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88 Energy confirms restart of Icewine-2 well testing programme

“Based on the pressures and flow rates, there is no indication of any impediment to flow through the perforations at this stage,” the company said in a statement

oil and gas operations
Operations resumed yesterday but the flow has yet to be tested for hydrocarbons

88 Energy Ltd (LON:88E, ASX:88E) confirmed that the Icewine-2 well testing programme resumed as scheduled at 22:30 on June 11 and the well is now continuing to flow back fluids.

The well is flowing back fracking fluid that was previously injected into the well to stimulate the HRZ shale formation.

WATCH: Outcome of 88 Energy’s Icewine-2 well testing ‘pivotal’ for investor confidence

Initially, after the well was reopened, the well flowed at a rate of 253 barrels per day and as of 12:30 on Tuesday (Alaska time) the rate was measured at 160 barrels per day.

“Based on the pressures and flow rates, there is no indication of any impediment to flow through the perforations at this stage,” the company said in a statement.

88 Energy added: “At this early stage of flowback, the fluid has not been run through the separator, so the hydrocarbon rate has not been measured.

“Flowback through the separator and gas chromatograph is expected to commence today.”

It noted that a production log has been run and it plans to disclose the findings to investors once the report has been finalised.

Meanwhile, the company is also preparing to install further equipment into the well to enable nitrogen lift, which is designed to boost flows from the well.

88 Energy owns a 77.55% stake in the well, which was fracture stimulated in two stages over a gross 128 foot vertical interval in the HRZ shale formation.

Quick facts: 88 Energy Ltd

Price: 1.0425 GBX

AIM:88E
Market: AIM
Market Cap: £74.12 m
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