Australia

88 Energys Charlie drilling completes, shows seen in multiple horizons

88 Energy Ltd (LON:88E) has told investors that the Charlie-1 well has reached target depth and it encountered shows and elevated log responses over several horizons.

The company, in a statement, said that the logging data to date is “largely consistent” with what was recorded at the Malguk-1 well.

Malguk-1 was drilled in 1991 by BP and is the discovery well that the Charlie-1 appraisal is designed to follow-up.

READ: 88 Energy raises A$5mln for Charlie well

“The significance of the similarities, and differences, to Malguk-1 will not be known until after the more detailed wireline logging program has been executed and analysis completed,” 88 Energy said.

The company added that wireline logging is now taking place and that is expected to take seven days to complete.

It meanwhile noted that its operations in Alaska have so far experienced no impacts of the coronavirus (COVID-19).

The well programme is partnered with Premier Oil PLC (LON:PMO) which is largely funding the venturRead More – Source