London-listed 88 Energy (88E) updated investors on Wednesday on drilling operations at its Charlie-1 appraisal well on the North Slope of Alaska.
The AIM and ASX-listed energy firm kick-started drilling operations at the appraisal well last week.
The spud so far has seen the completion of the surface hole down to a depth of 3,500 feet and casing will now be run, as planned, in the 12.25" hole prior to commencing drilling the 8.5" production hole.
Shares in 88 Energy were trading 5.71% higher at 0.9p during Wednesday trading.
88’s programme, which is a step out appraisal of a 1991 BP exploration well named Malguk-1, is partnered with Premier Oil (AIM:PMO) to test a potentially significant discovery.
Together, the targets are estimated to hold 1.6 billion barrels of oil, or 480 million barrels net to 88E.
88 raised A$5 million earlier in the year in January to help fund the appraisal well, in addition to the US$23 million in funding from Premier Oil under a farm-out agreement.
Following the group’s drilling of the well, flow testing is anticipated to conclude in April 2020.
Follow News & Updates from 88 Energy here: