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88 Energy (ASX: 88E) provides Project Leonis update, cites future potential commercialisation pathways

June 27, 2023 10:47 AM AEST | By Ankit Sethi
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Highlights

  • Project Leonis acreage was awarded to the company in April this year via its subsidiary (100% owned) Captivate Energy Alaska, Inc
  • Reprocessing of the Storms 3D data has marked an improvement in seismic resolution and data quality, providing an initial evaluation of the Upper Schrader Bluff prospect boundary
  • The next steps would include procuring an independent certified prospective resource report and continuous planning and permitting

Listed exploration company 88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) has provided an update on its April 2023 awarded Project Leonis. Notably, the Project has ten leases that span ~25,430 contiguous acres.

88E states that the initial review of the Hemi Springs Unit #3 well within the Project Leonis suggests nearly 200 feet of logged bypassed net pay in the Upper Schrader Bluff (USB) reservoir. Alongside, it indicates good porosity and oil shows, with “oil over shakers” observed at multiple depths.

The next steps would include procuring an independent certified prospective resource report. 88E mentions it will continue planning and permitting for a potential exploration well, together with a targeted farm-out.

Project Leonis lease activity; Source: Company update

88E shares traded at AU$0.007 at the time of writing on 27 June 2023.

More to come…


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