88 Energy (88E.L, ASX:88E) has had a busy summer, but unfortunately this didn’t result in the desired results. After an initial test-run, the Icewine #2 well was shut in on July 10th for about 7/8 weeks to allow for some pressure to build up in the well. On August 31st, testing re-commenced but unfortunately 88Energy had to decide to shut the well down again on September 18th when the well head pressure fell to a level which was insufficient to keep the flow going.
The well will now remain shut in until April/May 2018 when 88Energy will restart its activities using an artificial lift strategy in an attempt to determine the commercial viability of the well. We liked the risk/reward ratio at Icewine, but unfortunately we will have to wait an additional six months before knowing more.
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The author has no position in 88 Energy. Please read the disclaimer
