Large Oil Field Development Potential
Operator with 100% working interest
The Umiat Oil Field is strategically located immediately adjacent to Project Peregrine. Historic flow testing demonstrated a sustained rate of 200 barrels per day with no water (with a maximum rate of 800 barrels of oil per day).
Further studies conducted in conjunction with the Merlin-1 post well testing and analysis have identified additional upside at the Umiat oil field. Additional opportunity exists for the optimisation of historic development plans.
- Umiat is an historic oil discovery, made in 1945 in shallow Brookian (Nanushuk) sandstones, located immediately adjacent to southern boundary of Project Peregrine.
- The Umiat-23H well was flow tested at a sustained rate of 200 barrels per day with no water in 2014 by Linc Energy (max rate 800 barrels of oil per day).
- Final condition relating to the acquisition of Umiat was completed in Q2 2021 with the P&A of two historical wells at the field.
- 88 Energy to undertake a full field review to determine at what oil price Umiat may be commercial as a stand-alone development and whether optimisation of the previous development plan is possible.
- In combination with Project Peregrine, Umiat has the potential to form a potentially large oil field development.
“ We are thrilled with the results from the Merlin exploration well, with light oil detected in the Nanushuk across three separate horizons ”
UMIAT OIL FIELD RESERVED TABLE
|RESERVES (BARRELS OF OIL; ‘000)1,4|
|Proven reserves (1P)3||—||—|
|Proven reserves (2P)||123,692||94,007|
|Possible reserves (3P)||57,156||43,439|
Reserves Cautionary Statement
Oil and gas reserves and resource estimates are expressions of judgment based on knowledge, experience and industry practice. Estimates that were valid when originally calculated may alter significantly when new information or techniques become available. Additionally, by their very nature, reserve and resource estimates are imprecise and depend to some extent on interpretations, which may prove to be inaccurate. As further information becomes available through additional drilling and analysis, the estimates are likely to change. This may result in alterations to development and production plans which may, in turn, adversely impact the Company’s operations. Reserves estimates and estimates of future net revenues are, by nature, forward looking statements and subject to the same risks as other forward looking statements.
Refer to ASX Announcement on 11 January 2021 for further detail in relation to pricing assumptions and ASX Reserves & Resources Reporting Notes.