Accumulate Energy (a 100% owned subsidiary of 88 Energy) announced on 7 April 2020 that the Charlie 1 (API 502232003300) exploration well in state lease ADL 393380 (Sec 21, T4NR9E, Umiat Meridian) on the North Slope of Alaska discovered gas condensate in the Torok formation in both the Middle and Lower Stellar targets. The well reached total depth of 11,112 ft (3,387 m) on 30 March 2020. At that time, the company stated that logging while drilling results were largely consistent with the nearby Malguk 1 exploration well. Charlie 1 will now be plugged and abandoned.  While no flow tests were undertaken, mainly due to time constraints given the length of the remaining season, gas condensate samples were retrieved from the Torok formation at 10,506 ft (3,202 m) and 10,656 ft (3,248 m). A water sample was retrieved from the Indigo target in the Schrader Bluff formation. An attempt was made to sample the Lower Lima target in the Seabee formation, but was unsuccessful due to insufficient reservoir quality. Mud gas observed while drilling the Seabee, which was the formation where "live oil" was observed across the shakers in Malguk 1, indicated the hydrocarbons there are heavier than in the Torok. Logs and sidewall cores were acquired over the HRZ formation, which remains a viable target according to the company.  The well was spud on 2 March 2020 using Rig-3 from Nordic-Callista Services. The drilling permit was approved on 10 February 2020 by the Alaska Oil and Gas Conservation Commission (AOGCC). The company received approval on 22 November 2019 from the Alaska Department of Natural Resources (ADNR) for its Lease Plan of Operations, which was submitted on 8 August 2019.  Charlie 1 targeted the Upper Cretaceous age Schrader Bluff, Seabee and Torok formations. It was designed as a step out appraisal to the Malguk 1 well drilled by BP in 1991. Malguk 1 encountered oil shows but was not tested at the time due to operational complications. With revised petrophysical analysis and 3D seismic acquired in 2018, Accumulate identified what it considered to be bypassed pay in Malguk 1. Charlie 1 was positioned to intersect four bypassed zones from Malguk 1 in addition to three other prospective zones. Gross, unrisked mean prospective resources were estimated at 1.6 Bbo.  In a 23 August 2019 press release, 88 Energy announced it had concluded a farmout agreement with Premier Oil. Under the terms of the agreement, Premier will fully fund Charlie 1 up to USD 23 million in return for acquiring a 60% in Icewine Area A. Accumulate will retain 30% working interest with the remaining 10% held by Burgundy Xploration. At the conclusion of the work program, Premier will have the option to assume operatorship of Icewine Area A. The company will have the additional option to obtain 50% working interest in Areas B and C for USD 15 million if the well is successful. Following the results of Charlie 1, Premier informed the joint venture that it intends to withdraw from the project since the well did not meet its pre-drill expectations  The 1,440 ac (5.83 sq km) ADL 393380 contract (block NS-0291B) was preliminarily awarded for a bonus bid of USD 37,771.20 at sale NS2016W held on 14 December 2016 and officially awarded on 7 July 2017 to Accumulate Energy (77.55%) and Burgundy Xploration (22.45%).
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