88 Energy Limited said its Icewine #1 well in Alaska continues to remain within budget as it targets the HRZ shale formation and a huge unconventional resource prize.
In its latest drilling update the company said the statutory test of the blowout preventer system has been completed successfully and current operations involve running in-hole to conduct a formation integrity test.
Once complete, the rig will drill ahead to the coring point just above the primary HRZ target. Coring operations are expected to commence over the weekend and take approximately 5-7 days.
Managing director Dave Wall, said: “Despite the exernal environment, we are confident that substantial value can be unlocked at Project Icewine – hopefully in the very near term as we target a huge unconventional resource in the HRZ with Icewine #1.”