TIDM88E
RNS Number : 9636F
88 Energy Limited
10 November 2022
This announcement contains inside information
88 Energy Limited
North Slope 2022W Leasing Update
Highlights
-- 88 Energy Limited, (via its wholly owned subsidiary,
Captivate Energy Alaska, Inc) announced as the highest bidder on 10
leases covering approximately 25,600 contiguous acres immediately
south of Prudhoe Bay on the North Slope of Alaska.
-- The acreage, referred to as Project Leonis, is covered by the
existing Storms 3D seismic data suite and contains the historical
exploration well Hemi Springs Unit #3 (drilled by ARCO in
1985).
-- Project Leonis is superbly located adjacent to TAPS and the
Dalton Highway, enhancing future potential development
commercialisation.
-- A review of the Hemi Springs Unit #3 well indicated over 200
foot of logged net pay in the Upper Schrader Bluff (USB) reservoir,
with good porosity and oil shows evident over the interval.
-- Initial internal interpretation of the Storms 3D indicates a
prospect at the USB reservoir interval that appears to be bound by
faults on 3 sides.
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ( 88 Energy or
the Company ) is pleased to announce that on the 9(th) November
2022 (AK time) its wholly owned subsidiary Captivate Energy Alaska,
Inc. was declared the highest bidder for select acreage offered as
part of the North Slope Areawide 2022W Oil and Gas lease sale. The
Company's new acreage will be known as Project Leonis (the Project
) and comprises 10 leases covering approximately 25,600 contiguous
acres.
The new Project Leonis leases remain subject to an adjudication
process, regulatory approvals and formal award which is expected in
1H 2023. The Project is superbly located adjacent to TAPS and the
Dalton Highway, enhancing future potential development
commercialisation.
Project Leonis is covered by the existing, and recently
purchased, Storms 3D seismic data suite. The acreage contains the
historical exploration well Hemi Springs Unit #3, drilled by ARCO
in 1985 to target the deep Kuparuk and Ivishak reservoirs. At the
time, these were the main producing intervals in the giant northern
fields.
An initial review of the Hemi Springs Unit #3 well indicated
over 200 feet of low resistivity bypassed log pay within the Upper
Schrader Bluff (USB) reservoir, with good porosity and oil shows
evident over this interval. The USB reservoir has been successfully
developed at the nearby Orion, Polaris, West Sak and Milne Point
oil fields.
An initial internal review and interpretation of the Storms 3D
seismic data reveals a strong seismic-well tie and a clear seismic
amplitude at the USB prospect level. Encouragingly, the prospect
appears to be bound by faults on 3 sides which potentially serve as
the trapping mechanism. Further work and analysis will determine
further potential of the acreage and define a possible exploration
program and timeline for the project.
Figure 1: 88 Energy existing acreage and new acreage awarded
Figure 2: Hemi Springs Unit #3 well and initial interpretation
of regional faulting
Managing Director, Ashley Gilbert, commented:
"Award of the new acreage demonstrates 88E's commitment to
continued exploration on the North Slope and presents as an
attractive exploration proposition. The acreage benefits from a
historical well, which indicated oil shows and calculated pay in
the USB zone of interest, and an existing 3D data suite. There is
much work to do to understand the regional setting and faulting
that defines the potential exploration target before deciding on
any future work program."
This announcement has been authorised by the Board.
Media and Investor Relations:
88 Energy Ltd
Ashley Gilbert, Managing Director
Tel: +61 8 9485 0990
Email:investor-relations@88energy.com
Finlay Thomson , Investor Relations Tel: +44 7976 248471
Fivemark Partners , Investor and Media Relations
Michael Vaughan Tel: +61 422 602 720
EurozHartleys Ltd
Dale Bryan Tel: + 61 8 9268 2829
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald / Derrick Lee
Pursuant to the requirements of the ASX Listing Rules Chapter 5
and the AIM Rules for Companies, the technical information and
resource reporting contained in this announcement was prepared by,
or under the supervision of, Dr Stephen Staley, who is a
Non-Executive Director of the Company. Dr Staley has more than 35
years' experience in the petroleum industry, is a Fellow of the
Geological Society of London, and a qualified
Geologist/Geophysicist who has sufficient experience that is
relevant to the style and nature of the oil prospects under
consideration and to the activities discussed in this document. Dr
Staley has reviewed the information and supporting documentation
referred to in this announcement and considers the resource and
reserve estimates to be fairly represented and consents to its
release in the form and context in which it appears. His academic
qualifications and industry memberships appear on the Company's
website and both comply with the criteria for "Competence" under
clause 3.1 of the Valmin Code 2015. Terminology and standards
adopted by the Society of Petroleum Engineers "Petroleum Resources
Management System" have been applied in producing this
document.
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