22nd Oct 2019 11:49
(Alliance News) - 88 Energy Ltd on Tuesday said an informal farm-out process has begun at an area in its Icewine project in Alaska, where it is also edging closer to beginning a drill campaign at the Charlie-1 well.
88 Energy said soft farm-out discussions with interested third parties at Icewine Unconventional are underway. During the quarter ended September 30, the Australia-based firm announced Premier Oil PLC signed a sale & purchase agreement for a 60% interest in Area A of Icewine Conventional.
The company retains a 30% stake in the area, with joint venture partner Burgundy Xploration LLC holding the remaining 10%.
At the Charlie-1 appraisal well, which 88 Energy operates through its subsidiary Accumulate Energy Alaska Inc, drilling is scheduled to begin in February, with flow testing due to conclude in April.
During the quarter, 88 Energy secured the Nordic-Callista Rig-3 from local oilfield services firm Nordic Well Servicing Inc. The same rig was previously used by the firm during the March drilling of the Winx-1 well, also in Alaska.
88 Energy added: "Significant progress has also been made on permitting, with only two key permits now outstanding; the plan of operations and permit to drill, which are both in the process of being finalised and approved. Additionally, tendering and finalisation of contracts for equipment and services required for Charlie-1 are advancing as planned."
Shares in 88 Energy were 3.4% higher at 0.76 pence each in London on Tuesday morning.
By Eric Cunha; [email protected]
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