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/

http://88ewiki.wikidot.com/icewine-2

fyi
"Funds raised under the Placement further strengthen the Company's balance sheet ahead of the upcoming drilling of the Icewine#2 well. 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."

blue :-)

onward and upwards

YES SIREEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE!!

gla

Didn't sell, so added a few on the dip.

morning driver - good stuff - you know it makes sense :-)
2p gone as expected and the day is young
atb

Still under here AV 2.6 but going in the right direction.

RNS Number : 2196L
88 Energy Limited
18 July 2017

18 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
· Icewine#2 well shut-in on 10th July to allow for imbibition and pressure build-up
· Analyses of flowback results to date ongoing

Icewine#2 Operations Update

The Icewine#2 well was shut-in on the 10th July for a six week period to allow for imbibition and pressure build up to occur. Prior to shut-in, 16% of the stimulation fluid had been recovered from the reservoir under natural flowback, with trace hydrocarbons returned at surface.

Imbibition, or "soaking", allows for absorption of frac water into the formation, which may displace reservoir water molecules that are restricting hydrocarbon molecules from flowing into the created fractures. The pressure build up data will provide insights into the permeability created by the stimulation. Ultimately, the post shut-in well performance will determine the next steps required, such as continuing to flowback naturally or the introduction of artificial lift (eg swabbing).

The HRZ shale shares several characteristics with other successful shales in the Lower 48; however, there is no blueprint or benchmark against which it is meaningful to measure performance as there are also many differences. At this juncture, the Joint Venture is of the view that further analyses are required to determine what impact the performance of the well to date has on the probability of success for the play. These analyses include, but are not limited to;
· comparison of the flowback rate against expected the expected flowback rate based on reservoir parameters and the successful execution of the fracture stimulation;
· reconciliation of the petrophysical model, and the apparent in-situ hydrocarbons, with the hydrocarbons recovered to surface to date.

These analyses are ongoing and will be communicated once complete.

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

Media and Investor Relations:

88 Energy Ltd
Dave Wall, Managing Director Tel: +61 8 9485 0990
Email: admin@88energy.com

Finlay Thomson, Investor Relations Tel: +44 7976 248471

Hartleys Ltd
Dale Bryan Tel: + 61 8 9268 2829

Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee

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.

Project Icewine Overview
In November 2014, the Company entered into a binding agreement with Burgundy Xploration (BEX) to acquire a significant working interest (87.5%, reducing to 77.5% on spud of the first well on the project) in a large acreage position on a multiple objective, liquids rich exploration opportunity onshore Alaska, North America, referred to as Project Icewine. In June 2016, the gross acreage position was expanded to 271,119 contiguous acres (210,250 acres net to the Company). In December 2016 the Company successfully bid on additional acres. On award the Project Icewine gross acreage position will be further expanded to ~690,000 contiguous acres (~400,000 acres net to the Company assuming all rights are taken up).

The Project is located on an all year operational access road with both conventional and unconventional oil potential. The primary term for the State leases is 10 years with no mandatory relinquishment and a low 16.5% royalty.

The HRZ liquids-rich resource play has been successfully evaluated based on core obtained in the recently completed (December 2015) Icewine #1 exploration well, marking the completion of Phase I of Project Icewine. Phase II has now commenced, with drilling at the follow-up appraisal well, Icewine#2, commencing early 2Q2017. Production testing is ongoing.

Significant conventional prospectivity has also been identified on recently acquired 2D seismic across the project acreage.

Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

Generous exploration incentives are provided by the State of Alaska with up to 35% of net operating loss refundable in cash.

The primary objective is an untested, unconventional liquids-rich shale play in a prolific source rock, the HRZ shale (Brookian Sequence), that co-sourced the largest oil field in North America; the giant Prudhoe Bay Oil Field Complex. Internal modelling and analysis indicates that Project Icewine is located in a high liquids vapour phase sweetspot analogous to those encountered in other Tier 1 shale plays e.g. the Eagle Ford, Texas.

Recently acquired 2D seismic has identified large conventional leads at Project Icewine within the same Brookian petroleum system and shallow to the HRZ shale, including potential high porosity channel and turbiditic sands associated with slope apron and deepwater fan plays. The Brookian conventional play is proven on the North Slope; the USGS (2013) estimated the remaining oil potential to be 2.1 billion barrels within the Brookian sequence. Two recent discoveries in the Brookian have already exceeded these estimates, with Armstrong/Repsol discovering 1.4 billion barrels in 2015 and Caelus announcing a 2.5 billion barrel discovery in 2016. Additional conventional potential exists in the Brookian delta topset play, deeper Kuparuk sands and the Ivishak Formation.

A Prospective Resources Report by DeGolyer and MacNaughton, was commissioned by 88 Energy to evaluate the unconventional resource potential of Project Icewine in February 2016 and was released to the market on 6th April 2016.

About 88 Energy: 88 Energy has a 77.5% working interest and operatorship in ~271,000 acres onshore the prolific North Slope of Alaska ("Project Icewine"). Gross contiguous acreage position will expand on award of additional leases successfully bid on in the December 2016 State of Alaska North Slope Licensing Round. The North Slope is the host to the 15 billion barrel Prudhoe Bay oilfield complex, the largest conventional oil pool in North America. The Company, with its Joint Venture partner Burgundy Xploration, has identified highly prospective play types that are likely to exist on the Project Icewine acreage - two conventional and one unconventional. The large unconventional resource potential of Project Icewine was independently verified by leading international petroleum resource consultant DeGolyer and MacNaughton. In addition to the interpreted high prospectivity, the project is strategically located on a year-round operational access road and only 35 miles south of Pump Station 1 where Prudhoe Bay feeds into the Trans Alaska Pipeline System. The Company acquired 2D seismic in early 2016 to take advantage of the globally unique fiscal system in Alaska, which allowed for up to 75% of 1H2016 exploration expenditure to be rebated in cash. Results from the seismic mapping and prospectivity review are encouraging, and form the basis of a conventional prospectivity portfolio for Project Icewine. In late 2015, the Company completed its maiden well at the project, Icewine#1, to evaluate an unconventional source rock reservoir play which yielded excellent results from analysis of core obtained from the HRZ shale. The follow-up well with a multi-stage stimulation and test of the HRZ shale, Icewine#2, spud in early 2Q2017.


This information is provided by RNS
The company news service from the London Stock Exchange

END

Out at .18 backed topped up bLU

StockMarketWire.com
88 Energy has issued a report on activities for the quarter ended 30 June with the highlight being the spud of Icewine#2 production test well which occurred on 24 April, with the following key project milestones:

- The Arctic Fox drilling rig reached a Total Depth of 11,450' on 15 May , on schedule and without incident

- Wireline logging successfully completed throughout the production interval

- Stage 1 and Stage 2 stimulation operations completed successfully, with over 98% of the intended proppant volume placed in the HRZ reservoir

- Flowback commenced on 19 June with ~16% of stimulation fluid recovered prior to shut in on 10 July, with trace hydrocarbons encountered during flowback

- Drilling and production testing expenditure anticipated to be within budget

The company said the well was shut in on 10 July for an anticipated period of 6 weeks to allow for pressure build up and imbibition to occur.

The company said that at the end of the quarter, it had cash reserves of A$31.6m, including cash balances held in joint venture bank accounts.

up to 2.025p +0.45p

Someone at Twitter - mentioned a rumour that the oil is flowing ??

would think its too early ?? for 6 weeks to wait

Rumor alright got plenty in and now SOMEONE on the way out

Interim Report
88 Energy Limited is pleased to announce its interim results for the half year ended 30 June 2017.

A copy of the Company's Interim Report, extracts from which are set out below, has been lodged on the ASX and is also available on the Company's website at www.88energy.com and at the link at the foot of this announcement.

OPERATING AND FINANCIAL REVIEW

During the period, the Group has continued its principal activities in Alaska. A summary of significant activities is below:

Highlights for the first half of 2017:

· Conventional prospectivity review completed in the half year identifying resource potential in conventional 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)
· Spud of Icewine#2 Production Test well to evaluate the HRZ shale play occurred on 24th April 2017, with the following key project milestones;
o Rig contract with Doyon Drilling Inc. for the Artic Fox rig executed in February 2017, with the rig mobilising to site in March 2017;
o Icewine#2 Permit to Drill approved in April 2017, with spud occurring shortly thereafter;
o The Arctic Fox drilling rig reached a Total Depth of 11,450' MD on 15th May 2017, on schedule and without incident;
o Wireline logging successfully completed throughout the production interval;
o Stage 1 and Stage 2 stimulation operations completed successfully, with over 98% of the intended proppant volume placed in the HRZ reservoir;
o Flowback commenced on 19th June 2017 from Stage 2 (upper zone) with 8% of total stimulation fluid recovered,
o Rate and pressure observations indicated that the upper zone was likely in communication with Stage 1 (lower zone) consequently the plug separating the two zones was drilled out
o ~16% of the stimulation fluid was recovered from the combined zones prior to shut in on 10th July 2017, with trace hydrocarbons encountered during flowback; and
o Drilling and production testing expenditure at Icewine#2 is anticipated to be within budget.
· Oversubscribed placement to domestic and international institutional and sophisticated investors raised A$ 17 million in the half year.

http://www.moneyam.com/action/news/showArticle?id=5615365

Project Icewine 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
· Flow testing on Icewine#2 to re-commence week beginning 21st August post six week shut-in
· Gross acreage position increased by 76,996 acres (48,864 net to 88E)
o Total gross acres now 348,116 (259,114 net to 88E)
o Additional ~256,000 gross acres subject to award, expected later this year

Icewine#2 Operations Update
The Icewine#2 well was shut-in on 10th July for a six week period to allow for imbibition and pressure build up to occur within the HRZ shale. Flow testing is scheduled to re-commence week beginning 21st August.

Additional technical analyses are ongoing and will be communicated once complete.

Lease Position Expanded
The Project Icewine Joint Venture was awarded 109,817 gross acres on 7th July as part of a broader package of successful bids submitted in the December 2016 North Slope lease sale. Of these 109,817 gross acres, 76,996 gross acres (48,864 net to 88E) were recently taken up and paid for. Given the ongoing testing of Icewine#2, a decision was made to accept award on acreage where the coincidence of prospectivity for both the conventional and unconventional was greatest. An additional ~256,000 gross acres is subject to award, expected later this year.

StockMarketWire.com
88 Energy has confirmed that flow testing on Icewine#2 would re-commence in the week beginning 28 August post a six-week shut-in.

It said there had been a one week delay on resuming flow testing due to fine-tuning of testing procedure.

It said additional technical analyses were ongoing and would be communicated once complete.

Project Icewine 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
· Flow testing on Icewine#2 re-commenced 31st August 10:26 (AK time) post ~7 week shut-in
· Currently flowing back naturally on 4/64 choke at ~70 barrels per day frac fluid
· Minor hydrocarbon indications via formation of gas hydrates within the choke manifold
· Pressure data analysis indicates limited connection to the reservoir prior to last 24 hours

Icewine#2 Operations Update
The Icewine#2 well was shut-in on 10th July to allow for imbibition and pressure build up to occur within the HRZ shale. Flow testing re-commenced on 31st August at 10:26 (AK time), and is ongoing. Results since flow testing recommenced are summarised below.

The Icewine#2 well is located on the North Slope of Alaska (ADL 392301). 88 Energy Ltd (via its wholly owned subsidiary, Accumulate Energy Alaska, Inc) has a 77.55% working interest in the well. The well was stimulated in two stages over a gross 128 foot vertical interval in the HRZ shale formation, from 10,957-11,085ft TVD, using a slickwater treatment comprising 27,837 barrels of fluid and 1,034,838 pounds of proppant.

The well was initially flowed back on a 6/64 inch choke and was reduced to a 4/64 inch choke after 26 hours to maintain pressure. Approximately 370 barrels of frac fluid had been recovered as at 1730 on 3rd September (AK time) at an average rate of 100 barrels per day. Hydrocarbon indications have been minor and are associated only with the formation of gas hydrates in the choke manifold. Methanol injection has been initiated to prevent the surface manifold equipment from freezing thereby ensuring free flow of produced fluids through the choke.

Wellhead pressure built to ~3,500psi during shut-in and has dropped to 1,130psi since flowback commenced. Initial analysis of the pressure data from both the build-up and flowback indicates limited connection to the reservoir prior to the last 24 hours. At 0550 on the 2nd September (AK time) a small pressure build-up was observed, potentially indicating the first contribution to pressure from the reservoir itself. This is the first time that this has occurred since flow testing was initiated, including the previous testing period prior to shut-in. To date the cumulative amount of stimulation fluid produced from both testing periods is 4,802 barrels, 17.25% of fluids injected.

The current flowback procedure is early stage and the significance of an implied pressure contribution from the reservoir and formation of gas hydrates cannot yet be determined.

Anyone subscribing to the MoneyAM Level 2 platform please take note that most days it is not reporting the correct Trade High nor Trade Low information and "some days" not reporting the correct Opening Price or Closing Price.

The reason is because MoneyAM's Level 2 system is not correctly sensing the Auto Trades or Ordinary Trades correctly so is wrongly reporting them

Anyone subscribing to the MoneyAM Level 2 platform please take note that most days it is not reporting the correct Trade High nor Trade Low information and "some days" not reporting the correct Opening Price or Closing Price.

The reason is because MoneyAM's Level 2 system is not sensing the Auto Trades or Ordinary Trades correctly so is wrongly reporting them

MoneyAM has been unable to fix the fault for over 8 weeks now but are still charging full price for their Level 2

Project Icewine 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
· Currently flowing back naturally on 8/64 choke at ~55 barrels per day frac fluid
· Minor hydrocarbon indications via flow rate of 2-4mcf of gas per day, with a maximum rate of 8mcf of gas per day

Icewine#2 Operations Update
The Icewine#2 well was shut-in on 10th July to allow for imbibition and pressure build up to occur within the HRZ shale. Flow testing re-commenced on 31st August at 10:26 (AK time), and is ongoing. Results since flow testing recommenced are summarised below.

The Icewine#2 well is located on the North Slope of Alaska (ADL 392301). 88 Energy Ltd (via its wholly owned subsidiary, Accumulate Energy Alaska, Inc) has a 77.55% working interest in the well. The well was stimulated in two stages over a gross 128 foot vertical interval in the HRZ shale formation, from 10,957-11,085ft TVD, using a slickwater treatment comprising 27,837 barrels of fluid and 1,034,838 pounds of proppant.

The well was initially flowed back on a 6/64 inch choke and was reduced to a 4/64 inch choke after 26 hours to maintain pressure. Approximately 370 barrels of frac fluid had been recovered as at 1730 on 3rd September (AK time) at an average rate of 100 barrels per day. The choke was subsequently stepped up to 8/64 inch at 1800 10th September (AK time) as the overall declining pressure gradient versus time improved, indicating potential pressure support. To date, the cumulative amount of stimulation fluid produced from both testing periods is 5,277 barrels, 19.0% of fluids injected.

Wellhead pressure built to ~3,500psi during shut-in and has dropped to 106psi since flowback commenced and is now declining very slowly with a relatively constant flowback rate of 55 barrels per day. At 0930 9th September (AK time), a decision was made to run the flowback through the test separator due to minor gas indications being evident. To date the rate of flow has been unstabilised at between 2 and 4 mcf per day made up of 76% hydrocarbons, 20% atmospheric gases and 4% inorganics. The produced hydrocarbons comprise 93% methane with 7% heavier fractions.

The current flowback procedure remains early stage with only 19.0% of the frac fluid retrieved. The gas observed so far is not considered representative of the potential rate or composition of hydrocarbon in the reservoir. It is interpreted that additional frac fluid needs to be removed in order to achieve a representative result. A decision will be made on the most appropriate strategy to accomplish this within the next two weeks.

Project Icewine 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
· Shut-in on 18th September (AK time) ahead of suspension for 2017/2018 winter season
· Continued gas flow of ~2mcf/d with a trend of increasing heavy components since last update
· Forward plan to install narrower tubing and execute artificial lift in April/May 2018 to remove frac fluid

Icewine#2 Operations Update
The Icewine#2 well was shut-in on 10th July to allow for imbibition and pressure build up to occur within the HRZ shale. Flow testing re-commenced on 31st August at 10:26 (AK time), and was suspended on 18th September (AK time).

The Joint Venture having assessed the current rate of fluid recovery and, despite several encouraging trends, made the decision to shut-in for the Winter period due to logistical reasons associated with ongoing testing in Arctic conditions. The main issue is that of freezing of the borehole fluid, predominantly fresh water from the frac, over the ~1,300ft permafrost zone due to the low rates of fluid flow observed towards the end of the current test phase. Additionally, winterized equipment deemed suitable for executing efficient artificial lift of the frac fluid is currently unavailable. The forward plan is to optimise and re-initiate the flow testing, utilising artificial lift, in April/May 2018 when weather conditions are more favourable.

Regarding the encouraging trends observed, a summary is included below:
· Decrease in C1 (most recent average <91% vs 93% previously) and increase in C2+ components as a percentage of the gas flow, potentially trending towards the interpreted phase of hydrocarbon in the reservoir

· Increase in the gas / water ratio such that as the water flow rate has decreased over time, the gas rate has remained relatively constant. It is still interpreted that additional fluid is required to be lifted off the formation before effective connectivity to the reservoir can be achieved with representative flowback.

The Icewine#2 well is located on the North Slope of Alaska (ADL 392301). 88 Energy Ltd (via its wholly owned subsidiary, Accumulate Energy Alaska, Inc) has a 77.55% working interest in the well. The well was stimulated in two stages over a gross 128 foot vertical interval in the HRZ shale formation, from 10,957-11,085ft TVD, using a slickwater treatment comprising 27,837 barrels of fluid and 1,034,838 pounds of proppant.

The well was initially flowed back on a 6/64 inch choke and was reduced to a 4/64 inch choke after 26 hours to maintain pressure. Approximately 370 barrels of frac fluid had been recovered as at 1730 on 3rd September (AK time) at an average rate of 100 barrels per day. The choke was subsequently stepped up to 8/64 inch at 1800 10th September (AK time) as the overall declining pressure gradient versus time improved, indicating potential pressure support. The choke was gradually increased to 10/64 and then 12/64 in order to lower the bottom hole pressure significantly below the reservoir pressure to increase the draw down on the formation. Consequently, the well head pressure fell below that required to support flow through the separator (~35psi) and the well stopped flowing naturally on 18th September 1630 (AK time), as expected, and was shut in. To date, the cumulative amount of stimulation fluid produced from both testing periods is 5,533 barrels, 19.9% of fluids injected.

Since the shut-in, significant pressure build up has already occurred, with current wellhead pressure over 739psi. This is consistent with the interpreted overpressure of the HRZ and is an encouraging sign.

A total of 16.57mcf of gas was measured as production since the 9th September, with an average flow rate of 1.79mcf per day. Results to date are consistent with several other early stage unconventional plays that have subsequently been proven successful; however, it is too early to tell the significance of these results for the HRZ play. As previously advised, the Joint Venture is of the view that greater than 30% of the frac fluid needs to lifted from the formation before gaining connectivity with the reservoir and achieving representative flowback.

A detailed presentation with the conclusions from the testing of the HRZ to date as well as planned operations for 1H2018 will be released to the market shortly.

Bank of America Debt / Alaska Credits Clarification
The current Bank of America debt balance is US$17.7m. The State will pay back US$1.19m of this imminently, based on US$77m in total payouts, representing $0.16 in the dollar for each outstanding dollar owed as at the beginning of the year, calculated on issued certificates at that time. The debt balance with Bank of America will consequently be reduced to US$16.5m. It is anticipated that all outstanding 88E cash certificates will be issued prior to mid-2018. The State will continue to pay back the outstanding credits on a yearly basis, with a minimum floor of paid out monies. Alaska remains one of the wealthiest States in the USA, with close to US$100 billion in savings and vast natural resources as well as a burgeoning fishing and tourism industry. Risk related to pay back of the credits in full is deemed very low. The Company is also in a strong position in relation to its debt as the estimated amount of cash credits that will be owed is ~US$23m, significantly in excess of the US$16.5m debt.

Managing Director, Dave Wall, commented: "Whilst it is frustrating to have to wait over the Winter season for the continued flow test of the HRZ, there are several encouraging signs observed from this most recent phase of testing. Given the early stage nature of our appraisal program, we need to have patience and remain open minded as there is no benchmark against which to track the progress of this particular unconventional play."

Bough earlier @ 0.8972p

25 Sep '17 - 13:23
KEEP an EYE

88E - 0.875p ( 0.85 - 0.90p )

Have half in price since last week, and buyers are appearing at this low price now, small spread, improving Level 2 of 2 v 1.

The 0.875p seems the support at the moment, and as usual, the buyers think is the right pricenow , loading some shares, the sells still are on, but slowly finishing their lot and that is why is up and down but not moving below the 0.875p

I know you are trading it, but for those who are buying stock, I wouldn't be surprised to see this hit 1p during the winter, before investors pile in again when fracking restarts.