88 Energy Limited (formerly Tangiers Petroleum Limited) is an ASX listed exploration exploration company that has recently announced the acquisition of a new, potentially world class oil asset located in Alaska. It also has a 25% stake in the Tarfaya Offshore Block is located on the Moroccan Atlantic margin and was acquired by the company in 2009.

Alaska-project-icewine

morocco

http://88energy.com/

Not in this.





88 Energy

23 Oct 2015 07:00:00




23 October 2015

Icewine #1 Drilling Commenced

88 Energy Limited (?88 Energy?, ?the Company?, ?Operator?) (ASX, AIM: 88E) is pleased to announce that the drilling of the Icewine #1 exploration well commenced at 1745 hrs on Thursday 22nd October (AK time). This is the maiden exploration well on the Company?s Project Icewine acreage, located onshore North Slope, Alaska.

Fig 1. Kuukpik Rig Just Prior to Spud (please refer to the pdf version of this announcement available from the Company?s website)

Source: Accumulate Energy Alaska Inc

The well is planned to a Total Depth of 11,600 feet and is scheduled to take 30 days of drilling to complete. The primary objective of the well is the HRZ shale formation targetting a huge unconventional resource prize.

Upon completion of drilling, certain data will be available immediately; however, the definitive testing of the HRZ shale potential will take several months of data analysis. The pivotal focus will be an extensive evaluation of core material by specialist laboratories, which will cover a number of parameters considered critical for the success of the play.

Conventional potential may also exist in shallower (Brookian) and deeper (Kuparuk) horizons and the well has been designed such that testing of these horizons is possible, if warranted. The drilling of Icewine #1 will deliver first insight to the conventional prospectivity of 88 Energy's acreage to be matured up by the potential acquisition of 3D seismic in the near term.

Regular announcements will be made during the course of drilling, as appropriate.

Managing Director of 88 Energy Limited, Dave Wall commented: ?Spud at Icewine #1 is a momentous occasion for 88 Energy and its shareholders, without whose support the well would not have been funded. Our thanks go to all the financial backers of the Company as well as the team on the ground in Alaska, who have hit the top end of the curve in relation to timing of permit submissions.

We would also to thank all of the regulatory bodies in Alaska whose collaborative approach has ensured that our tight timeline has been achieved. We hope to deliver a safe outcome that is beneifical to all stakeholders in State.

Good luck to all holders.?

Yours faithfully

Dave Wall
Managing Director
88 Energy Ltd

Moving ahead this am.

Interest building on promising news.

Drilling update.

looks like a mentor special to me!

if you've money to burn, this is a good bet

Should be fine if there's no oil strike as the management are well versed in managing failure. The upside (if they find hydrocarbons) is they'll have a product that is in abundance and not being consumed as many would have had us believed a few moons ago. Good luck though as these tiddlers can sure get inflated. Just hope it doesn't end up like SMA as an example...

When or if, the oil price goes back up then 88E might be in in a good position when, or if they are able to produce oil or be taken over by an existing producer! SP up 91% at the moment.


88 Energy has de-risked two of the three main 'Achilles' heels' at the Icewine#1 exploration well in Alaska.

And it says permeability and porosity results of the HRZ shale are at the upper end of expectations and significantly in excess of the cutoff limits required for the play to be successful.

Managing director Dave Wall said: "Two of the three main 'Achilles' heels', being thermal maturity and matrix permeability, have now been substantially de-risked, coming in at, or above, pre-drill expectations. This is an outstanding achievement, given the sparsity of the historical data, and a testament to the years of work done by Paul Basinski who heads up Burgundy Xploration, our JV partner.

"Additional work remains, including that associated with fraccability and final thermal maturity; however, at this stage of the evaluation we could not have hoped to be in a better position.

"Given our large acreage position and the huge resource potential in the HRZ shale play, additional de-risking could be transformational for 88E and its shareholders in the very near term.

"The tender process for the seismic is now in its final stages and talks with Bank of America on funding have progressed such that we plan to be in a position to execute as per schedule."

Nice one Kim. :-))

Well, it's paid for my next loaf of bread DC! :o)

I believe you . lol

Crumbs, really?! :oD

Another fine day. :-))

Hmm, sold most of mine a tad early methinks!

Up 100% this morning.

All good news so far but there is a long way to go yet.

Up 118%

Proactive investor - Everything appears to being going to plan for 88 Energy (LON:88E) in Alaska, where it is uncovering what it hopes will be a significant new shale resource play.

88 Energy managing director Dave Wall, in a statement, used the word ‘astounding’ as he described the correlation of pre-drill expectations for the Project Icewine well and the actual results to date.

StockMarketWire.com
Core and petrophysical data from the Icewine#1 well continue to deliver at or above pre-drill expectations, 88 Energy says.

Highlights - Integrated Core and Petrophysical Analyses Indicate Tier 1 Liquids-Rich Hydrocarbon Concentration with World Class Resource Prize Potential - Consistent with Pre-Drill Forecast

- Gross Pay of 196' with Net Pay of 180.5' - Exceptional Net to Gross Ratio of 92% as Prognosed

- Reservoir Quality In Line With or Above Expectation:

* Outstanding Effective Porosity of 11% Shale Plays Typically in 4 - 7% Porosity Range

* Total Organic Carbon (TOC) Average of 3.55% in Cored HRZ Interval

* Hydrocarbon Saturation Over Entire HRZ Interval Estimated at >70%

- Rock Mechanics Further De-Risked by Additional Analysis:

* Average Clay Volume 40% - Analogous to Marcellus and Haynesville Shales

* High Percentage of Brittle, Non Swelling Clays

- Planning for Horizontal Well, Icewine#2H Commenced 88 Energy says notably the Icewine #1 exploratory well, designed to evaluate the resource potential of the HRZ shale, was completed on budget for US$16.61m (versus $16.58m AFE), having achieved all of its primary objectives.

Managing director Dave Wall said: "Results from analysis of core and petrophysical data from the Icewine#1 well continue to deliver at or above pre-drill expectations for the HRZ shale play at Project Icewine.

"As a consequence of these continued good results, we have tailored our seismic acquisition to focus on mitigating drilling risk for the next well, Icewine#2H, for which planning has commenced. Given the current oil price, it did not make sense to attempt to delineate the more subtle, and typically smaller, conventional features at this point in time. The revised 2D seismic program will give a broader regional picture across a larger aerial extent on our expanded acreage position and should still identify those larger conventional features that would be economic at today's prices.

"Costs for the Icewine#1 well have now been finalised, with our Operations Team in Alaska, headed up by Erik Opstad, delivering an outstanding outcome. The well not only achieved all of its primary objectives, including exceptional core recovery in the primary HRZ target, but it was also delivered on Budget."

Huge volume and tempting to have a dabble! High risk......pump & dump trading.

My best performing share of the year so far, could be a lot more to come.

If you do dabble, take your profits quickly!! :o)