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88 Energy continues to advance Alaska assets

Exploration drilling is around the corners and a farm-out process is also ongoing.
oil and gas operations
The Winx 1 well will kick off next month

88 Energy Ltd (LON:88E), in its quarterly report, updated investors on its progress in Alaska where it is advancing both conventional and unconventional oil and gas assets.

Exploration drilling is anticipated in the coming weeks with the Winx-1 well.

Winx-1 is targeting multiple objectives for some 400mln barrels of gross prospective resources, which is 144mln net to 88 Energy.

READ: 88 Energy prepares to mobilise rig for Winx-1

At the same time, the company is continuing a farm-out process to bring in a partner for its shale project and it has been engaged with what it describes as “high-calibre parties”. The deadline was recently extended for bids which are now targeted by the end of first quarter 2019.

Separately, work continues to evaluate the HRZ shale following the Icewine-2 well.

In the Yukon area, meanwhile, the company continues to process seismic data and during the quarter a maiden resource estimate of 90mln barrels of oil was announced.

Subsequently, 88 Energy’s wholly owned subsidiary Regenerate Alaska was named ‘highest bidder’ for an additional 1,920 gross acres and formal award is anticipated in mid-2019.

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