88 Energy continues to make progress with its flagship Icewine #1 exploration well in Alaska, with initial drilling going ahead as planned.
The company’s latest drilling updated confirmed the Kuukpik Rig 5 had drilled to 6,258ft and is currently drilling ahead.
Successful testing of the Blow Out Preventer system (BOP) and formation integrity test (FIT), drilling recommenced on November 10. Excellent penetration rates have been achieved since that time, resulting in a 2,600ft interval being drilled over an approximate 48 hour period, significantly more than the budgeted rate of penetration.
The Brookian sequence intersected to date comprises predominantly siltstones and clays with some sandstone intervals, as prognosed. Good porosity is indicated in several horizons and multiple oil shows have also been recorded; however, on first analysis, these are interpreted as of minor significance.
Conventional potential remains in the continuing Brookian sequence before intersection of the primary HRZ shale target. Additional conventional potential also exists below the HRZ, in the Kuparuk, which will be evaluated subject to hole conditions.
The well is planned to a total depth of 11,600 feet and is scheduled to take 30 days of drilling to complete. The primary objective of the well is the HRZ shale formation, targeting a huge unconventional resource prize.
Managing director Dave Wall, said: “Whilst the issues with the BOP and mud pump caused minor delays to the schedule, the well remains well within the budget and substantial lost time has already been clawed back while drilling the intermediate section.”
The drilling of Icewine #1 will deliver first insight to the conventional prospectivity of 88 Energy’s acreage to be matured up by the potential acquisition of 3D seismic in the near term.