88 Energy readies for flow testing
88 Energy Limited (ASX:88E) has provided an update for its projects on the North Slope of Alaska.
Site clearance works have been completed at the Franklin Bluffs Pad ahead of flow testing of the Icewine#2 well that is on target to commence on the 11 June 2018.
Memory gauges from 4,000’ downhole were successfully retrieved, while processing and analysis of the pressure build-up data will be completed by early next week. The wireline unit also “tagged bottom” confirming that there has been no build-up of debris in the tubing during the shut-in period.
Pressure at the wellhead was measured as between just under 3,000 psi (from the wellhead gauge) and 3,500 psi based on a pressure reading of 5,200 psi at 4,000’ (from the downhole pressure gauges). These pressure readings are positive in regards to maintenance of downhole pressure, as expected.
The flow testing program has been designed to utilize nitrogen lift to assist the removal of up to an additional 4,000 barrels of fluid from the HRZ reservoir.
88E expect this will enable the hydrocarbons in the reservoir to flow naturally to surface at a representative rate. Based on modelling of the reservoir pressure and fracture conductivity, this is estimated to take 10-14 days. The well will then continue to be flowed back to ascertain drawdown pressure and decline rate.
At the same time, it’s worth noting that this is an early stage play and investors should seek professional financial advice if considering this company for their portfolio.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.