8th Jun 2016 09:34
LONDON (Alliance News) - 88 Energy Ltd on Wednesday said well planning, contracting and permitting for Project Icewine remain on track, in line for the scheduled spud of Icewine 2H in the first quarter of 2017.
88 Energy said processing has been completed for the official award of 172,937 acres, which it successfully bid on in the US State of Alaska, and its Icewine joint venture now holds title on a total of 271,119 acres.
88 Energy added that the well and stimulation design for Icewine 2 are both in the final stages of completion and are currently being fine-tuned. While this takes place, 88 Energy said integration of the latest rock property analysis has resulted in a narrowing of the proposed landing zone to two horizons, and the final horizon will be selected based on the "optimal stimulated rock volume". This, 88 Energy said, should result in maximum flow potential.
Good progress continues to be made with the identification of several suitable rigs for the drilling of Icewine 2H, 88 Energy said, and the official tender process for all major contracts will commence in July. Permitting remains on track for completion "well before" the scheduled spud date in the first quarter of 2017.
"The project continues to move forward with significant progress made on all fronts. Well planning, contracting and permitting remain on track ahead of the scheduled spud of Icewine#2H in the first quarter of 2017 when the productive potential of the HRZ [shale] will be tested potentially unlocking a huge resource play on the North Slope of Alaska. Any conventional prospectivity indicated by the recently acquired 2D seismic will be icing on the cake for shareholders," said Managing Director Dave Wall.
Shares in 88 Energy were up 4.5% at 1.88 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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