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88 Energy Ltd

Project Icewine Conventional Farmout

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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: [email protected] 

 

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 div 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 [email protected] or visit www.rns.com.
 
END
 
 
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