88 Energy PLC (LON:88E) says it is on schedule to spud the Charlie-1 well with contracting and logistical work proceeding as planned.
Approval to drill has been submitted and is expected this month, with drilling scheduled to start in February and flow testing to conclude in April.
Charlie-1 will intersect seven stacked prospects, four of which are considered appraisal targets.
The total Gross Mean Prospective Resource across the seven stacked targets to be intersected by Charlie-1 is 1.6 bn barrels of oil (480mln barrels net to 88E).
At the end of the quarter, 88 had cash reserves of A$15.9mln (£8.4mln), including partner contributions of A$10.7mln.