A snapshot of 88 Energy’s (ASX:88E) extensive Alaskan oil exploration footprint - Kalkine Media

Highlights:

• 88 Energy (ASX:88E) has an extensive, high-impact Alaskan exploration project portfolio aided by conventional production in Texas.
• The company, via its subsidiary Captivate Energy Alaska, is set to expand its Alaskan footprint after emerging as the winning bidder for 10 leases.
• 88E plans to spud the Hickory-1 exploration well in 2023, targeting 647 MMBO un-risked net mean prospective resources.

Cashed up and led by a professional and very experienced team, 88 Energy Limited (ASX:88E) is committed to unlocking value from its portfolio of world-class assets in Texas and the North Slope of Alaska.

The ASX-listed company holds an extensive acreage position in Alaska including

(Source: Company update, 28 October 2022)

Moreover, the company recently announced a new addition to its Alaskan acreage. Captivate Energy Alaska, a 100%-owned subsidiary of 88E, emerged as the highest bidder on 10 leases in Alaska. The new acreage, covering approximately 25,600 contiguous acres and planned to be named Project Leonis, is located adjacent to Dalton Highway and Trans-Alaska Pipeline System (TAPS).   

Significant developments have taken place across the company’s Alaskan portfolio.

Project Icewine: The project includes Icewine East and Icewine West.   

Notes: 1 and 2 refer to net entitlement to 88E

Image source: 88E updates

88 Energy believes that the recent drilling and successful flow tests carried out by Pantheon Resources on the adjacent acreage have de-risked the Icewine East acreage significantly.

The company plans to drill a high-impact well, named Hickory-1, in the area in 2023. The company has already executed a rig contract.  

Location for the proposed exploration well has been selected to test all of the Shelf Margin Delta (SMD), Slope Fan Set (SFS), Basin Floor Fan (BFF), and KUP reservoir units.

The company believes that successful outcomes from the planned drilling would unlock up-dip potential across the remaining project acreage. Moreover, given successful flow test in Icewine East, 88E would plan a follow-up appraisal well in Icewine West.

Project Peregrine: 88 Energy is the operator of the acreage and holds 100% working interest in the project with multiple independent drill-ready targets.

The company highlights that the results of high-resolution gas chromatography on Merlin- 1 and Merlin- 2 side wall cores delivered definitive evidence of hydrocarbons at the project.

88 Energy is likely to explore future cost-sharing arrangements owing to the anticipated exploration activity at Conoco's Harpoon and Armstrong’s Castle West, adjacent to its acreage.

(Source: Company update, 28 October 2022)

Umiat Oil Field: The field is located immediately adjacent to Peregrine Project. The recently completed amplitude versus offset (AVO) work by McColgan in 2022 has demonstrated upside potential for the project. This work also aided in a better, apparent trap definition/resolution.

The company is investigating for a new lightweight, low-cost rig for drilling a future appraisal well in the future.

(Source: Company update, 28 October 2022)

Yukon Leases: 88 Energy is under discussions with nearby lease owners for the joint development of the area.

88 Energy, which remains at the forefront of its development strategy for Alaskan assets, is actively assessing new venture opportunities to diversify its portfolio. Moreover, the company maintains a direct exposure to production via its Texas asset, Project Longhorn, which is on target to deliver approximately 600 boe per day by 2022 end.  

88E shares were trading at AU$0.010 a piece midday on 21 December 2022, up more than 11% from the last close.