88 Energy continues work on second well at Project Icewine

Pressure build-up analysis from AIM-quoted exploration group 88 Energy's Alaskan drilling operations has revealed no deterioration in fracture half-length since the long Alaskan winter forced the project to be shut down.

Following the retrieval of downhole gauges in Icewine#2 on 25 May, 88 Energy sent off pressure build-up data to be analysed and interpreted to determine whether any degradation of the fracture system created by the artificial stimulation had occurred during the shut-in period.

88's analysis showed that fracture geometries of the first pressure build-up back in July-August 2017, when compared to those from the second pressure build-up over Winter, were "very similar", with an estimated fracture half-length of between 500ft and 504ft.

"This is encouraging and indicates that the fracture system created has not undergone degradation. Given this, and the evidence of no build-up of debris in the wellbore, no remedial action will be required prior to commencement of flowback," the firm said on Tuesday.

88 Energy, which holds a 63% working interest and operatorship in Project Icewine, added that mobilisation of equipment and personnel for re-commencement of flowback at Icewine#2 was underway, with operations remaining on schedule for start-up on 11 June.

As of 0825 BST, 88 Energy shares had lost 1.12% to 2.82p.