88 Energy confirms net pay at Charlie-1 well
London-listed (AIM:88E ) has received results from its Charlie-1 appraisal well situated on the North Slope of Alaska.
The AIM and ASX-listed energy firm recently completed drilling at Charlie-1 earlier in April and has since received petrophysical interpretation.
The interpretation confirmed the Torok, Seabee and Kuparuk formations to hold economically recoverable hydrocarbons, the main component of petroleum and natural gas.
‘Over 280' feet of net pay is interpreted over the Seabee, Torok and Kuparuk formations, which compares favourably to pre-drill expectations,’ the group told investors this morning.
Shares in 88 Energy closed at 0.265p on Friday. Analysis results are detailed in the table below.
|
PROSPECT |
FORMATION |
GROSS |
NET |
NET to GROSS |
PAY |
PAY to GROSS |
POROSITY |
WATER |
COMMENT |
|||
|
|
|
ft |
ft |
% |
ft |
% |
(PHIT) avg % |
(SWT) avg % |
|
|||
|
UPPER LIMA |
SEABEE |
369 |
49 |
13 |
8 |
2 |
11.5 |
77 |
Not intersected optimally |
|||
|
LOWER LIMA |
SEABEE |
326 |
97 |
30 |
64 |
20 |
11.4 |
66 |
Not intersected optimally, best shows in both Charlie-1 and Malguk-1 with live oil observed at surface. Relatively good permeability indicated on CMR and confirmed by XPT. High resistivity in thin bedded sands. |
|||
|
UPPER STELLAR |
TOROK |
328 |
43 |
13 |
20 |
6 |
11.4 |
76 |
Not intersected optimally |
|||
|
MIDDLE STELLAR |
TOROK |
232 |
129 |
56 |
95 |
41 |
11.4 |
69 |
Flowed gas condensate into sample chambers on downhole ORA tool |
|||
|
LOWER STELLAR |
TOROK |
95 |
55 |
58 |
49 |
51 |
11.1 |
55 |
Clean sand indicated near base. Flowed gas condensate into sample chambers on downhole ORA tool. |
|||
|
KUPARUK |
KUPARUK |
117 |
61 |
52 |
44 |
38 |
13.8 |
70 |
Not mapped. Reasonable permeability indicated on CMR. Likely wet gas. |
|||
Cutoffs: PHIT>=8.5%; SWT<=80%, Vshale<=40%
However, the confirmation of rock properties and saturations by lab work is needed and is currently underway.
Dave Wall, Managing Director of 88E said Charlie-1 has yielded “encouraging results”, particularly in the Seabee which showed “extensive targets and excellent oil shows.”
"The significance of these observations in Charlie-1 will be confirmed by lab results in the near term," he added.
The group said the Torok, Seabee and HRZ remain prospective targets at Project Icewine, “albeit not without risk” and that it continues to progress strategies around its Yukon Gold-1 oil discovery.
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