Flash note: Rig contract executed for Icewine #1 well
88 Energy (88E) has announced that it has successfully contracted a rig to drill its fully funded Icewine #1 well in Alaska. The well is scheduled to spud in October 2015 and targets the potentially liquids-rich, unconventional shale play, HRZ. The three shale layers present at HRZ have been independently assessed by DeGoyler and MacNaughton (D&M) as containing 446mmbbls of prospective resource potential. Due to state rebates in place in Alaska, the group can obtain a rebate for 85% of the cost of the well. Contingent on the results of this first well, the group plans a 3D seismic survey and a further well, to include a multi-stage frack, for the first half of 2016.88 Energy is engaged in oil and gas exploration. As of Dec 31 2016, Co. held 78.0% interest in Project Icewine located in Onshore Alaska, North Slope, Alaska, U.S.
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