Courtesy from bannistuta on lse 88eRNS Number : 5595R88 Energy...

Courtesy from bannistuta on lse 88e

RNS Number : 5595R
88 Energy Limited
01 March 2019

1st March 2019

88 Energy Limited

Operations Update - Interim Results from Drilling

88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) advises the following in relation to its oil and gas operations on the North Slope of Alaska.

Highlights: Winx-1

· Oil shows have been observed whilst drilling within the Nanushuk Formation in the Winx-1 exploration well 
o Preliminary review of the interval suggests that the zone in which the shows were encountered is at the lower end of the rangerequired for commerciality; however, further petrophysical analysis is necessary
· No oil shows were recordedr in the shallower secondary target (Seabee turbidites) 
· Forward plan is to continue drilling to test the deeper objectives

Western Leases - Winx-1 Exploration Well
The Winx-1 exploration well intersected a zone of interest in the Nanushuk Formation between 4,460' and 4,530' on the 28th February 2019. Weak to moderate oil shows were recorded, including fluorescence and crush/cut fluorescence, whilst drilling through this zone; however, initial petrophysical analysis indicates potentially high water saturation. Additional analysis is ongoing and will be reported once available. The Seabee turbidite target at ~4,272' exhibited no evidence of hydrocarbon saturation.

The forward plan is to continue drilling ahead to TD to test the deeper objectives.