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88 Energy (ASX:88E) confirms pay in Alaskan Project

Energy
ASX:88E      MCAP $86.67M
20 April 2020 11:45 (AEST)

88 Energy (88E) has received results from its Charlie-1 appraisal well located on the North Slope of Alaska.

The company has recently completed drilling at Charlie-1 and has now received petrophysical interpretation.

The interpretation has confirmed hydrocarbon pay in the Torok, Seabee and Kuparuk formations.

Pay is an expression used in hydrocarbon mining. It indicates a portion of a reservoir contains economically recoverable hydrocarbons. Hydrocarbons are a compound of hydrogen and carbons and are 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 company told the market.

However, confirmation of rock properties and saturations by lab work is needed and is currently underway.

Analysis results

Managing Director Dave Well is most pleased with the results from Seabee.

“The Seabee targets are extensive and have had excellent oil shows, including live oil, observed at the surface in both Charlie-1 and Malguk-1,” Dave explained.

“The significance of these observations in Charlie-1 will be confirmed by lab results in the near term,” he added.

88 Energy is looking forward to exploring the project in the coming weeks.

88 Energy is up 16.67 per cent on the market this morning, trading for 0.7¢ per share at 10:09 am AEST.

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