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88 Energy - Ultra High Impact Drilling Q1 2020

Proselenes
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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#288625

Postby Proselenes » March 5th, 2020, 8:12 am

From PMO results.... PMO calling Charlie-1 a High Value well....yes, it is. Also confirming PMO can become operator of Alaska Area A, as well as farm into Areas B and C.

https://www.investegate.co.uk/premier-o ... 00060604F/

New prospective acreage captured in Alaska and Indonesia; high value near-term E&A wells planned with Charlie-1 (Alaska) drilling ahead and Berimbau/Maraca (Brazil) to spud in Q3


Alaska

2019 saw a new country entry for Premier, with the Group farming in for a 60 per cent interest in the conventional Area A Icewine project in the Alaska North Slope. Area A contains the Malguk-1 discovery drilled by BP in 1991. This well discovered but never tested 251 feet of light oil pay in turbidite sands in the Torok formation, within the emerging Brookian play where a number of developments are currently underway. Premier estimates an accumulation of more than 1 billion barrels (gross) of oil-in-place. The Charlie-1 (Malguk-1 appraisal) well spudded post period-end on 2 March and is currently drilling ahead. Premier plans to flow test the well with the results expected in April. On successful completion of the work programme, Premier will have the option to assume operatorship and to opt-in to Icewine Area B or C.

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#289234

Postby Proselenes » March 9th, 2020, 1:39 am

88E will be smacked today - but should recover.

They are drilling for oil to be sold off in a years time after Horizontals are drilled in Q1 2021.

Oil price today, next month, 6 months time does not matter.

They remain proving its commercial, then onwards to horizontals Q1 2021. So provided they strike some commercial oil - plan is in place.

The companies facing oblivion are those with high debts and those trying to get finance now....... big troubles.

That quick and dirty placing to raise money ahead of spud is now a very very good piece of work by 88E. No immediate funding needs and no net debt.

For those that berated Dave for raising money recently - eat your words time. Its made 88E viable with no immediate cash needs.

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#289548

Postby Proselenes » March 10th, 2020, 1:40 am

For info the Alaska tax credit case goes to court on Friday.

For those who want to check case is S-17377 or just check the Court of Appeal opinions from 10:00 Alaskan time on a Friday.

https://appellate-records.courts.alaska ... lic/Search

A resolution there would see 88E get a net 5m US$ back into the bank account soon after if all goes well.

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#289752

Postby Proselenes » March 11th, 2020, 12:34 am

Update, all going to plan, casing being run as surface hole reached required 3500 feet without issue.

Once casing is done and BOP in place then we are now just over the top of the first two secondary targets, Indigo and Charlie. So news next week on them :)

Also nice choice of words "production hole" remind everyone there are 8 targets in this well, and 4 of which are appraisal and two of which will be flow tested on striking oil. The market is pricing this as pure exploration - its not.

https://wcsecure.weblink.com.au/pdf/88E/02212622.pdf

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#289756

Postby Proselenes » March 11th, 2020, 2:53 am

Given that we have some relative times to work with now, next Operations Update probably Monday 16th March stating casing cemented in place, BOP installed and drilling ahead into Indigo and Charlie. 

They are a few days slower than I anticipated but this is drilling, sometimes its quicker and sometimes its slower - many variables at play.

So methinks Monday 16th possible next update - depends how regular they want to keep us informed - I like as much as possible..

Else if no update on drilling ahead early next week - should be into Indigo/Charlie late next week, so potential for news end of next week or Monday 23rd March on Indigo and Charlie secondary targets.

We will get a good feel for how regular the updates will be if they do update Monday 16th or Tuesday 17th.

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#292652

Postby Proselenes » March 20th, 2020, 12:26 pm

Given the recent update, and slight weather related delay, they should now be drilling through the Indigo and Charlie secondary targets over the weekend.

Update said no LWD data until TD is reached, so one might expect no news until TD, however, they left the door open to operational updates, so not really clear now as to whether no updates until TD or there might be updates on things but not detailed LWD data until TD.

Exciting couple of weeks ahead.

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#294330

Postby Proselenes » March 26th, 2020, 7:50 am

If we are getting no update until drilling completes, then based on 2nd March spud, slight weather delay.......drilling operations should complete week commencing 6th of April.

Not long to go for results from the biggest onshore well being drilled in 2020. Lets hope they strike some oil.

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#294629

Postby Proselenes » March 27th, 2020, 2:30 am

This remains a binary bet.

Oil discovered and proceed to frac and flow test - massive rises.

Oil/Reservoir quality not good - no frac and no flow test - massive fall and sit and wait on big losses until Yukon project news (farm out).


There is an in-between scenario and that relates to the bottom 8th target, the HRZ shale. That alone could be worth up to 13.4p per share if the shale coring and testing proves that the HRZ shale is commercial and then can be farmed out. So even if the upper 7 conventional targets fail the shale could be the Hail Mary. Even if you say 50% farm out of the shale on success, that over 6.5p a share to 88E in future.

In the present climate its therefore understandable that 88E dont plan to release any news until all drilling operations are complete.

Going to be it seems a Blockbuster news announcement at the end of drilling with each targets result included and then the follow up action if any are deemed a success.

Eight chances for a prize - bloody unlucky if they all fail.

Expectation is only the main two Primary targets in the Torok will be good.

Anything else is pure bonus.


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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#295900

Postby Proselenes » March 31st, 2020, 1:34 am

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https://www.asx.com.au/asxpdf/20200331/ ... gx8v4k.pdf


Excellent, I did think they would be into the Torok late last week, and we had significant buying late last week.

They are pleased........thats a good start. Hate RNS when they dont say pleased :)

Shows and elevated log response over several horizons....thats good.

Means their pre drill geologic modelling is good.

The next phases will be, all being well.

Full wireline logging suite. Initial analysis.

Choose the best one or two zones in the Primary Torok targets to frac.

Perform the frac.

Flow test the chosen one or two zones to prove flow from vertical (target 100bopd from vertical which will mean horizontals in the future as production test wells).

Given the massive amount of data they have from the older wells, 3D, inversion and now this well - if they proceed to frac and flow then we should be pretty bolted on its good one. Just wait for the next news - proceed to frac and flow test and the party starts in earnest imo :)

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#295902

Postby Proselenes » March 31st, 2020, 4:02 am

Running through the last drill.??

15th Feb 2019 WinX-1 Pleased to spud on schedule.??

22nd Feb 2019 WinX-1 Pleased to run casing and cement??

26th Feb 2019 WinX-1 Pleased to start drilling Primary targets??

1st March 2019 WinX-1 Advises interim results (not pleased anymore)??

4th March 2019 WinX-1 Advises additional results (not pleased anymore)??

6th March 2019 WinX-1 Advises well at TD and will proceed to Wireline log (not pleased anymore)

??13th March 2019 WinX-1 Advises Final Well results (not pleased anymore)??

And now the current drill

??3rd March 2020 Charlie-1 Pleased to spud??

11th March 2020 Charlie-1 Pleased to complete surface hole??

19th March 2020 Charlie-1 Pleased to commence drilling production hole.??

31st March 2020 Charlie-1 PLEASED to have got to TD and proceed with Wireline logging.???

So far, its more pleasing that WinX-1. When PLEASED is not there anymore, then its not so good news.

Provided they keep saying pleased, we can hope to be pleased.

They were not pleased with WinX-1 from 1st of March 2019 and were not pleased to get to TD and Wireline Log WinX-1 on the 6th of March 2019.

??That they are pleased to get to TD and Wireline log Charlie-1..........well, it smells totally different eh............

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#296025

Postby Proselenes » March 31st, 2020, 11:13 am


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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#296352

Postby Proselenes » April 1st, 2020, 2:04 am

Due to downhole issues BP never managed to wireline log fully on Malguk-1, they only had info from open hole wireline down to 5000 feet depth.

As 88E have said currently Charlie-1 appears to be very much the same readings as Malguk-1 - then the Malguk-1 well information there is (in terms of oil shows, cuttings etc...) should offer a good guide perhaps, obviously depths and thickness are different at Charlie-1 location than the nearby Malguk-1 location.

Will be interesting to compare when Charlie-1 info is available next week after wireline ops complete.


Image

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#296502

Postby Proselenes » April 1st, 2020, 12:20 pm

SP Angel comment on the news:

Image

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#296795

Postby Proselenes » April 2nd, 2020, 1:22 am

AGM will be done via Live Webcast. Which means any shareholder can "attend" now as no need to physically travel to get there. Best way to appease Oz and UK shareholders as both can join now.


https://wcsecure.weblink.com.au/pdf/88E/02221277.pdf

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#296891

Postby dspp » April 2nd, 2020, 10:34 am

Proselenes wrote:AGM will be done via Live Webcast. Which means any shareholder can "attend" now as no need to physically travel to get there. Best way to appease Oz and UK shareholders as both can join now.


https://wcsecure.weblink.com.au/pdf/88E/02221277.pdf

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Do you reckon they want a contract from HUR in how to run live webcasts as a separate business activity :)

regards, dspp

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Re: 88 Energy - Ultra High Impact Drilling Q1 2020

#297200

Postby Proselenes » April 3rd, 2020, 6:33 am

Decent rise in Oz and a bit of a volume increase........maybe just maybe its looking like good news for Monday morning?

https://www.asx.com.au/asx/share-price- ... ompany/88E

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