logo-loader
view88 Energy Ltd

88 Energy on track for February spud at Charlie-1 in Alaska

Charlie-1 will intersect seven stacked prospects, four of which are considered appraisal targets.

88 Energy Ltd -
Flow testing is expected to conclude by April

88 Energy PLC (LON:88E) says it is on schedule to spud the Charlie-1 well with contracting and logistical work proceeding as planned.

Approval to drill has been submitted and is expected this month, with drilling scheduled to start in February and flow testing to conclude in April.

Charlie-1 will intersect seven stacked prospects, four of which are considered appraisal targets.

88 Energy will operate Charlie-1, with the cost of the well to be funded by Premier Oil PLC (LON:PMO) up to US$23m under a recent farm-out agreement.

The total Gross Mean Prospective Resource across the seven stacked targets to be intersected by Charlie-1 is 1.6 bn barrels of oil (480mln barrels net to 88E).

At the end of the quarter, 88 had cash reserves of A$15.9mln (£8.4mln), including partner contributions of A$10.7mln.

Quick facts: 88 Energy Ltd

Price: 1.2 GBX

AIM:88E
Market: AIM
Market Cap: £85.32 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of 88 Energy Ltd named herein, including the promotion by the Company of 88 Energy Ltd in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: 88 Energy completes Premier Oil farm-out in Alaska

Headlines from the Proactive UK newsroom. 88 Energy (LON:88E) has completed its farm-out with Premier Oil for its acreage in Alaska. The Alaska Department of Natural Resources has also approved the Plan of Operations for the Charlie-1 appraisal well with spudding scheduled for next...

on 27/11/19

2 min read