88 Energy (ASX:88E) confirms positive outcomes via third-party mapping of Project Icewine

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88 Energy (ASX:88E) confirms positive outcomes via third-party mapping of Project Icewine

88E, independent third-party mapping
Image source: 88E Announcement 30/11/2021

Highlights

  • 88 Energy (ASX:88E) has completed a third-party assessment of the SMD, SFS and BFF play fairways on its Project Icewine acreage.
  • Through mapping, the Company has noted that all Pantheon reservoir units extend onto the Project Icewine acreage.
  • Recent Pantheon well testing confirmed reservoir deliverability of light, sweet oil, which is positive for the prospectivity of Icewine.
  • Independent petrophysical re-evaluation has indicated comparable or better quality in some of 88E’s reservoir units relative to Pantheon's tested intervals that flowed oil.

88 Energy Limited (ASX:88E) has marked a great leap forward with independent third-party mapping of its Project Icewine highlighting encouraging outcomes.

The Company has announced the completion of a third-party evaluation of the Icewine East mapping, and an in-depth petrophysical re-evaluation of Icewine-1 and broader Icewine East acreage.  

88E holds a 75% working interest in the project.

RELATED ARTICLE: A snapshot of 88 Energy’s (ASX:88E) March quarter activities across 4 key projects

Extension of Pantheon reservoir units onto Project Icewine acreage

The Icewine East acreage evaluation focused on the Shelf Margin Delta (SMD), Slope Fan Set (SFS) and Basin Floor Fan (BFF) play fairways onto the project acreage.

The independent third-party mapping used available well information from presentations publicly issued by adjoining acreage holder Pantheon Resources (AIM:PANR) along with internal data. The mapping indicates that all Pantheon reservoir units extend onto the Project Icewine acreage.

Confirmed reservoir deliverability of light, sweet oil – positive for Icewine

Stimulation Petrophysics Consulting, LLC and Snowfall Energy LLC, independent petrophysical consultants, have also successfully concluded an in-depth petrophysical re-evaluation of Icewine-1 and the broader Icewine East area.

88E independent third-party mapping  

Source: 88E Announcement 10/05/2022

RELATED ARTICLE: 88 Energy (ASX:88E) riding high on Project Icewine update

The focus of this in-depth petrophysical re-evaluation was to assess Icewine-1 logs against intervals that flowed oil in Pantheon’s acreage to the north.

Notably, a comparison of the tested interval in Alkaid-1 against the SMD-B reservoir unit (a similar interval in Icewine-1) highlighted the positive potential for a flow test of the same zone in the Icewine acreage.

A summary of the petrophysical data from these intervals is provided below:

88E independent third-party mapping  

Petrophysical comparison of zones of interest in Icewine-1 and Alkaid-1 (Source: 88E Announcement 10/05/2022)

RELATED ARTICLE: What is inside the SPA signed by 88 Energy (ASX:88E)?

The Alkaid-1, Talitha-A and Theta West-1 wells of Pantheon flowed 35 to 40⁰ API oil from several Brookian reservoirs, and the testing has confirmed reservoir deliverability of light, sweet oil.

88E believes that this development is favourable for the prospectivity of the adjacent Project Icewine acreage.

Moreover, since the data is publicly unavailable yet, it has been possible to only undertake a qualitative comparison of these logs against Icewine-1 logs.

 88E independent third-party mapping

Plans for a horizontal production well in Alkaid (Source: 88E Announcement 10/05/2022)

RELATED ARTICLE: 88 Energy (ASX:88E) progressing well to spud Merlin-2 well in February 2022  

Based on the positive petrophysical comparison between Icewine-1 and Alkaid-1, 88E remains optimistic that a production test in the Icewine East acreage can potentially deliver a similar or better result than the one delivered during the testing of Alkaid-1.

Besides this, the Company has also noted the Pantheon’s plans to drill a horizontal production well in mid-2022 in Alkaid (Alkaid#2) to prove the development concept.

RELATED ARTICLE: What made 88 Energy stock swell up by ~250% over the past year?

88E shares were trading at AU$0.012 midday on 10 May 2022.

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