88 Energy progresses with farm-out discussions
By Iain Gilbert
Date: Thursday 18 Apr 2019
(Sharecast News) - Oil and gas outfit 88 Energy continued its conventional farm-out campaign for its Icewine project during the first quarter of the year, with the deadline for bids extended to 31 January due to demand from multiple parties.
After consideration, 88 Energy selected its preferred bidder in March and, subject to negotiation, the AIM-listed group expects the conventional portfolio farm-out deal to be finalised in the second quarter.
88 Energy and its unnamed partner intend to drill an exploration/appraisal well at Icewine in 2020.
Elsewhere, 88 Energy said it also intends to advance its shale portfolio, noting that evaluation work continued in the past quarter, following the two prior HRZ shale wells.
The Australian firm also provided an update on its Winx exploration well, which failed to find commercial hydrocarbons, but was completed on time, without incident, and slightly under budget.
Lastly, 88E revealed that processing of 3D seismic data of its Yukon project area was complete, with a resource estimate process underway.
As of 1140 BST, 88 Energy shares had slid 6.31% to 0.80p.
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