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88 Energy gives update on Icewine 2 flow, confirms new acreage

88 Energy said that the rate of recovery and the composition of the flow is “as expected"

oil and gas operations
A true test of the well is anticipated once sufficient volumes of fluid has been recovered

88 Energy Ltd (LON:88E) has confirmed that nitrogen lift operations have begun to support the ongoing programme at the Icewine-2 well in Alaska.

The company continues to recover fluids injected previously through fracking and a hydrocarbon flow has yet to be measured (other than gases associated with the process).

READ: 88 Energy confirms restart of Icewine-2 programme

In a statement, the company told investors that the total volume of flowback fluids since the restart now amounts to 820 barrels and overall some 6,253 barrels have been recovered from the well, which represents around 23% of the injected fracking fluid (the target is 30%).

88 Energy said that the rate of recovery and the composition of the flow is “as expected" for this stage of the flowback and results are considered unrepresentative of the hydrocarbon composition in the reservoir, as the well is still in clean-up phase.”

It added: “Salinity measurements of the flowback fluid indicate that connectivity to the reservoir remains limited, as expected, at this early stage.”

Additionally, the company revealed to investors that it has been formally awarded the acreage - referred to as the Yukon gold area and the Western leases - that was bid for successfully in December 2017.

The two areas are wholly owned by 88 Energy and comprise a total of around 31,000 acres – 14,194 acres at Yukon Gold and 17,280 in the Western leases.

 

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Price: 1.05 GBX

AIM:88E
Market: AIM
Market Cap: £74.65 m
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