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Übersetzung ohne Gewähr:
27th December 2019
88 Energy Limited
Charlie-1 Appraisal Well Update
88 Energy Limited (ASX: 88E) (88 Energy or the Company) provides the following update related
to the upcoming drilling of the Charlie-1 appraisal well at Project Icewine, located on the Central North
Slope, Alaska.
Highlights
Initial snow trail from Dalton Highway complete
Ice road construction on track to commence within days
Operational activity for Charlie-1 progressing to plan for February 2020 spud
Operations Update
The Nordic Rig 3 will exit the Dalton Highway approximately 20 miles south of Deadhorse before it
begins its 30-mile journey on an ice road to the Charlie-1 location. Construction is complete for the
initial snow trail to the first lake that will be utilised for building the ice road. Production of the ice road
itself is scheduled to commence prior to the end of 2019, weather permitting.
Everything is proceeding as planned ahead of the scheduled February 2020 spud date.
88 Energy Managing Director, Dave Wall commented: It has been a successful year for the Company,
having matured part of the conventional potential at Project Icewine to the point of a farm-out that
makes a lot of sense for our shareholders. We are now on the cusp of drilling a potentially
transformational well, Charlie-1, in the first quarter of 2020 and are looking forward to a safe and
successful operation.
About the Charlie-1 Appraisal Well
The Charlie-1 appraisal well has been designed as a step out appraisal of a well drilled in 1991 by BP
Exploration (Alaska) Inc called Malguk-1. Malguk-1 encountered oil shows with elevated resistivity
and mud gas readings over multiple horizons during drilling but was not tested due to complications
towards the end of operations, which resulted in lack of time before the close of the winter drilling
season. It was also drilled using vintage 2D seismic, which was insufficient to adequately determine
the extent of any of the prospective targets encountered.
88 Energy subsequently undertook revised petrophysical analysis, which identified what is interpreted
as bypassed pay in the Malguk-1 well. 88E also completed acquisition of modern 3D seismic in 2018,
in order to determine the extent of the discovered oil accumulations. Charlie-1 will intersect seven
stacked prospects, four of which are interpreted as oil bearing in Malguk-1 and are therefore
considered appraisal targets. 88 Energy will operate Charlie-1, via its 100% owned subsidiary
Accumulate Energy Alaska, Inc, with cost of the well to be funded by Premier Oil Plc up to US$23m
under a recent farm-out agreement. Drilling is scheduled to commence in February 2020 with flow
testing anticipated to conclude in April 2020. The total Gross Mean Prospective Resource across the
seven stacked targets to be intersected by Charlie-1 is 1.6 billion barrels of oil (480 million barrels net
to 88E). Refer announcement dated 23rd August.
Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the
application of a future development project relate to undiscovered accumulations. These estimates
have both an associated risk of discovery and a risk of development. Further exploration, appraisal
and evaluation are required to determine the existence of a significant quantity of potentially movable
hydrocarbons.
(...)
(Verkleinert auf 51%) 
