88 Energy Limited Alaska Projects Update (3105T)
20 Marzo 2019 - 8:00AM
UK Regulatory
TIDM88E
RNS Number : 3105T
88 Energy Limited
20 March 2019
20(th) March 2019
88 Energy Limited
Alaska Projects Update
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM
88E) advises the following in relation to its oil and gas
operations on the North Slope of Alaska.
Highlights:
-- Project Icewine Conventional: farm-out process advances - preferred bidder selected
-- Project Icewine Unconventional: evaluation work continues - farm-out launch planned mid 2019
-- Yukon Leases: inversion finalised - interpretation nearing completion
-- Western Blocks: integration of Winx-1 result underway
Project Icewine Conventional
A fast track farm-out process commenced in August 2018, whilst
processing of newly acquired 3D seismic (March 2018) was still
underway. Processing was finalised in October 2018, including
inversion, marking the first time that potential farminees could
assess comprehensively the mapped conventional resource potential
on the Western Play Fairway at Project Icewine. Consequently,
requests were made by potential farminees for more time to evaluate
the opportunity, which the Company granted.
The farm-out process has now progressed to the next stage, with
a preferred bidder selected and discussions underway. The Company
advises that there is no guarantee that the parties will agree
terms and close out the transaction. A further announcement will be
made in due course on the outcome of the ongoing negotiations,
which are currently confidential in nature.
A map of the exploration/transactional activity near Icewine can
be viewed at the link below:
http://www.rns-pdf.londonstockexchange.com/rns/3105T_1-2019-3-19.pdf
The last 18 months have seen a significant increase in interest
in the acreage to the west of Project Icewine and on the same
latitude, marking a southerly trend in exploration focus.
ConocoPhillips acquired 3D seismic in 2018, 15 miles west of the
Project Icewine Western Margin Leases. The Company is also aware of
a multi-client 3D seismic acquisition planned immediately to the
west of, and adjacent to, the Project Icewine acreage (see
image).
Additional near term transactional activity is expected
associated with the on sale of an option acquired by Oil Search in
2017. This option is due to expire in June 2019 and includes
acreage immediately to the south of the Western Blocks (where
Winx-1 was recently drilled) and immediately west of Project
Icewine (where the multi-client 3D seismic acquisition is
planned).
Project Icewine Unconventional
Baker Hughes and the United States Geological Society (USGS)
continue to apply advanced evaluation techniques to the HRZ shale
play, including additional tests on both core and cuttings obtained
from the drilling of the Icewine-1 and Icewine-2 wells.
The Company continues to receive third party interest in the HRZ
shale project and anticipates being able to integrate the data from
the current evaluation into a dataroom by mid-2019 in order to
commence a formal farm-out process.
Yukon Leases
Final processing of the Yukon 3D seismic is now complete, with
interpretation and resource evaluation currently underway on the
inversion product. As previously reported, a number of prospective
horizons have been identified on the acreage, including the Cascade
lead, which was intersected peripherally by Yukon Gold-1, drilled
in 1994, and classified as an historic oil discovery. The Yukon
Leases are located adjacent to ANWR and in close proximity to
existing infrastructure.
Western Blocks
Data obtained from the drilling of the Winx-1 exploration well
will now be integrated into the existing dataset to develop our
understanding of the Nanushuk depositional model and further
evaluate the remaining resource potential of the acreage. There are
several working theories that will be assessed over the coming
months, including whether there is potential for better developed
sands updip and in closer proximity to the successful
Horseshoe-1/1A and Stony Hill-1 wells.
A map of the area of focus for post Winx-1 evaluation can be
viewed at the link below:
http://www.rns-pdf.londonstockexchange.com/rns/3105T_1-2019-3-19.pdf
88 Energy Ltd's Managing Director, Dave Wall, commented: "The
progression of the farm-out process to the preferred bidder phase
is encouraging but no deal is done until it is done.
The team at 88 Energy continues to advance the status of all our
Alaskan projects resulting in substantial value add activity
throughout 2019."
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: +44 797 624 8471
Hartleys Ltd
Dale Bryan Tel: + 61 8 9268 2829
Cenkos Securities
Neil McDonald/Derrick Lee Tel: +44 131 220 6939
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END
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