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88 Energy highlights “significant pressure build-up” in Icewine well

The Icewine-2 well programme is suspended until spring but 88 Energy says it has observed a rise in pressure
oil and gas operations
Icewine-2 operations will resume in the spring

88 Energy Limited (LON:88E, ASX:88E) has updated investors on the Icewine project in Alaska as it released its most recent quarterly activity report.

The company said that there has been significant pressure build up in the Icewine-2 well since the flow testing programme was suspended on September 18.

READ: 88 Energy trades 15 million shares in first hour following Icewine update

It added that the rise is consistent with interpreted overpressure in the HRZ shale.

The company also highlighted its operations over the quarter to September 30, which had included the Icewine-2 flowback efforts. Across two testing periods the company recovered a total of 5,533 barrels or 19.9% of the fluid injected into the well during the fracking of the HRZ shale.

In September, the company announced it was shutting in the Icewine-2 well for the winter with a new programme slated to start again in April or May 2018.

READ: 88 Energy shuts down Icewine-2 programme for Alaskan winter

According to the company, the decision to hibernate the programme was based on logistical reasons associated with testing in Arctic conditions – namely the freezing of borehole fluid (predominantly fresh water from the frack) due to the low rate of fluid flow.

88 Energy’s next move will be to use artificial lift with a view to improving flows from the well, though it noted that winterised equipment suitable for executing such a programme isn’t presently available.

Consequently, it plans to carry out this work in the spring once weather conditions are more favourable.

 

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88 Energy Ltd Timeline

Newswire
December 07 2017

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