the well which it started drilling in October, and on Wednesday said it has successfully tested the blowout preventer which seals and controls the flow of oil and gas and cemented the casing to 10,450 metres.
A casing is a large diameter pipe that is inserted into a well and cemented into place to protect the drill hole and prevent blowouts.
88 Energy will now continue to drill down to hit its primary target, the HRZ shale formation. It expects to hit the coring point at 10,570 metres with coring operations expected to start over the coming weekend and to last between five and seven days.
The company will then drill down even further to test more conventional targets lying beneath the HRZ shale formation, aiming for a total depth of 11,600 feet.
88 Energy shares were trading up 5.5% to 0.554 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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