TIDM88E
RNS Number : 8214K
88 Energy Limited
09 May 2022
This announcement contains inside information
88 Energy Limited
Project Icewine - Independent Third-Party Mapping Complete
Highlights
-- Third-party evaluation of the Icewine East mapping is now complete (75% 88 Energy WI).
-- All Pantheon reservoir units (SMD, SFS and BFF) independently
interpreted to extend onto 88 Energy's Icewine acreage.
-- Pantheon wells - Alkaid-1, Talitha-A and Theta West-1 - have
flowed 35 to 40 API oil from multiple Brookian reservoirs. Pantheon
testing has confirmed reservoir deliverability of light, sweet oil
(see Pantheon releases of 7 and 21 February 2022), which 88 Energy
believes is positive for the prospectivity of the adjacent Project
Icewine acreage.
-- In-depth petrophysical re-evaluation of Icewine-1 and broader
Icewine East acreage has been completed, with the results
indicating comparable, or better, reservoir quality in some
reservoir units relative to those of Pantheon's tested intervals
which flowed oil.
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ( 88 Energy or
the Company ) is pleased to report that the third-party (Jordan
& Pay) evaluation of the Shelf Margin Delta ( SMD ), Slope Fan
Set ( SFS ) and Basin Floor Fan ( BFF ) play fairways on its
Project Icewine acreage is now complete. The independent
third-party mapping, which utilised available well information from
presentations publicly released by neighbouring acreage holder,
Pantheon Resources (AIM:PANR, GBP 975M market capitalisation ) (
Pantheon ), plus internal 88E data, shows that all Pantheon
reservoir units extend onto the Project Icewine acreage.
An in-depth petrophysical re-evaluation of Icewine-1 and the
broader Icewine East area has also been completed by independent
petrophysical consultants (Stimulation Petrophysics Consulting, LLC
and Snowfall Energy LLC). The consultants focussed on assessing
Icewine-1 logs against intervals that flowed oil in Pantheon's
acreage to the north. Pleasingly, a comparison of the tested
interval in Alkaid-1 against a similar interval in Icewine-1,
called the SMD-B reservoir unit, indicated the favourable potential
for a flow test of the same zone in the Icewine acreage.
Table 1 contains a summary of the petrophysical data from these
intervals. It reveals similar porosity and clay content in
Icewine-1 with, importantly, higher oil saturation and productivity
estimates in Icewine-1. These studies have confirmed 88 Energy's
preliminary analysis as previously announced on 8 April 2022, and
accordingly, along with recent mapping efforts will form the basis
of an independent volumetric and risking certification, which is
expected to be completed in mid-2022.
Icewine-1 Alkaid-1
-------
Top feet 7815 8036
Base feet 8061 8250
Gross Pay feet 221 215
Net Pay feet 164 192
Effective Porosity % 8.8% 8.8%
Clay Content % 34% 35%
Resistivity ohm.m 7.7 5.1
Oil Saturation % 65% 49%
Productivity mD.ft 8.5 3.0
-------------------- ------- ---------- ---------
Table 1: Petrophysical comparison of zones of interest in
Icewine-1 and Alkaid-1.
Pantheon's wells - Alkaid-1, Talitha-A and Theta West-1 flowed
35 to 40 API oil from multiple Brookian reservoirs. Pantheon's
testing has confirmed reservoir deliverability of light, sweet oil
(see Pantheon releases of 7 February and 21 February 2022), which
88 Energy believes is positive for the prospectivity of the
adjacent Project Icewine acreage. This data is not yet publicly
available and as a result only a qualitative comparison of these
logs against Icewine-1 logs could be carried out at this time.
Given the favourable petrophysical comparison between Icewine-1
and Alkaid-1, the Company is optimistic that a production test in
the Icewine East acreage could potentially yield a similar or
better result than seen during the testing of Alkaid-1. The Company
also notes Pantheon's plans to drill a horizontal production well
in mid-2022 in Alkaid, called Alkaid#2, to prove up the development
concept (see Pantheon release of 24 January 2022 and Figure 2
available on the Company's website).
The below graphics can be viewed at the following link
http://www.rns-pdf.londonstockexchange.com/rns/8214K_1-2022-5-9.pdf
-- Figure 1: Third-party mapping indicates extension of all PANR
prospect play fairways into Project Icewine.
-- Figure 2: Pantheon plans for a horizontal production well in Alkaid.
-- Figure 3: Sweet-spot identification across the SMD-B and SMD-C play fairways.
-- Figure 4: Shelf Margin Delta Sequence Correlation Panel.
-- Figure 5: 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 acquired 2D and 3D seismic and drilled three
exploration wells in the acreage, including the Charlie-1 discovery
well in Q1 CY2020.
Prospects Formation Low Best High Mean
---------------- ---- ----- ------ ---------
Seabee / Basin
Lima Complex Floor Fan 214 978 2,804 1,419
---------------- ---- ----- ------ ---------
Toro / Basin
Stellar Fan 1-6 Floor Fan 79 248 722 355
---------------- ---- ----- ------ ---------
TOTAL MEAN PROSPECTIVE OIL RESORCE 1,774(2)
---------
Note:
1. Gross mean unrisked prospective resource.
2. Please refer to the ASX release dated 10 November 2020 for full details
with respect to
the Prospective Resource estimate, associated risking.
3. 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.
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