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88 Energy Designs Icewine-2 Well To Lower Costs By USD5 Million
[ 05 Sep 2016 10:11 ]
LONDON (Alliance News) - 88 Energy Ltd Monday said it has finalised the design for the Icewine-2 with its joint venture partner on the project onshore North Slope of Alaska, which should allow the pair to test production potential, possibly allow the resource to be upgraded and lower costs.
88 Energy shares were down 21% to 2.60 pence per share on Monday morning.
88 Energy and Burgundy Xploration have agreed that a vertical well with a multi-stage stimulation is superior to the initially proposed lateral well, stating the vertical design will allow them to test production potential of entire HRZ/HUE interval with the potential to upgrade the resource.
The HRZ remains the premier reservoir and primary target for 88 Energy and the new well will also enhance dataset to help define location settings for future lateral wells, decrease the drilling risk associated with a more complex lateral completion, increase the availability of suitable rigs and enable a more competitive tender process and lower the estimated completion costs by USD5.0 million.
"The revision to the well design has resulted in a best of both worlds scenario for 88 Energy and its shareholders. We now have a more efficient, lower cost outcome that optimises achievement of the operational objectives targeted by the Icewine-2 well," said Managing Director Dave Wall.
Importantly, that cost reduction means 88 Energy is now "fully funded for the costs" associated with Icewine-2 from its current cash position, it said.
The company added that the interpretation of the 2D seismic work in the Franklin Bluffs area is "progressing well" and said initial observations indicate the presence of seismic stratigraphic features, consistent with a potential basin floor fan play fairway. Further seismic interpretation and geological analysis is required to evaluate the exploration potential of this fairway, which could lead to the maturation of an attractive drilling portfolio.
In addition, processing of the 2D data acquired this year by 88 Energy using vibroseis, over approximately two thirds of the Icewine project is nearing completion. Initial observations show the data is of a similar quality to the data from the Franklin Bluffs area and interpretation remains on schedule to commence in September 2016, with results to follow several weeks later.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Two New US Institutional Investors Inject AUD11 Million Into 88 Energy (ALLISS)
[ 25 Oct 2016 08:11 ]
LONDON (Alliance News) - 88 Energy Ltd on Tuesday said it has agreed to conduct a placing with two institutional investors based in the US to raise a total of AUD11.0 million, bolstering the balance sheet ahead of the next round of drilling on the Icewine project next year.
The oil and gas firm did not reveal the names of the investors and does not need shareholder approval as the placing lies within 88 Energy's placement capacity under ASX rules, it said.
Maxim Group LLC acted as the agent, being paid a fee equal to 7.0% of the proceeds raised, implying a fee of around AUD770,000, and has also been issued with 22.0 million unlisted options to acquire new shares in the company at an exercise price of AUD0.05 per share within a five year period.
88 Energy shares closed at AUD0.0410 in Australia on Monday. In London, 88 Energy shares were trading down 1.3% on Tuesday morning at 2.42 pence.
88 Energy will issue 275.0 million new shares in the company at a price of AUD0.04 per share under the placing, equal to about 2.5 pence, which would be 2.0% higher than the closing share price of 2.45 pence on Monday.
In addition, a total of 137.5 million unlisted options will be awarded with an exercise price of AUD0.055, or 3.4 pence. Those will be in addition to the options awarded to the placing agent but can also be converted into shares within a five year period.
88 Energy said an additional AUD7.6 million would be raised if all those options are exercised.
www.londonstockexchange.com/exchange/news/...88E/13094275.html
Investors should keep a close eye on 88 Energy’s Icewine well
Investors should keep a close eye on 88 Energy Ltd’s (LON:88E) upcoming Icewine-2 well, according to stockbroker WH Ireland.
88 Energy today told investors that it has now hired a contractor for the appraisal well, which is now confirmed for the second quarter of this year.
The company in a statement said that the drilling rig would be mobilised between March 30 and April 30, once the contracted Arctic Fox rig has completed its current job.
WH Ireland analyst Brendan Long, in a note, said: “it looks like it is designed to be mobile and quick to rig-up, handy indeed when the well location is immediately off the main highway.
“We suggest keeping a close eye on this well given the massive landholding of the company and the positive geological indications so far (400,000 acres net in the play fairway! = 625 square miles!).”
Earlier today, 88 Energy managing director said: “We are delighted to be working with Doyon for the upcoming drilling of Icewine-2.
“The Arctic Fox is one of the premier rigs on the North Slope and will be coming to us 'warm' off its current job, which has several significant benefits.
“As soon as the Arctic Fox finishes work associated with its current job, we will be ready to start mobilisation and rig up for Icewine-2. Spud is now scheduled for a few short weeks post our initial plan of late Q1 2017.”
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Wertung | Antworten | Thema | Verfasser | letzter Verfasser | letzter Beitrag | |
12 | 5.740 | Öl-Projekt 88 Energy Project in der heißen Phase | Pd205 | Panell | 17.04.24 15:48 | |
65 | Refresh | Siro100 | bradetti | 25.04.21 00:58 |