88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has confirmed a multi-reservoir opportunity at the Canning Prospect, part of Project Leonis in Alaska, with hundreds of millions of barrels estimated.
The explorer today unveiled its maiden resource estimate for Canning, seeing up to 798 million barrels of prospective resources from the Canning prospect and the Upper Schrader Bluff (USB) formation.
Today’s resource announcement comes from an internal assessment, which puts the ‘low case’ resource estimate for Canning at 136 million barrels whilst the ‘high case' estimate is pitched at 469 million barrels.
The mean estimate comes in at 283 million barrels.
The 88 Energy team is now working on well location selection and planning for an exploration well, Tiri-1, which will be drilled in the first half of next year.
"We are extremely pleased to announce the maiden, internally estimated prospective resource estimate for the Canning prospect,” managing director Ashley Gilbert said in a statement.
“The identification of the Canning prospect comes after an extensive review of data, including newly reprocessed and interpreted Storms 3D seismic data, and the outcome of the recently completed quantitative interpretation study (rock physics, AVO and seismic inversion).
“This work has confirmed significant prospectivity at both reservoir intervals.”
Gilbert added: “The Tiri-1 well will be optimally located to test both the Canning and USB prospects, providing shareholders with a multi-zone exploration opportunity of considerable scale.
“The timing of the Tiri-1 exploration well is contingent on securing a farm-out partner, and with our 100% working interest in Project Leonis, we believe there is significant potential to secure a large proportionate carry on any future well.
“Looking ahead, our focus is firmly on advancing the Tiri-1 well at Project Leonis scheduled to drill in Q1 2026 as well as finalising funding to deliver a horizontal well test at Project Phoenix".