The core rig will be used to help obtain additional subsurface and more core-hole information on gas reserves on the project
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Today's periodic update follows the suspension of the Icewine-2 well programme
The company achieved an EBIT of just over $1 million for the recent December half.
Shares in the company last traded at 17.5 cents before going into a trading halt.
The significance drilling results to date have warranted that the wireline program is brought forward.
The drilling encountered several sandstone intervals as expected within the Caley Member.
The well is within the Phoenix project offshore Western Australia in the Canning Basin.
Up to ten existing wells could be reactivated in the current programme
“Ideally the Icewine#2 well would have delivered a stronger hydrocarbon flow rate and it is disappointing that this was not achieved; however, the Joint Venture has many positive takeaways from the well and remains confident about the potential of the HRZ play”
Drill hole planning will begin next month followed by drilling during the September quarter.
Tlou added that long lead items had been ordered and that it was currently working with geological and drilling consultants on optimising the production well design
It is taking 88 Energy longer than expected to recover the fracking fluid it pumped into the Icewine#2 well back out
The rate of recovery of fracking fluid has slowed over recent days while 88 Energy optimises its nitrogen lift operations
88 Energy said that the rate of recovery and the composition of the flow is “as expected"
The company’s Kvanefjeld Project is envisaged to be a globally significant producer of rare earth materials.
A key advantage to Kvanefjeld is the unique rare earth and uranium-bearing minerals.
“We were very pleased with the introduction of a number of new investors to the company along with continued support from existing shareholders in Australia and the UK"
The upcoming well tests will provide a significant marker for the potential development of the HRZ shale discovery.
The raising was completed at 13 cents and shares are currently trading at a premium.
A testing programme is due to resume next month to test the commercial merits of the HRZ shale in the Icewine-2 well
Range had hoped to be producing 800 barrels of oil per day by the end of the second quarter, but it achieved a production rate of 820 bopd last week
The well will be the second at the Phoenix project aimed at assessing the gas and liquids potential in the Caley Member.
Recently completed solar farm construction at the Delamere Air Weapons Range microgrid project
The Icewine project was put into hibernation over the Alaskan winter but production testing is due to resume in the coming weeks
Kvanefjeld is forecast to be the largest producer of key rare earth elements for electric vehicles.