88 Energy: Report on Activities for the Quarter Ended 30 June 2018

The Directors of 88 Energy Limited (“88 Energy” or the “Company”, ASX & AIM:88E) provide the following report for the quarter ended 30 June 2018.

Highlights Project Icewine

Icewine #2 HRZ Shale Flow Test

  • Flow testing re-commenced at the Icewine #2 well, located on the North Slope of Alaska, on June 11 to determine the productivity of the unconventional HRZ shale, utilising a velocity string and artificial lift
  • During the period June 12 to June 30 flowback comprised: 1) Gaseous hydrocarbons ranging from C1 to trace C6, predominantly 90% methane, averaging 26mcf/day since June 12; 2) 1,372 barrels of fluid interpreted as 100% stimulation fluid
  • Flowback fluids are not considered representative of the reservoir fluid in situ
  • Given the low assisted flowback rate, and that in total only 24.8% ofthestimulationfluid injected has been lifted during the entire 2017/2018 flowback operation, the Joint Venture made a decision on June 30 to suspend the Icewine#2 well
  • The Joint Venture believes that the flowback data, combined with results to date from core and logs, demonstrates that the HRZ is comparable to other early-stage commercial unconventional plays

Icewine Western Margin Leases bid on by the Company in the Dec'17 State of Alaska Licensing Round were formally awarded

Processing of the Icewine 3D seismic survey acquired Q1'18 commenced during the quarter to mature several large conventional leads previously identified on 2D seismic

Yukon Acreage

  • Yukon Gold leases bid on by the Company in the Dec'17 State of Alaska Licensing Round were formally awarded

  • The Yukon 3D survey, approximately 96 km2 in area, was completed on April 1 with initial deblending commencing during the quarter 

Western Blocks

  • Agreement Executed to Drill High Impact Oil Prospect onshore Alaska Q12019
  • The Company executed a binding term sheet agreement, in conjunction with other parties, to acquire the majority of Great Bear Petroleum Ventures II LLC working interest in four leases comprising the “Western Blocks” located onshore North Slope Alaska

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88 EnergyASXAIMShale FlowShaleYukon AcreageProject Icewine

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