Investors should keep a close eye on 88 Energy’s Icewine well
Investors should keep a close eye on 88 Energy Ltd’s (LON:88E) upcoming Icewine-2 well, according to stockbroker WH Ireland.
88 Energy today told investors that it has now hired a contractor for the appraisal well, which is now confirmed for the second quarter of this year. The company in a statement said that the drilling rig would be mobilised between March 30 and April 30, once the contracted Arctic Fox rig has completed its current job. WH Ireland analyst Brendan Long, in a note, said: “it looks like it is designed to be mobile and quick to rig-up, handy indeed when the well location is immediately off the main highway. “We suggest keeping a close eye on this well given the massive landholding of the company and the positive geological indications so far (400,000 acres net in the play fairway! = 625 square miles!).” Earlier today, 88 Energy managing director said: “We are delighted to be working with Doyon for the upcoming drilling of Icewine-2. “The Arctic Fox is one of the premier rigs on the North Slope and will be coming to us 'warm' off its current job, which has several significant benefits. “As soon as the Arctic Fox finishes work associated with its current job, we will be ready to start mobilisation and rig up for Icewine-2. Spud is now scheduled for a few short weeks post our initial plan of late Q1 2017.”
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