88 Energy (LON:88E) has told investors that mobilisation of the Kuukpik Rig has commenced mobilisation from Prudhoe Bay to the drill pad for the upcoming exploration well.
The well, Icewine 1, has a planned spud date in mid-October.
Icewine 1’s primary goal is to de-risk a potentially world-class unconventional oil play which, if successful, could yield over a billion barrels of recoverable oil across the Project Icewine acreage.
As a secondary objective the well will also evaluate conventional oil potential, though due to the lack of 3D seismic in the area that part of the project is seen to have a lower chance of success.
“It’s been a tough year in the oil patch but, thanks to the hard work of the 88 Energy team as well as the support of our shareholders, 88E is one of the few junior oil companies providing investors with exposure to significant leverage to what could be a company making well,” said managing director Dave Wall.
The company said high levels of activity are ahead, in the coming weeks and months, and it will be keeping investors well appraised with regular announcements, as and when milestones are achieved.