88 Energy Limited is pleased to provide the following drilling update.
As at 12th November 2015 13:50 (AK time), Kuukpik Rig 5 had drilled to 6,258' and is currently drilling ahead. Subsequent to successful testing of the Blow Out Preventer system (BOP) and formation integrity test (FIT), drilling recommenced on the 10th November 14:45 (AK time).
Excellent penetration rates have been achieved since that time, resulting in a 2,600' interval being drilled over an approximate 48 hour period, significantly in excess of the budgeted rate of penetration.
The Brookian sequence intersected to date comprises predominantly siltstones and clays with some sandstone intervals, as prognosed. Good porosity is indicated in several horizons and multiple oil shows have also been recorded; however, on first analysis, these are interpreted as of minor significance.