Significant prospectivity identified adjacent to supergiant prudhoe bay oil field
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.
Operator | 100% WI ~53k acres (21 leases)
- 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.
