20th Jan 2016 10:55
LONDON (Alliance News) - 88 Energy Ltd said Wednesday that it is "highly encouraged" by the latest results from evaluation of the core over the HRZ interval at its recently drilled Icewine#1 exploration well in Alaska.
The company is undertaking a leaching process, and said that its initial observations of oil/condensate leaching from the core indicates the presence of liquid hydrocarbons in the HRZ shale at Icewine #1.
Total organic carbon content of 3.5% average has been confirmed, 88 Energy said, which is "favourable by comparison to other successful North American Shale plays."
Evaluation of the core is ongoing, and 88 Energy expects results on key variables such as permeability and porosity in the coming weeks.
"The early observations and tests are directionally very positive for the HRZ play at Project Icewine and consistent with pre-drill modelling. At this stage of the process, we are highly encouraged by these results; however, substantial additional work is ongoing to de-risk our key 'Achilles heels' and we look forward to sharing these results as and when they become available," said Managing Director Dave Wall in a statement.
Shares in 88 Energy were up 3.3% at 0.310 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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