Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

88 Energy shares fly as Icewine potential confirmed

BP sells Alaskan business.

88 Energy shares soared today after the company revealed its estimates for the Icewine-1 well in Alaska have been confirmed to be correct by the evaluation of the HRZ shale core.

The London-listed firm also confirmed the majority of its acreage lies in a “thermal maturity sweetspot”.

Its shares more than doubled to 2.41 pence per share early today as its long heralded Icewine prospect appeared to deliver on its promise.

The company said the final thermal maturity analysis of the core of the HRZ shale interval has confirmed the company’s pre-drill predictions concerning the Icewine-1 well to be accurate.

The majority of 88 Energy’s 272,000 acres that have been mapped lie in a thermal maturity “sweetspot”, containing low viscosity vapour phase hydrocarbons modelled to flow at a “material rate” based on the porosity and permeability results.

Managing director Dave Wall said: “Thermal maturity based on vitrinite reflectance analysis has confirmed that Icewine-1 is in the predicted sweetspot where the volatile oil window meets the gas condensate window.

“This is consistent with the earlier interpretation announced from geochemical analysis of gases in drilling mud whilst drilling through the HRZ as well as rock evaluation work on the core.”

Last week the firm said that the porosity of the core had been confirmed to be at the upper end of the company’s expectations whilst the permeability of the core exceeded expectations.

88 Energy said today that the initial observation of the rock mechanics and “fraccability” of the rock are both “encouraging”.

“The joint venture now looks forward to the challenge of designing the optimal extraction method for the potentially very large resource in the HRZ shale play, and early observations on this front are encouraging,” said Wall.

“The HRZ is a new resource play and will not to be without its own unique peculiarities; however, given the size of the potential prize, we are confident that substantial interest will be garnered to support the next phase of the project, which will include the drilling of a horizontal well with a multi-stage fracture stimulation,” he added.

88 Energy will now work toward an independent resource report whilst working on the rock mechanics, integrated petrophysical analysis and the characterisation of the “resource prize potential,” it said.

Recommended for you

More from Energy Voice

Latest Posts