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/

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)

But even they admit it's not worth getting out of the ground at present. Be interesting to know what their breakeven price would be.

I think it is around $55 from memory Harry, but that can change of course!