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
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

Icewine#2 Operations Update
88 Energy Limited (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.

Highlights
Flowback continues with ~13% of stimulation fluid recovered
Icewine#2 Operations Update

Flowback commenced on the 19th June from stage 2 (upper zone). Approximately 8% of total stimulation fluid volume was recovered until it became apparent, due to rate and pressure observations, that the upper zone was likely in communication with the lower zone. Consequently, a decision was made to drill out the plug between the upper and lower zones. No increase in pressure was observed, confirming that the two zones are in effective communication. Trace hydrocarbons were encountered whilst flowing back the upper zone prior to drilling out the plug and, as expected, the flow rate returned to 100% stimulation fluid once the two zones were flowed back together.

Flowback, currently comprising 100% stimulation fluid, is continuing. Percentage of fluid recovered to date is ~13% of the total fluid pumped. It is estimated that up to 30% of the stimulation fluid will need to be recovered before hydrocarbons will be released from the reservoir.

The forward plan is to monitor pressure and flow rate and continue to draw stimulation fluid off the reservoir. Artificial lift, using nitrogen or swab cups, may be introduced at some stage to increase the rate of draw down of fluid. If pressure becomes too low it is possible that operations will necessitate a shut-in to allow fluid to soak and pressure to build up. This soaking is not uncommon in other shale plays as it allows stimulation fluid to be absorbed into the reservoir and can result in lower required fluid flowback before onset of hydrocarbon flow.

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

Managing Director, Dave Wall, commented: "We continue to monitor pressure and flowback of stimulation fluid whilst we wait for hydrocarbons to be released from the reservoir. Given that we are breaking new ground in relation to the HRZ formation, we need to establish the conditions under which the hydrocarbon cut will return and then increase.

The stimulation was executed precisely as per plan with over one million lbs of proppant placed into the formation. A little patience is now required as we give the rocks time to show us what they can deliver."

Well that caused a panic on the ASX and AIM. A slightly negative RNS has produced a little impatience, not what Dave Wall was suggesting!

Another gloomy RNS on the way!

StockMarketWire.com
88 Energy said stimulation fluid continued to flowback naturally at Icewine#2 onshore North Slope of Alaska with ~15.3% of total stimulation fluid recovered to date.

It said a recent increase in salinity of the recovered fluid possibly indicated that some in-situ reservoir fluid was starting to flowback.

88 Energy said the forward plan remained unchanged and might include shut in for pressure build-up and soak and/or artificial lift to increase the rate of stimulation fluid recovery.

It was not as gloomy as I was led to believe. At least Dave Wall is being honest about progress. I am not an expert in this sort of oil play so cannot work out if all is really well or if a little more uncertainty has crept in.

Hmmm.

10 July 2017
88 Energy Limited 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
• Stimulation fluid has continued to flowback naturally
• ~16% of total stimulation fluid recovered to date
• Shut in planned for 6 weeks
Icewine#2 Operations Update
Flowback operations have continued, with fluid composition comprising 100% water. After analysing the performance of the well to date, and comparing to results from other plays, a decision has been made to shut the well in for six weeks to allow for pressure build up and imbibition to occur. Imbibition (or soaking) has proven to be effective in other plays by allowing frac fluid to be absorbed, displacing in-situ water that may be blocking hydrocarbon molecules from being able to flow through the reservoir.
Post the shut in period, the well may then be swabbed.
Further analyses are required to determine the impact, if any, of the performance of the Icewine#2 well on the probability of success for the HRZ play at the Franklin Bluffs location and over the wider acreage position.
Further updates will be made as and when appropriate throughout the testing program.

Yours faithfully
Dave Wall Managing Director 88 Energy Ltd