88 Energy Limited is pleased to announce the following update for its projects located on the North Slope of Alaska.

Highlights

• Site clearance works completed at Franklin Bluffs pad
• Memory gauges retrieved successfully
o Pressure build-up analysis underway
• Commencement of flowback at Icewine#2 on schedule for 11th June

Project Icewine – Icewine#2 Production Testing

Site works have concluded at the Franklin Bluffs Pad ahead of the scheduled commencement of flow testing of the Icewine#2 well on the 11th June 2018. Memory gauges from 4,000’ downhole were successfully retrieved on the 25th June. Processing and analysis of the pressure build-up data will be completed by early next week. The wireline unit also “tagged bottom” confirming that there has been no build-up of debris in the tubing during the shut-in period.

Pressure at the wellhead was measured as between just under 3,000 psi (from the the wellhead gauge) and 3,500 psi based on a pressure reading of 5,200 psi at 4,000’ (from the downhole pressure gauges). These pressure readings are positive in regards to maintenance of downhole pressure, as expected.

The flow testing program has been designed to utilize nitrogen lift to assist the removal of up to an additional 4,000 barrels of fluid from the HRZ reservoir. It is anticipated that this will enable the hydrocarbons in the reservoir to flow naturally to surface at a representative rate. Based on modelling of the reservoir pressure and fracture conductivity, this is estimated to take 10-14 days. The well will then continue to be flowed back to ascertain drawdown pressure and decline rate.

For more information, please visit: http://88energy.com