30th Oct 2015 08:36
LONDON (Alliance News) - 88 Energy Ltd Friday said initial drilling of the Icewine-1 exploration well in Alaska has "proceeded smoothly" as the company digs further down to test more areas.
The company began drilling the well on last Friday and the well is expected to be completed by November 23.
On Friday, the company said it has so far drilled down 3,515 feet of the total 11,600 feet within the first week, where it has set a casing before it drills ahead into the Brookian section. The next casing point is at around 10,300 feet before it moves into coring operations at the HRZ shale formation, which is the main target of the well.
Casing is a large diameter pipe that is inserted into a well and cemented into place to protect the drill hole, provides foundation and prevents blowouts.
"Upon completion of drilling, certain data will be available immediately and will be reported to the market after internal examination; however, the definitive testing of the HRZ shale potential will take several months of data analysis," it said.
"The pivotal focus will be an extensive evaluation of core material by specialist laboratories, which will cover a number of parameters considered critical for the success of the play," it added.
88 shares were down 1.7% to 0.649 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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