Project Leonis old

STRONG EXISTING DATA SUITE INCLUDING >200FT LOGGED NET PAY & CLOSE TO INFRASTRUCTURE

Project Leonis Operator | 100% WI ~26k acres (10 leases)
Highest Bidder North Slope Area Wide 2022W Oil and Gas lease sale1

IMMEDIATELY SOUTH OF PRUDOE BAY (Proven petroleum province)

  • Including UPPER SCHRADER BLUFF (USB) Reservoir

STRONG EXISTING DATA SUITE

  • Hemi Springs Unit 3 well drilled in 1985
  • Hailstorm-1 well drilled in 2006
  • In 2022, acquired modern Storms 3D Seismic shot in 201

INITIAL STORMS 3D SEISMIC INTERPRETATION IDENTIFIED USB PENETRATED BY HEMI SPRINGS 3

  • USB reservoir is a producing unit to the North (West Sak and Polaris Fields

HEMI SPRINGS 3 REPORTED “OIL OVER SHAKERS” AT MULTIPLE DEPTHS

  • Deeper targets were the focus in 1985 and did not report oil shows

88E Preliminary data review calculated > 200ft of logged net pay in the USB reservoir

  • Importantly this was using Modern log analysis techniques not available in 1985

Figure: Time slice of Edge Detection attribute run on the Storms 3D seismic. Edge detection attribute clearly shows NW-SE normal faulting as well as a NE-SW feature which separates the reservoir at Hemi Springs Unit 3 from that of nearby Hailstorm-1

  1. Refer ASX release dated 16 August 2021 for full details regarding Prospective Resource estimate, associated risking
  2. 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.

"Award of the new acreage demonstrates 88E's commitment to continued exploration on the North Slope and presents as an attractive exploration proposition. The acreage benefits from a histirical well, which indicated oil shows and calculated pay in the USB zone of interest, and an existing 3D data suite. There is much work to do to understand the regional setting and faulting that defines the potential exploration target befire deciding on any future work program."

LEASE ACTIVITY (HISTORIC AND PLANNED)

  1. Formal award expected by end H1 2023, subject to an adjudication process and regulatory approvals

Latest Announcements

Keep UPDATED

Get regular updates from 88 Energy Ltd

Contact Details

Ground Floor, 516 Hay Street
Subiaco WA 6008
AUSTRALIA

Tel: +61 (0)8 9485 0990
Fax: +61 (0)8 9321 8990

Follow Us:

Scroll to Top