88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E ) has updated the market on its operations for the Charlie-1 appraisal well, which is currently being drilled on the North Slope of Alaska, are consistent with those drilled by BP in 1991.
The Company commenced drilling on 19 March and has already reached a Total Depth of 11,112' (TVD) on 30th March, having drilled through and logged all of the targets in the well, including the HRZ.
Results from the Logging While Drilling program are largely consistent with those seen in the nearby Malguk-1 well, drilled by BP in 1991, shows and elevated log response recorded over several horizons.
Shares in 88 Energy are up 12% in early morning trade
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, which is expected to take approximately 7 days, including initial analysis.