REG - 88 Energy Limited - Project Icewine Conventional Farmout

88 EnergyAnnouncement

23/08/2019 07:05

RNS Number : 0429K
88 Energy Limited
23 August 2019
 


23rd August 2019
 
This announcement contains inside information
 
88 Energy Limited 
 
Project Icewine Conventional Farmout
 
88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") provides the following update related to the farmout process for its conventional prospect portfolio at Project Icewine, located on the Central North Slope, Alaska.
 
Additional Information
In order to comply with the ASX listings rules, the Company has released the following additional information related to historical resource estimates, adjusted for the post farm-out working interest.
 



 
PROJECT ICEWINE CONVENTIONAL PORTFOLIO
 





 
Prospective Oil Resource MMBO (Unrisked)
 





Prospects and Leads


     August 2019: Post Farm-Out








Horizon / Play


Low


Best


High


Gross   Mean


Net Mean to 88E








WESTERN PLAY FAIRWAY:









Victor Prospect (stacked)


Schrader / Topset


196


313


477


328


98









Indigo Discovery


Schrader / Topset


225


358


543


374


112









Charlie Prospect


Schrader / Topset


126


201


304


210


63









Bravo Prospect


Seabee /  Fan


57


138


292


160


48









Mike Prospect


Seabee / Fan


9


26


56


30


9









Rose Prospect


Seabee / Fan


7


21


44


24


7









Lima Discovery/ Prospect (stacked)


Seabee / Apron Fan


105


323


713


376


113









Heavenly Discovery


Torok / Apron Fan


23


62


120


68


20









Whiskey Prospect (stacked)


Torok  Apron


62


112


192


118


35









Stellar Prospect/Discovery (stacked)


Torok /  Fan, Channel


320


604


999


639


192









Stellar Lower Prospect


Torok Fan


51


93


150


98


29









Y Lead


Schrader / Topset


24


41.2


67


44


13









Z Lead


Schrader / Topset


11


27


53


29


9





  WESTERN PLAY FAIRWAY TOTAL:


2,400  


720





CENTRAL PLAY FAIRWAY:









Echo Lead


Canning / Fan


60


138


293


162


121









Golf Lead


Canning / Fan


106


193


339


211


72









CENTRAL PLAY FAIRWAY TOTAL:


373


193





EASTERN PLAY FAIRWAY:









Alpha Lead


Canning / Submrn Fan


19


71


263


118


91









Romeo Lead


Kuparuk / Kemik Sands


2


3


5


4


3









Sierra Lead


Kuparuk / Kemik Sands


1


2


3


2


2





EASTERN PLAY FAIRWAY TOTAL:


124


96





 TOTAL PROSPECTIVE OIL RESOURCE  MMBO (Mean Unrisked) 


 2,896  


 1,009  




 
Media and Investor Relations:
 
88 Energy Ltd
Dave Wall, Managing Director                                                   Tel: +61 8 9485 0990
Email: admin@88energy.com 
 
Finlay Thomson, Investor Relations                                         Tel: +44 7976 248471
 
Hartleys Ltd
Dale Bryan                                                                                  Tel: + 61 8 9268 2829
 
Cenkos Securities                                                                    Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee
 
Prospective Resources classified in accordance with SPE-PRMS as at 23rd October 2018 using probabilistic and deterministic methods on an unrisked basis. Prospects and Leads identified from interpretation of modern 3D seismic acquired in 2018, 2D seismic acquired in 2015/2016 and legacy 2D seismic of varying vintages post 1980 across Project Icewine, which comprises 486,000** gross acres on the Central North Slope of Alaska. 88 Energy is Operator of record at Project Icewine (through its wholly owned subsidiary Accumulate Energy Alaska, Inc) with a ~47% working interest over the conventional play fairway where the prospects and leads have been mapped.
 
Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.
 
** 226,000 acres net to 88 Energy working interest (post farm-out)
 
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 prospective resource 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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