TIDM88E
RNS Number : 1287F
88 Energy Limited
14 July 2021
14 July 2021
This announcement contains inside information
88 Energy Limited
Merlin-1 Testing Program Update
88 Energy Limited ("88 Energy" or the "Company", ASX:88E,
AIM:88E, OTC:EEENF) is pleased to provide the following update in
relation to its operations on the North Slope of Alaska and the
ongoing testing programme following the drilling of the Merlin-1
well.
Highlights
-- Additional Phase One geochemical analysis of fluid extracts
from Merlin-1 core samples again demonstrates the presence of
hydrocarbons.
-- Results from Phase Two of side-wall core trim analysis are
expected in the next few weeks, including quantitative extraction,
SARA, isotopes and biomarker analysis.
-- Phase Two is designed to confirm not only the presence of oil
but also the nature of the source rock, enhancing understanding of
the likely quality of the oil as well as migration pathways.
-- VAS and gas analysis results also expected in coming weeks.
-- Final analysis and results from Merlin-1 post well testing
program expected to be concluded by end of July with announcement
of full results summary targeted for early August.
88 Energy has received additional Phase One results for the
remaining thirteen of eighteen specifically selected trims from the
Merlin-1 side wall cores. Five of these thirteen trims confirmed
the presence of hydrocarbons. This is in addition to the presence
of hydrocarbons being confirmed in two of the first five trim
results previously received (see 88E release dated 24 June
2021).
The additional five trims which confirmed the presence of
hydrocarbons were again at depths that were among the most
prospective zones noted during drilling as well as during post well
testing analysis. The weight of evidence related to the
prospectivity of these zones continues to build and is highly
encouraging.
Phase Two of the geochemical analysis program on the side-wall
core trims has commenced. This includes quantitative extraction,
SARA (saturate, aromatic, resin and asphaltene analysis), isotopes
and biomarkers analysis. Phase Two results are expected to be
received in the next two to three weeks, with the analysis designed
to confirm not only the presence of oil but also the nature of the
source rock. This is targeted at enhancing understanding of the
likely quality of the oil as well as migration pathways, which is
critical for understanding regional implications on prospectivity
across Project Peregrine.
The Company is also expecting the preliminary results of the
Volatiles Analysis Service (VAS) in the next couple of weeks, as
well as analysis of gases collected in isotubes while drilling. VAS
and gas analysis further enhances knowledge of the depths at which
oil accumulations may occur across the project area as well as
wettability of the reservoir rocks.
Testing Program and Status
The Company continues to be highly encouraged by the preliminary
results received to date from the Merlin-1 testing program, with
analysis and interpretation of results ongoing and expected to be
concluded by the end of July and a full summary of results targeted
to be announced in early August. Once complete, these will be
consolidated and integrated into the Project Peregrine database,
which will form the basis of future farm-out and exploration
decisions on the acreage.
The table below provides an overview of the samples taken during
drilling and related testing program and results received to date
and or pending to be received.
Merlin- 1
RDT fluids Sidewall core Cuttings
--------------------------------------- ---------------------
PVT flashing PVT flashing RCA and SCAL Alternative VAS
(field) (lab) core program
and Geochem
--------------------- ------------------- ------------------ ---------------------
All 3 Depths Isotopes indicate Additional 2 / 5 initial Initial blind
showed evidence thermogenic core fluorescence screening interpretation
of up to 65% oil source. noted in lab samples returned received indicating
HC saturation Samples tested photos, cuts evidence of presence of
as water, observed across hydrocarbons. oil across
more prospective multiple trims. multiple intervals,
zones not most of which
sampled correlate
to shows in
core and logs.
--------------------- ------------------- ------------------ ---------------------
Fluid samples NMR to ascertain 5 / 13 more Awaiting final
from RDT determined physical and samples returned results which
to be from mechanical further evidence will integrate
secondary properties of hydrocarbons. tops and log
zones only, of reservoirs data
however provide
salinity / (to be completed) (to be completed)
pressure data.
--------------------- ------------------- ------------------ ---------------------
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.
About Project Peregrine
Project Peregrine is located in the NPR-A region of the North
Slope of Alaska and encompasses 195,000 contiguous acres. It is
situated on trend to recent discoveries in a newly successful play
type in topset sands in the Nanushuk formation. 88 Energy has a
100% working interest in the project, post completion of the
acquisition of APDC's 50% interest in the project.
Project Peregrine and Recent Nanushuk Discoveries
The Merlin-1 well was spudded in March 2021 and targeted 645
million barrels of gross mean prospective resource(#) . Drilling is
now complete, and interpretation of results is underway. A second
well, Harrier-1, is planned to be drilled in 2022 and is targeting
gross mean prospective resource of 417 million barrels(#) .
Independent Resource Assessment(#)
Project Peregrine: Alaska Unrisked Net Entitlement to 88E Prospective
North Slope Oil Resources (MMstb)
Prospectus (Probabilistic Low Best High Mean COS
Calculations) (1U) (2U) (3U)
---------- ---------- --------- --------- ------
Merlin (Nanushuk) 41 270 1,463 645 37%
---------- ---------- --------- --------- ------
Harrier (Nanushuk) 48 207 940 417 24%
---------- ---------- --------- --------- ------
Harrier Deep (Torok) 42 267 1,336 574 20%
---------- ---------- --------- --------- ------
Prospects Total 1,636
---------- ---------- --------- --------- ------
(#) Please refer to release dated 23 February 2021 for full
details with respect to the Prospective Resource estimate,
associated risking and applicable Cautionary Statement. The
Resource Assessment table does not incorporate the results of the
Merlin-1 well.
The Merlin-1 well and the Harrier prospect are located on trend
to an existing discovery, in the same play type (Nanushuk topsets).
This has de-risked the prospects considerably and resulted in a
relatively high independently estimated geological chance of
success.
Cautionary Statement: The estimated quantities of petroleum that
may be potentially recovered by the application of a future
development project relate to undiscovered accumulations. These
estimates have both an associated risk of discovery and a risk of
development. Further exploration, appraisal and evaluation are
required to determine the existence of a significant quantity of
potentially movable hydrocarbons.
The below graphics can be viewed in the pdf version of this
announcement, which is available on the Company's website
www.88energy.com ;
-- Project Peregrine and Recent Nanushuk Discoveries
-- Merlin-1 - on trend to large Willow oil field
Media and Investor Relations:
88 Energy Ltd Tel: +61 8 9485 0990
Ashley Gilbert, Managing Director Email: investor-relations@88energy.com
Finlay Thomson, Investor Relations Tel: +44 7976 248471
Fivemark Partners , Investor and Tel: +61 410 276 744
Media Relations Tel: +61 422 602 720
Andrew Edge / Michael Vaughan
EurozHartleys Ltd Tel: + 61 8 9268 2829
Dale Bryan
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald / Derrick Lee
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END
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