Proactive Investors - Run By Investors For Investors

88 Energy’s exploration well encounters ‘weak to moderate’ oil shows in primary target

The explorer saw shows but they are not expected to correspond to commercial crude volumes
oil and gas operations
Drilling continues to deeper objectives

88 Energy Ltd (LON:88E) told investors that the Winx-1 exploration well observed oil shows but preliminary analysis indicates that they were “at the lower end of the range required for commerciality.”

The shows were observed in the Nanushuk formation which was the well’s primary target, meanwhile, no oil shows were present in a shallower secondary target.

88 Energy described the Nanushuk shows as ‘weak to moderate’, with initial petrophysical analysis indicating potentially high water saturation.

Drilling continues to test deeper objectives, 88 Energy said.

On AIM, 88 Energy shares dropped 0.26p or 24% to 0.77p.

View full 88E profile View Profile

88 Energy Ltd Timeline

Related Articles

Kvanefjeld project in picturesque Greenland
March 27 2019
The company added to its share price yesterday after shaving US$38 million off its civil construction costs.
Touchstone
Sat
In June, Touchstone CEO chief executive Paul Baay said the company was ready to spud the first well on the Ortoire block, which according to a prospect evaluation by GLJ has an estimated net present value between US$10.5mln and US$86.86mln
oil rig
May 08 2019
The NJOM3 well will be drilled to a total depth of 1,100 metres intersecting at least three reservoir zones

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use