88 Energy Limited Project Icewine Conventional Farmout (0429K)
23 Agosto 2019 - 8:00AM
UK Regulatory
TIDM88E
RNS Number : 0429K
88 Energy Limited
23 August 2019
23(rd) 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 Net
Mean 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/ Seabee / Apron
Prospect (stacked) Fan 105 323 713 376 113
Torok / Apron
Heavenly Discovery Fan 23 62 120 68 20
Whiskey Prospect
(stacked) Torok Apron 62 112 192 118 35
Stellar Prospect/Discovery Torok / Fan,
(stacked) 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:
-----------------------------------------------------------------------------------------
Canning / Submrn
Alpha Lead Fan 19 71 263 118 91
Kuparuk / Kemik
Romeo Lead Sands 2 3 5 4 3
Kuparuk / Kemik
Sierra Lead 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 23(rd) 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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