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Highlights
- After the integration of well analysis, significant potential has been reported within the remaining Project Peregrine acreage in a prospect resource update.
- Further seismic interpretation defined two new reservoir targets in the Harrier Prospect.
- 88E is evaluating potential forward work-programs, subject to a possible farm-out of Project Peregrine.
88 Energy Limited (ASX: 88E) has released the Project Peregrine Prospective Resources Assessment update shared by ERCE Australia Pty Ltd.
ERCE, an independent oil & gas reservoir evaluation consultancy, integrated the Merlin-2 Appraisal Well results into the independent basin modelling initiative. ERCE examined two new reservoir targets located by 88E after assessing the Project Peregrine acreage’s remaining prospectivity. Under the updated assessment, the Harrier and Harrier Deep prospects were assessed again.
Data Source: Company update
The company highlighted that incorporating Merlin-2 results into the basin modelling initiative shows that maximum depth of burial (Dmax) substantially affects reservoir quality. Dmax for North Slope’s Brookian reservoirs is modelled to improve to the north. Thus, 88E expects that the reservoir quality for the remaining project portfolio would improve in the northern areas of the Peregrine acreage.
The table shows the updated ERCE prospective resources estimate and risking assessment for the project –
Image source: Company update
88E is currently evaluating possible forward work-programs, subject to possible farm-out of Project Peregrine.