Hot on the heels of the 54 leases awarded in October, 88 Energy, via its local subsidiary Burgundy Xploration, was formally awarded an additional 76 contiguous North Slope leases on 1 November 2017: ADLs 393273-393274, 393279-393290, 393292-393294, 393303-393310, 393385-393415, 393478-393486, 393488, 393490-393498 and 393500. 88 Energy recently stated that its H2 2017 North Slope lease awards have been driven, in part, by the company's ongoing confidence in the potential of the HRZ shale play, which has laid largely untouched since Alaska's oil boom in the 1970's. In a statement, Managing Director, Dave Wall, said: "The Joint Venture remains committed and confident in the HRZ shale play. The leasing strategy has been designed to strike a balance between this confidence and available capital whilst we build towards completion of the flowback and production testing of the Icewine#2 well in H1 2018." 88 Energy, via its local subsidiary companies Accumulate Energy Alaska and Burgundy Xploration, was awarded 54 contiguous North Slope blocks by the Alaskan Division of Oil and Gas, effective as of 1 September 2017. These 54 leases are located 25km southwest from 88 Energy's recent Icewine discovery (ADL 392301). The company had completed initial drilling activities in NFW Icewine 1 by early June 2017, at a final TD of 3,490m. The closely watched appraisal well, Icewine 2, was spudded on 24 April 2017, utilising the Doyon Drilling's "Arctic Fox" drilling rig. Flow testing in this appraisal well recommenced in late August 2017. Following these 76 awards, Burgundy Xploration is now the operator and sole interest-holder (100% WI + Op) of ADLs 393201, 393303-393306, 393308, 393310, 393400-393403, 393405, 393407, 393409, 393411-393415, 393486, 393488, 393490-393498, 393500. Equity in the remaining 46 ADLs is now shared between Burgundy Xploration (22.45088% WI + Op) and Accumulate Energy Alaska (77.54912%).
Not Found