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/

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.

Looking Good..

88 Energy Company News
07:00 06/06/2017
Icewine#2 Operations Update

http://www.moneyam.com/action/news/showArticle?id=5562122

SP holding up well.

Words out 1.8m buy at plus 4p

StockMarketWire.com
88 Energy's sundry application for the main stimulation work at Icewine#2 has been approved by the Alaska Oil and Gas Conservation.

The company said: "Based on the interpretation of data collected in both Icewine#1 and Icewine#2, the final design submitted was based on two stimulation stages comprising of multiple perforations in each stage.

"One stage will be executed in the lower HRZ and the other in the upper HRZ.

"These two zones were chosen largely based on areas with similar stress profiles, coincident with where hydrocarbon concentration is highest.

"The upper zone will be flowed back for up to two weeks before the lower zone is opened up and comingled with the flow from the upper zone.

"An additional two weeks of clean up will occur for the comingled flow before the company may be in a position to report hydrocarbon flow rates."

88 Energy said production testing remained on schedule for late June/early July and further updates would be made as and when appropriate throughout the drilling/testing programme.

Managing director Dave Wall said: "The company would like to thank its shareholders for supporting the Project Icewine team in getting us to the cusp of flow testing a potentially significant resource play in the HRZ shale.

"The work done to date by a dedicated group of employees and consultants has been to a high standard utilising the latest best practice techniques in industry.

"This increases the chance of a successful execution of the program but does not increase the likelihood of success for the play itself.

"The remaining key uncertainties, namely effective creation of complex fractures and gas to oil ratio, cannot be resolved until the stimulation is executed."

StockMarketWire.com
88 Energy has issued 3,350,000 fully paid ordinary shares following the exercise of options.

StockMarketWire.com
88 Energy has successfully completed stage 1 stimulation operations at Icewine#2 on the project onshore North Slope of Alaska.

88 Energy said the first stage (lower HRZ) of the planned two stage artificial stimulation of the HRZ shale was completed successfully at the weekend, as per the plan.

And it said preparations for the execution of the second stage (upper HRZ) were nearing completion and the job was expected to be completed over the next 12 hours. 88 Energy said: "Flowback is then planned from the upper zone until a representative sample can be obtained.

"The lower zone will then be comingled with the upper zone and additional samples acquired.

"Subsequent to the sample acquisition, the choke will then be gradually opened up to ascertain the maximum potential flow rate from both zones over the coming weeks.

"Sample analysis will take place in a lab over the next four to six weeks to allow for detailed characterisation of the hydrocarbon composition and phase in the reservoir."

I interviewed Dave Wall today for a video, Very interesting chat. Will be out on Shares website in next few days

Looking forward to that Mike!

StockMarketWire.com
88 Energy Limited issued 6,350,000 ordinary shares yesterday following the exercise of options.

StockMarketWire.com
88 Energy has successfully completed stage 2 stimulation operations at Icewine#2 onshore North Slope of Alaska.

The group said both stages of the fracture stimulation operation had now been executed successfully as per the stimulation design and more than 98% of the intended total proppant volume was able to be injected into the HRZ reservoir.

It said: "Flowback will now commence from the upper zone until a representative sample can be obtained.

"The lower zone will then be comingled with the upper zone and additional samples acquired.

"Subsequent to the sample acquisition, the choke will then be gradually opened up to ascertain the maximum potential flow rate from both zones over the coming weeks.

"Sample analysis will take place in a lab over the next four to six weeks to allow for detailed characterisation of the hydrocarbon composition and phase in the reservoir."

Latest video here

88 Energy Shares Video

https://www.sharesmagazine.co.uk/video/shares-spotlight-dave-wall-md-of-88-energy-88e