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88 Energy (ASX:88E) subsidiary wins 10 leases on North Slope of Alaska - Kalkine Media

November 14, 2022 03:13 PM AEDT | By Ankur Jaiswal
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Highlights

  • 88 Energy (ASX:88E) is set to boost its foothold in the North Slope of Alaska with 10 leases adjacent to Trans-Alaska Pipeline System (TAPS) and Dalton Highway.
  • Captivate Energy Alaska, an 88E subsidiary, has emerged as the highest bidder for the leases, to be known as Project Leonis.
  • The recently acquired Storms 3D seismic data suite covers the project.
  • A historical well, part of the acreage, has indicated oil shows and calculated pay in the USB zone of interest.
  • The company plans further work and analysis to determine the acreage potential and define exploration program.

Alaska- and Texas-focused 88 Energy Limited (ASX:88E) is all set to expand its existing oil & gas acreage. The company’s fully owned subsidiary Captivate Energy Alaska, Inc. has emerged as the highest bidder on 10 leases on the North Slope of Alaska.

Part of the North Slope Areawide 2022W Oil and Gas lease sale, the leases cover an approximate acreage of nearly 25,600 contiguous acres. The acreage located immediately south of Prudhoe Bay will be referred to as Project Leonis.

The company expects the formal award of the leases in 1H 2023, subject to an adjudication process and other regulatory approvals.

Source: © 2022 Kalkine Media®, data source: 88E update

Project Leonis: perfect location

As per the company, Leonis holds immense exploration potential due to its proximity to infrastructure and existing oilfields. The project sits adjacent to Trans-Alaska Pipeline System (TAPS) and Dalton Highway and is also less than 3 miles from the Prudhoe Bay Unit which contains the Prudhoe Bay oilfield operated by Hilcorp.

Moreover, Leonis is covered by the recently purchased Storms 3D seismic data suite.

Hemi Springs Unit #3 well: encouraging historical well data

The historical exploration well, Hemi Springs Unit #3, targeted the deep Kuparuk and Ivishak reservoirs and is also located on the acreage. These reservoir units were the main producing intervals in the giant northern fields when the well was drilled in 1985 by ARCO.

Source: 88E update

An initial review of the well indicated over 200 feet of low resistivity bypassed log pay within the Upper Schrader Bluff (USB) reservoir. The interval holds good porosity with evident oil shows. Nearby oil fields such as Orion, Polaris, West Sak and Milne Point have seen the successful development of the USB reservoir.

The initial internal review and interpretation of the Storms 3D seismic data has revealed a strong seismic-well tie and a clear seismic amplitude at the USB prospect level. The company has also highlighted that the prospect seems to be bound by faults on three sides which possibly can behave as its trapping mechanism.

88E believes that further assessment will determine the potential of the acreage and may also help in devising a feasible exploration program and the timeline for the project.

Click here to know more about the company's prospective resources.

88E shares were trading at AU$0.009 midday on 14 November 2022, up more than 5% from the last close.


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