88 Energy Ltd (LON:88E) managing director Dave Wall told investors that the company ‘remains committed and confident’ in the HRZ shale play, as the explorer confirmed the expansion of its Project Icewine acreage.
Sentiment towards 88 Energy has waned somewhat as the most recent well, Icewine-2, was suspended over the winter after attempts at well testing failed to deliver measurable results.
Further operations will continue in the spring and new testing will take place. In the meantime, the expansion of 88 Energy’s Icewine footprint may be seen as something of a vote of confidence in the broader play.
88 Energy’s net acreage position increases to 286,000 acres from 260,000, whereas the gross position rises to 460,000 acres from 350,000 acres.
“The Joint Venture remains committed and confident in the HRZ shale play,” Wall said.
“The leasing strategy has been designed to strike a balance between this confidence and available capital whilst we build towards completion of the flowback and production testing of the Icewine#2 well in 1H 2018.
“Additional details on this program as well as the planned 3D seismic acquisition will be released in the coming weeks."