REG - 88 Energy Limited - Project Leonis Acreage Awarded

88 EnergyAnnouncement

20/04/2023 07:00

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RNS Number : 8189W  88 Energy Limited  20 April 2023

 

This announcement contains inside information

20 April 2023

 

88 Energy Limited

Project Leonis Acreage Awarded

 

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is
pleased to report that the Alaskan Department of Natural Resources (DNR), Oil
and Gas Division, has completed its adjudication process and formally issued
award notices to Captivate Energy Alaska, Inc. (a wholly-owned subsidiary of
the Company) covering the entire Project Leonis (the Project) lease area.

88 Energy Managing Director, Ashley Gilbert, commented:

 "Formal award of this new acreage provides confirmation of a further highly
attractive Alaskan exploration proposition for our business. Project Leonis
benefits from proximity to infrastructure and services at Prudhoe Bay and
Deadhorse, as well as an historical well that indicated oil shows and
calculated pay in the Upper Schrader Bluff (USB) zone of interest.
Importantly, the lease area is covered by an existing 3D data suite, allowing
us to undertake detailed, informed analysis to properly understand the
exploration opportunity. Our team will now be busy utilising a suite of modern
analysis techniques to further advance the Project."

Figure 1: Project Leonis' proximity to Infrastructure,

Services and Project Phoenix

In late 2022, the Company announced Captivate Energy Alaska, Inc. had been
declared the highest bidder for select acreage offered as part of the North
Slope Areawide 2022 Oil and Gas lease sale (refer 88E ASX announcement dated
10 November 2022). This Project Leonis acreage comprises ten leases covering
approximately 25,430 contiguous acres.

The Project Leonis lease area is fully covered by the Storms 3D seismic data
suite and contains the historical exploration well, Hemi Springs Unit #3
(drilled by ARCO in 1985).  Historical drilling targeted the deep Kuparuk and
Ivishak reservoirs, the main producing intervals in the giant northern fields
at that time.  Review of the Hemi Springs Unit #3 well indicated over 200
feet of low resistivity bypassed log pay within the USB reservoir, with good
porosity and oil shows evident over this interval. Nearby oil fields - Orion,
Polaris, West Sak and Milne Point - readily demonstrate successful development
of the USB reservoir.

Figure 2: Project Leonis lease activity

Initial review and interpretation of the Storms 3D seismic data reveals a
strong seismic-well tie and a clear seismic amplitude at the USB prospect
level. Encouragingly, the prospect appears to be bound by faults on three
sides (dip on the 4(th) side) which potentially serve as the trapping
mechanism. Further analysis will determine the future potential of the acreage
and define a possible exploration program and timeline for the Project.

 

Figure 3: Time slice of Edge Detection attribute (used to highlight
discontinuities in seismic horizons) run on the Storms 3D seismic

 

 

Media and Investor Relations:

 

 88 Energy Ltd

 Ashley Gilbert, Managing Director
 Tel: +61 8 9485 0990

 Email:investor-relations@88energy.com

 Fivemark Partners, Investor and Media Relations
 Michael Vaughan                                  Tel: +61 422 602 720

 EurozHartleys Ltd
 Dale Bryan                                       Tel: + 61 8 9268 2829

 Cenkos Securities Plc                            Tel: +44 (0)20 7397 8900
 Derrick Lee                                      Tel: +44 (0)131 220 6939
 Pearl Kellie                                     Tel: +44 (0)131 220 9775

 

Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM
Rules for Companies, the technical information and resource reporting
contained in this announcement was prepared by, or under the supervision of,
Dr Stephen Staley, who is a Non-Executive Director of the Company. Dr Staley
has more than 35 years' experience in the petroleum industry, is a Fellow of
the Geological Society of London, and a qualified Geologist/Geophysicist who
has sufficient experience that is relevant to the style and nature of the oil
prospects under consideration and to the activities discussed in this
document. Dr Staley has reviewed the information and supporting documentation
referred to in this announcement and considers the resource and reserve
estimates to be fairly represented and consents to its release in the form and
context in which it appears. His academic qualifications and industry
memberships appear on the Company's website and both comply with the criteria
for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and
standards adopted by the Society of Petroleum Engineers "Petroleum Resources
Management System" have been applied in producing this document.

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