Project Leonis

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

Operator | 100% WI ~26k acres (10 leases)

Highest Bidder North Slope Area Wide 2022W Oil and Gas lease sale1

88 Energy (via a subsidiary) was announced in November 2022 as the highest bidder on 10 leases covering approximately 25,600 contiguous acres immediately south of Prudhoe Bay on the North Slope of Alaska.

The acreage, referred to as Project Leonis, is covered by the existing Storms 3D seismic data suite and contains the historical exploration well Hemi Springs Unit #3 (drilled by ARCO in 1985).

Project Leonis is superbly located adjacent to TAPS and the Dalton Highway, enhancing future potential development commercialisation.

A review of the Hemi Springs Unit #3 well indicated over 200 foot of logged net pay in the Upper Schrader Bluff (USB) reservoir, with good porosity and oil shows evident over the interval.

Initial internal interpretation of the Storms 3D indicates a prospect at the USB reservoir interval that appears to be bound by faults on 3 sides

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 2015
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. Formal award expected by H2 2023, subject to an adjudication process and regulatory approvals.

"Award of the new acreage demonstrates 88 Energy's commitment to continued exploration on the North Slope and presents as an attractive exploration proposition. The acreage benefits from a historical 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 before deciding on any future work program".

Ashley Gilbert, Managing Director

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