88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") provides the following update related to the upcoming drilling of the Charlie-1 appraisal well at Project Icewine, located on the Central North Slope, Alaska.
· Ice road construction underway - base layer ~25% complete
· Permit to Drill submitted - approval expected in January 2020
· Operational activity for Charlie-1 progressing to plan for February 2020 spud
Ice road construction is now fully underway with ~25% of the base road now completed and ~35% of the total route staked and pre-packed.
The Permit to Drill was submitted prior to the end of 2019, as planned, and approval is expected towards the end of January. This is the last major permit required prior to spud of the Charlie-1 well.
A more accurate forecast for the scheduled February spud and timing for the drilling / logging / testing program will be communicated in due course.
As per the farm-out agreement, initial cash calls have been receipted into the Joint Venture account.
88 Energy Managing Director, Dave Wall commented:
"The New Year is off to a busy start for the Alaska Operations team with all activity progressing as planned."