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/

On the rise

New presentation 20Feb vid is now on the 88 Web Site.

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http://88energy.com/

The placement announced last week has been significantly oversubscribed. Trading on ASX has recommenced.

StockMarketWire.com
88 Energy has raised A$17m through a significantly oversubscribed placement of 459,459,460 ordinary shares at A$0.037 apiece.

It said the funds would further strengthen its balance sheet ahead of the upcoming drilling of Icewine#2 well, scheduled to spud in early Q2 2017.

It said: "Specifically, the proceeds will provide the company with the financial flexibility to cover any unexpected costs arising from the drilling of Icewine#2, lease payments due in respect of the significant new acreage awarded and ongoing exploration activities."

Managing director Dave Wall said: "As we approach the spud of Icewine#2, it is imperative that the company's balance sheet is managed appropriately to account for worst case scenarios, such as cost overruns on the drilling.

"In the event that everything goes to plan, the additional capital will be used to further the exploration effort at Project Icewine as we look to unlock the large potential of both the unconventional and conventional plays on the acreage."

Not keen on the dilution but very happy with the reasoning behind it!

Operations Commence at Icewine#2
RNS
RNS Number : 0418A
88 Energy Limited
21 March 2017
 
This Announcement Contains Inside Information.
 
21 March 2017
 
88 Energy Limited 
 
Operations Commence at Icewine#2
 
88 Energy Limited ("88 Energy", "the Company", "Operator") (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.
 
Highlights
Rig mobilisation complete for drilling of the Icewine#2 HRZ shale appraisal well
​Doyon Drilling Inc's Arctic Fox rig has been mobilised to the Icewine#2 location
​Cellar and conductor installation underway on the Franklin Bluffs pad
Spud on schedule for April 2017
Stimulation and flow test of the HRZ shale expected to commence June-July 2017
 
Icewine#2 Progress Update
 
As of 21st March 2017, the Arctic Fox drilling rig had completed mobilisation to the Franklin Bluffs gravel pad, the location for the Icewine#2 appraisal well. The conductor has been set and installation of the cellar is currently underway. Final permit approval and delivery of additional equipment required for spud remain on schedule for an April 2017 spud.
Managing Director of 88 Energy Limited, Dave Wall commented:
"The Arctic Fox is now on location at Franklin Bluffs and ready to rig up ahead of expected spud in April. All items required to commence drilling in the near-term remain on schedule.
We are now entering an exciting phase of evaluation at Project Icewine as we seek to establish the production potential of the HRZ shale. Regular updates will be provided as appropriate during the course of operations."
 
Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM Rules for Companies, the technical information and resource reporting contained in this announcement was prepared by, or under the supervision of, Mr Brent Villemarette, who is a Non Executive Director of the Company. Mr Villemarette has more than 30 years' experience in the petroleum industry, is a member of the Society of Petroleum Engineers, and a qualified Reservoir Engineer who has sufficient experience that is relevant to the style and nature of the oil prospects under consideration and to the activities discussed in this document. Mr Villemarette has reviewed the information and supporting documentation referred to in this announcement and considers the prospective resource estimates to be fairly represented and consents to its release in the form and context in which it appears. His academic qualifications and industry memberships appear on the Company's website and both comply with the criteria for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and standards adopted by the Society of Petroleum Engineers "Petroleum Resources Management System" have been applied in producing this document.
 
Media and Investor Relations:

Report on Activities for the Quarter ended 31 March 2017

The Directors of 88 Energy Limited ("88 Energy" or the "Company", ASX & AIM:88E) provide the following report for the quarter ended 31 March 2017.

Highlights
· Conventional prospectivity review completed in the quarter identifying resource potential in convential leads, based on internal estimates totalling;
o 1.5 billion barrels of gross mean Prospective Resources (unrisked)
o 1.1 billion barrels of net mean Prospective Resources to 88 Energy (unrisked)
· Rig contract executed with Doyon Drilling Inc.; Arctic Fox rig mobilised to the Franklin Bluffs pad in March 2017
· Icewine#2 Operations commenced in the quarter, with cellar and conductor installation completed
· Icewine#2 Permit to Drill submitted for approval with spud on schedule April 2017
· Oversubscribed placement to domestic and international institutional and sophisticated investors raised A$ 17 million in the quarter

http://www.moneyam.com/action/news/showArticle?id=5526777

StockMarketWire.com
88 Energy has confirmed that a permit for the drilling of Icewine#2 has been granted by the Alaska Oil and Gas Conservation Commission.

88 Energy said all permits required to spud the Icewine#2 production test well were now complete.

Managing director Dave Wall said: "The Accumulate Energy Alaska team has done a great job, in conjunction with the regulatory agencies in Alaska, in ensuring that all components will be in place for spud of Icewine#2 prior to the end of April.

"We look forward to bringing together the team of employees, vendors and consultants to successfully execute the well over the coming weeks."

On the up, was in the Mail over the W/end as one to watch.

How this oil explorer can hit nine-month highs

Icewine#2 Drilling Commenced
88 Energy Limited ("88 Energy", "the Company", "Operator") (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.
Highlights
· Spud of Icewine#2 Production Test well occurred at 1915 24th April (Alaska time)
o Arctic Fox currently drilling ahead

Icewine#2 Drilling Commenced

Drilling at the Icewine#2 Production Test well commenced at 1915 24th April (Alaska time). The Arctic Fox rig is currently drilling ahead in the surface hole.

Production testing remains on schedule for late June / early July.

Further updates will be made as and when appropriate throughout the drilling / testing program.

Managing Director of 88 Energy Limited, Dave Wall commented:
"The spud of Icewine#2 represents another milestone for the Company and its shareholders and we now look forward to a safe operation, above all else.
It is only a few short weeks before production testing begins, which could unlock the huge resource potential of the HRZ shale play."

StockMarketWire.com
88 Energy has confirmed that Icewine#2 drilling operations were on schedule and proceeding without incident.

It said: "Following the spud of the Icewine#2 production test well on 24 April, the Arctic Fox drilling rig has completed drilling the surface hole, reaching a depth of 2,978 feet at 20:33 27th April (AK time).

"Surface casing has subsequently been cemented and a statutory test of the blow out preventer has been completed. Drilling is now underway in the intermediate hole section, which extends from ~3,000 to 10,710 feet." It said production testing remained on schedule for late June/early July.

Harry, it’s difficult to find an undeveloped oil resource anywhere in the western world of this magnitude.

Yes and looks like Trump is going to encourage development of the area. It's going to take a while to get any oil to market though, so a bit of a slow burner this one. Maybe worth buying and forgetting about it. Will be interesting to see what demand there is for oil in the next five to ten years. Apart from cars, it's seems that vans, trucks, aircraft, ships and power stations are all still going to need an oil product, so probably not much change.

Just looking at their PDF presentation, it looks like lots of other companies are already in the area. Conoco Phillips (Willow), Armstrong / Repsol (Pikka), Caelus Energy (Smith Bay), Tarn / Meltwater, Armstrong Energy (Horseshoe) and 88e. Icewine is to the south east of the others, but hopefully they can integrate with the existing infrastructure when successful.
http://88energy.com/wp-content/uploads/2016/07/February-2017.pdf

Icewine#2 Drilling Remains on Schedule
88 Energy Limited ("88 Energy", "the Company", "Operator") (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.
Highlights
· Icewine#2 drilling operations remain on schedule and without incident
· Intermediate hole complete - setting of intermediate casing underway
Following the spud of the Icewine#2 Production Test well on 24th April, the Arctic Fox drilling rig has completed drilling the intermediate hole, reaching a depth of 10,715 feet at 08:51 8th May (AK time). Intermediate casing is now being cemented prior to planned drilling of the production interval, down to ~11,400 feet, over the weekend.

Production testing remains on schedule for late June / early July.

Further updates will be made as and when appropriate throughout the drilling / testing program.

StockMarketWire.com
88 Energy has confirmed that the Icewine#2 production test well reached total depth of 11,450ft on schedule and without incident.

88 Energy said wireline logging operations were under way and production testing/flowback would begin in late June/early July.

The well spudded on 24 April and reached total depth of 11,450ft on 15 May.

StockMarketWire.com
Wireline logging throughout the production interval at Icewine#2 was completed at the weekend, with great success, 88 Energy said today.

An operations update said the quality of the data acquired was excellent and complemented the core and logs retrieved at Icewine#1.

It said the enhanced data suite would ensure that optimal design of the planned stimulation was achieved at Icewine#2.

It said that during cementing of the 4.5" production liner, hole conditions in the Pebble Shale Unit (beneath the HRZ production interval) prevented successful completion.

The update continued: "The liner was retrieved to surface and will undergo minor repair whilst the hole is reconditioned to minimise the chance of recurrence. Post repair the liner will be run back in the hole and re-cemented.

"This operation is expected to be finalised during the week.

"Production testing remains on schedule."

Managing director Dave Wall said: "The data quality from the wireline logs recently completed is excellent and, at this early stage in the processing and interpretation, is confirmatory to the data obtained from Icewine#1 - as expected.

"Additional insights are expected from the log interpretation and completion of the micro stimulations over the coming days as we finalise the design to the stimulation programme.

"The minor setback related to completing the production liner installation has not altered the schedule for production testing, as prior to this we were running several days ahead of plan."

Encouraging so far.

Icewine#2 Operations Update
88 Energy Limited ("88 Energy", "the Company", "Operator") (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.
Highlights
· Icewine#2 4.5" production liner successfully cemented in place
o Arctic Fox rig demobilisation to commence shortly
· Preparations on track for execution of main stimulation in 3rd week of June
· Production testing remains on schedule for late June / early July

Cementing of the 4.5" liner in the production hole section (through the HRZ) was completed successfully over the weekend, without incident.

Final preparations for the main stimulation are underway, with execution expected in the 3rd week of June.

Production testing remains on schedule for late June / early July.

Managing Director of 88 Energy Limited, Dave Wall commented:
"The Alaska team have successfully completed the Icewine#2 well on schedule, after an effective adjustment to the completion plan, post the initial unsuccessful attempt to set the production liner.
Everything is now lining up for execution of the main stimulation operation, with flow testing of the HRZ on target for late June."

Further updates will be made as and when appropriate throughout the drilling / testing program.