AUS
NZ
UK
CA
USA
IND
Highlights:
- Project Leonis Expansion: 88 Energy Ltd (ASX:88E, AIM:88E, OTC:EEENF) has unveiled an internal estimate of up to 798 million barrels in prospective resources for the Canning Prospect in Alaska.
- Upcoming Drilling Plans: The company is advancing plans for the Tiri-1 exploration well, set for Q1 2026, targeting multi-zone opportunities.
- Strategic Farm-Out Approach: Efforts are underway to secure a farm-out partner to fund exploration while minimizing risk.
88 Energy Ltd (ASX:88E) has reaffirmed the scale of its opportunities in Alaska, presenting new estimates for its Leonis project. The latest internal assessment highlights a prospective resource of up to 798 million barrels, underscoring significant untapped potential.
The company's strategy remains focused on securing a farm-out agreement to advance drilling without taking on excessive financial risk. While drilling at Leonis is expected to commence in 2026, preparations are already in motion.
Alaska's Expanding Resource Base
Project Leonis is one of five key assets in 88 Energy's portfolio. Other holdings include the Peregrine and Phoenix projects in Alaska, non-operated production assets in Texas under Project Longhorn, and an emerging venture in Namibia.
Phoenix, in which 88 Energy holds a 75% stake, boasts an estimated 239 million barrels of net contingent resources and an additional 155 million barrels in prospective resources. Plans are being developed for a horizontal well at Phoenix to further assess its commercial potential.
The Peregrine project, which saw multiple wells drilled in 2022, holds an estimated 2.4 billion barrels in prospective resources, marking it as another significant asset in the company's portfolio.
Leonis' Multi-Reservoir Potential
88 Energy's latest update centers on the Canning Prospect within Project Leonis. The internal resource estimate suggests a mean prospective resource of 283 million barrels, with a low estimate of 136 million barrels and a high case of 469 million barrels.
The Canning Prospect forms part of the broader Leonis project, which includes the Upper Schrader Bluff (USB) formation. These stacked reservoirs provide a multi-zone exploration opportunity, adding to the project's attractiveness.
Advancing Toward Drilling
With plans to drill the Tiri-1 well in Q1 2026, the company is currently selecting the optimal well location. The upcoming well is expected to test both the Canning and USB formations, increasing the chances of a successful discovery.
88 Energy is actively seeking a farm-out partner to fund drilling activities at Leonis. Given the company's 100% working interest in the project, securing a funding partner could allow for significant cost-sharing while maintaining substantial upside.
Strategic Outlook
Managing Director Ashley Gilbert emphasized the significance of the latest resource estimate, noting that extensive data analysis, including reprocessed seismic data and quantitative interpretation studies, has confirmed the high potential of both the Canning and USB prospects.
The upcoming drilling campaign at Tiri-1 represents a major step in unlocking Leonis' full potential. In parallel, the company is working on securing funding for a horizontal well test at Project Phoenix, which could further enhance its Alaskan oil portfolio.
88 Energy continues to position itself as a key player in Alaska’s evolving energy landscape, with its multi-project portfolio and strategic approach to exploration shaping its long-term growth trajectory.
