88 Energy Limited Project Icewine Update (5553D)
04 Marzo 2022 - 8:00AM
UK Regulatory
TIDM88E
RNS Number : 5553D
88 Energy Limited
04 March 2022
This announcement contains inside information
4 March 2022
88 Energy Limited
Project Icewine Update
Highlights
-- Light oil recovered at Talitha-A, 2.8 miles north of 88E's Project Icewine acreage.
-- Preliminary mapping shows highly correlatable reservoir sequences between Talitha and Icewine.
-- Independent prospective resource update for Icewine planned for completion in H1 CY2022.
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ("88 Energy" or
the "Company") notes that light oil was recovered during two
separate production tests at Pantheon Resources' (AIM:PANR)
("Pantheon") Talitha-A well (as announced by Pantheon on 7 and 21
February 2022).
Pantheon drilled the Talitha-A well, which is located just 2.8
miles north of the Project Icewine (88E 75% WI) permit boundary, in
Q1 CY2021. The well was suspended following a production test of
the Kuparuk, with Pantheon announcing its intention to return to
test additional targets, namely the Basin Floor Fan (BFF), the
Slope Fan System (SFS) and the Shelf Margin Deltaic (SMD), during
the CY2022 drilling season. Earlier this year, Pantheon re-entered
the Talitha-A well and individually flow tested the BFF target and
the SFS target which resulted in the sustained recovery of light
oil over a three-day period from each test. All targets are
interpreted by the Company to extend into 88 Energy's Project
Icewine acreage.
The Seabee Formation, of which Pantheon's BFF is a member, is
the same formation that host's 88 Energy's Lima complex. The Lima
complex was a secondary target in the Charlie-1 discovery well
drilled at Project Icewine in Q1 CY2020.
The results of Pantheon's Talitha-A well, combined with its
earlier Alkaid-1 (2019) well, have been considered as part of a
re-evaluation of 88 Energy's Icewine-1 well data. Subsequent and
independent comparisons of the sequence that was tested and flowed
light oil in Alkaid-1 against its equivalent in the Icewine-1 well
have revealed the porosity and resistivity of the Icewine-1 well to
be significantly. 88 Energy notes that just a small 6 ft zone in
Alkaid-1 tested at "80-100 BOPD of 40deg API gravity oil" from an
"estimated 240 ft of net pay" in Alkaid-1 (as announced by Pantheon
on 25 March 2019).
Following the results from Talitha-A in 2021 and further recent
testing results by Pantheon in 2022, 88 Energy will incorporate
these results into an independent prospective resource report for
Project Icewine focusing on the eastern leases in the first half of
2022.
The graphics below can be viewed in the pdf version of this
announcement, which is available on the Company's website
www.88energy.com:
-- Map showing Pantheon's Talitha-A well.
-- Image showing the seismic cross section from Pantheon's
acreage in the north through 88 Energy's Project Icewine.
-- Map of Project Icewine and Near Lease Discoveries.
Media and Investor Relations:
88 Energy Ltd
Ashley Gilbert, Managing Director
Tel: +61 8 9485 0990
Email:investor-relations@88energy.com
Finlay Thomson , Investor Relations Tel: +44 7976 248471
Fivemark Partners , Investor and Tel: +61 410 276 744
Media Relations Tel: +61 422 602 720
Andrew Edge / Michael Vaughan
EurozHartleys Ltd Tel: +61 8 9268 2829
Dale Bryan
Cenkos Securities Tel: +44 131 220 6939
Neil McDonald / Derrick Lee
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.
About Project Icewine
Project Icewine is located on the central North Slope of Alaska
and encompasses approximately 195,000 acres. It is situated
on-trend to recent discoveries in multiple, newly successful play
types in topset and bottom-set sands of the Schrader Bluff and
Seabee formations. 88 Energy has a 75% working interest in the
Project.
88 Energy has conducted 2D and 3D seismic acquisitions and
drilled three exploration wells in the acreage, including the
Charlie-1 discovery well in Q1 CY2020.
PROSPECTIVE RESOURCE (MMBO, UNRISKED)
Prospects Formation Low Best High Mean
-------------------------- ---- ----- ------ ---------
Lima Complex Seabee / Basin Floor Fan 214 978 2,804 1,419
-------------------------- ---- ----- ------ ---------
Stellar Fan 1-6 Toro / Basin Floor Fan 79 248 722 355
-------------------------- ---- ----- ------ ---------
TOTAL MEAN PROSPECTIVE OIL RESORCE 1,774(2)
---------
Note:
1. Talitha-A well was drilled and tested by Pantheon Resources LLC in Q1 2021
2. Please refer to the announcement dated 10 November 2020 for
full details with resp ect to the Prospective Resource estimate,
associated risking
3. Cautionary Statement: The estimated quantities of petroleum
that may be potentially recovered by the applica tion 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 evaluatio n are
required to determine the existence of a significant quantity of
potentially movable hydrocarbons.
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END
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