Research Report - 88 Energy Ltd (88E) Operations Update 88E is...

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0	Column 1 0 Column 1 0 Research Report - 88 Energy Ltd (88E)​

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Column 1 0 Operations Update 88E is an ASX listed Oil and Gas explorer listed on the ASX with a dominant land holding in Alaska and a comprehensive exploration and appraisal program. Summary Key Points Well has reached TD on schedule: The Icewine#2 well has reached terminal depth (TD) at 11,450’ (3,816m) on schedule. This key milestone has been reached without incident. There has been an minor issue with the installation of the production liner but the replacement is expected to be completed this week with no impact on the forward program.Wireline logs have been run: A comprehensive suite of wireline logs have been run through the production interval. 88E have reported that the data quality is excellent and is consistent with the data and logs from Icewine#1. The data from the logs and coring will be used to finalise the optimal design for the hydraulic stimulation that is planned for late June to early July.Micro-stimulations to be carried out this week: 88E are planning to conduct small trial fracks to optimise the design of the upcoming stimulation program.Main stimulation to start next month: 88E are on track to complete the main fracking program and production testing for late June early July. Analysis The successful drilling and completion of the Icewine#2 well is an important milestone in the program. The fact the well has been drilled to TD and is almost completed bar a minor delay but is still on schedule is a positive outcome and bodes well for the program being a technical success. The planned stimulation and flow back will be the next key milestone but it does seem as if 88E is in a favourable position to carry out the next stage of testing post the final completion of the well. Catalysts • The successful Hydraulic Fracturing of ICEWINE#2.• Flow back testing from ICEWINE#2.• Further positive geological data from ICEWINE#2 to supplement the dataset from ICEWINE#1.• Identification of conventional drill targets from the recently completed seismic survey.• Farm-in from large oil and gas player. Recommendation We value 88E at a $0.085 share and maintain our Speculative Buy Recommendation. To read the full research report please click below:​ Michael EidneResearch Analyst

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