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Ann: Operations Update, page-40

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Juno

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13/06/17

23:00

Post #: 25256145
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Originally posted by Wazdan ↑

13 June 2017

88 Energy Limited Icewine#2 Operations Update
88 Energy Limited (“88 Energy”, “the Company”, “Operator”) (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.

Highlights
• Sundry application for stimulation approved  
• Logistic planning on schedule to perform stimulation ~17th June  
• Production testing remains on schedule for late June / early July  Icewine#2 Operations Update  

The sundry application for execution of the main stimulation work at Icewine#2 has been approved by the Alaska Oil and Gas Conservation Commission (“AOGCC”).

Based on the interpretation of data collected in both Icewine#1 and Icewine#2, the final design submitted was based on two stimulation stages comprising of multiple perforations in each stage.

One stage will be executed in the lower HRZ and the other in the upper HRZ. These two zones were chosen largely based on areas with similar stress profiles, coincident with where hydrocarbon concentration is highest.  

The upper zone will be flowed back for up to two weeks before the lower zone is opened up and comingled with the flow from the upper zone. An additional two weeks of clean up will occur for the comingled flow before the Company may be in a position to report hydrocarbon flow rates.  

Production testing remains on schedule for late June / early July.  

Reading thru the ann, and attempting to join the dots, they have stated that the start date will be

17 June, for up to two weeks, (so about the 1st July.)
Additional two weeks, (so about the 15th July)

How can production testing remains on schedule for late June / early July. ????

Going by the announcement this is clearly not correct,

and then,

Company may be in a position to report hydrocarbon flow rates.  

This is probably one of 88E's most wishy washy announcement yet.

Sound like a down ramper, but am pretty sure you all know I am not.

If I am misinterpreting this announcement hope one of you can set me straight.

Expand

They are giving themselves some reasonable time to evaluate and optimise, if things go well not all this time may be required.

88E Price at posting: 6.8¢ Sentiment: Hold Disclosure: Held
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