Project Leonis
Drill Ready Tiri-1 Exploration Well Supported By 88 Energy's Most Extensive Data Suite
Operator | 100% WI ~36k acres (14 leases)1
Leonis evolved from 88E’s Alaskan experience, and the emergence of low resistivity pay analogue overlooked in the region. 88E took a bottoms up technical review of the legacy wells in 2022 with:
- Oil shows noted in the Upper Schrader Bluff (USB) and Canning Reservoirs
- Offset USB and Canning producing analogues identified
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). Hemi Springs 3 reported oil shows at multiple depths; it was later abandoned when deeper primary targets were not correspondent with oil shows. 88E’s active data examination has calculated over 200 ft of net pay in the USB reservoir using modern log analysis techniques.
Project Leonis is superbly located adjacent to TAPS and the Dalton Highway, enhancing future potential development commercialisation.
1. Four lease blocks subject to formal award expected in H1 2025.
In November 2022, 88 Energy was the highest bidder on 10 leases covering approximately 25,600 contiguous acres immediately south of Prudhoe Bay on the North Slope of Alaska with formal award in April 2023.
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.
Preliminary interpretation of modern Storms 3D seismic identified that the Upper Schrader Bluff (USB) reservoir penetrated by Hemi Springs Unit 3 is isolated from other wells in the vicinity. The USB reservoir is a producing unit to the North (including the West Sak and Polaris fields, amongst others).
Hemi Springs 3 reported “oil over shakers” at multiple depths; it was later abandoned when deeper primary targets were not correspondent with oil shows. 88E’s active preliminary data examination has calculated over 200 ft of net pay in the USB reservoir using modern log analysis techniques.
Maiden Internal Prospective Resource Estimate for the USB and Canning Prospects: Combined internal gross mean Prospective Resource estimate across the Canning and USB Prospects of 798 MMbbls (340 MMbbls – Canning and 458 MMbbls – USB).
Multi-Reservoir Drill-Ready Opportunity of Scale.
Planning underway for Tiri-1 Exploration Well: Currently scheduled for H1 CY26, targeting both the Canning and USB Prospects.
Well Location Selection Underway: Leveraging results from the quantitative interpretation study.
Targeting Shared Well Cost: 88 Energy’s 100% working interest provides strong potential to secure a large proportionate carry upon completion of the active farm-out process, ahead of any future drilling event.
Project Leonis Represents a Highly Attractive Exploration Opportunity: Strategically located adjacent to the major pipeline system (TAPS) and the Dalton Highway, significantly enhancing any future development and commercialisation potential.
Modern advances in understanding low-resistivity pay have unlocked substantial reserves across Alaska’s North Slope, as demonstrated by the Willow and Pikka fields. Similarly, 88 Energy’s re-evaluation of legacy wells led to the successful drilling and testing of Hickory-1 in CY23-24. This approach has guided the evaluation of Project Leonis, leveraging both historical and modern data to identify and target untapped resources.
- 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 recoverable hydrocarbons.
- Net Unrisked Prospective Oil Resources (MMbbls). Refer to ASX announcement dated 30 January 2025 for further details.
- 88 Energy net resources have been calculated using a 100% working interest and a 16.6667% royalty.
- COS represents the geological chance of success as assessed by 88 Energy, taking into account and risking of such factors as source, timing/migration, estimated reservoir and quality, mapped closures and seal effectiveness.
- Prospects are subject to phase risk (oil vs gas). Chance of oil has been assessed as 100%. Phase risk has not been applied to the unrisked numbers.
- The Prospective Resources have not been adjusted for the chance of development. Quantifying the chance of development (COD) requires consideration of both economic and other contingencies, such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are not yet known, 88 Energy has qualitatively assessed the chance of development as “probable” upon geological success given the strategic location of the acreage position adjacent to TAPS and key infrastructure.
