88 Energy delivers 283MMbbl prospective Alaskan | Australian Markets

88 Power might be sitting on an estimated 283 million barrels of oil recoverable from its Canning prospect on the company’s Undertaking Leonis in Alaska, in accordance with its simply launched maiden, whole web imply, unrisked potential useful resource estimate.

The company’s unrisked web entitlement to the possible oil useful resource contains 3U (Excessive) 469MMbbls, 2U (Greatest) 259MMbbls and 1U (Low) 136MMbbls with an estimated 33 per cent probability of success.

When mixed with 88 Power’s further 381MMbbls unrisked web imply potential useful resource entitlement estimated for its adjoining USB prospect, the whole web imply potential useful resource entitlement is 664MMbbls.

An unrisked potential useful resource is a high-level estimate of oil and fuel not but examined by drilling. The measurement relies on assumptions and is used to set targets for corporations to find and advance assets via drilling and eventual circulate testing.

With its mixed potential useful resource endowment of 664MMbbls, 88 Power has develop into a multi-reservoir company of scale.

It’s planning its Tiri-1 exploration effectively to check each the Canning and USB prospects within the first half of subsequent yr after present web site choice is accomplished.

The Canning prospect was recognized from an in depth information review that included lately re-processed and interpreted Storms 3D seismic information.

Together with different lately accomplished quantitative interpretations, together with rock physics, amplitude versus offset (AVO) geophysics and seismic inversion, the review enabled 88 Power to verify important prospectivity at each reservoir intervals.

AVO technology has performed an important position in latest new discoveries on the Alaskan North Slope area and is now employed globally.

The information review recognized a important geological attribute attributable to basin-wide erosion during the Mid Campanian epoch of the late Cretaceous, which created canyon-like scours within the Hue shale which underlies the Canning horizons.

The scours created space for high-energy, toe-of-slope turbidites, or poorly-sorted undersea landslide sequences, which now type a reservoir succession more than 100 metres thick. It extends throughout an space of about 43 sq. kilometres, offering the project with important scale.

We’re happy to announce the maiden, internally estimated potential useful resource estimate for the Canning prospect, which intently follows the profitable bid for 4 new leases at Undertaking Leonis in December 2024 with award anticipated within the first half of 2025. Trying forward, our focus is firmly on advancing the Tiri-1 effectively at Undertaking Leonis scheduled to drill in Q1 2026 in addition to finalising funding to ship a horizontal effectively take a look at at Undertaking Phoenix.

88 Power’s proposed Tiri-1 effectively web site is strategically positioned within its Leonis acreage. It’s 26km southwest of the group of Deadhorse on the centre of the famend Prudhoe Bay Oil Area, found in 1967, and simply 22km southeast of the southeastern margin of the Kuparuk Oil Area.

Tiri-1 additionally lies 22km north of the present Alkaid Effectively within the recently-discovered Brookian sequence and is 41km north of the company’s Phoenix project Hickory-1 effectively discovery. The Hickory-1 discovery is beside the Dalton Freeway and the Trans-Alaskan Pipeline System, which additionally runs via the company’s Leonis project.

The Canning prospect stays untested by offset wells in its rapid neighborhood however dwell oil reveals have been logged within the Canning Formation within the Hemi Springs Unit 3 effectively.

The Hemi Springs effectively is a few kilometres east of the proposed Tiri-1 web site and has demonstrated porosities of up to twenty-eight per cent. Reservoir high quality within the related canyon-scour options are anticipated to be even larger.

Drilled in 1985, Hemi Springs focused deeper reservoirs than the Canning and USB Formations and, with out the benefit of trendy seismic information, result in neglected low-resistivity payable oil.

The oil reveals within the Hemi Springs mud logs correlate with in depth mapped oil potential and up to date advances in understanding low-resistivity oil pay have unlocked substantial reserves throughout Alaska’s North Slope, as proven by the Willow and Pikka fields.

Moreover, the company says related high net-to-gross turbidites are being produced from the Hue Shale scours in Conoco Phillips’ Tabasco area, 37km to the northwest.

Its beneficial location, all however surrounded by doubtlessly payable ground, and proximity to key infrastructure provides to historic information that helps Undertaking Leonis’ compelling technical and business potential and enabled the identification of oil within the USB and Canning Formations.

88 Power’s re-evaluation of earlier wells led to the profitable drilling and testing of the Hickory-1 effectively in its Phoenix project in 2023-2024, an strategy that guided the re-evaluation of Undertaking Leonis to determine and goal untapped assets.

88 Power has engaged exploration and manufacturing management company Fairweather LLC to kick off planning and allowing for its proposed Tiri-1 exploration effectively to check the USB and Canning reservoirs.

With drilling reliant on securing a farm-out companion, the company has commissioned Llamas and Bannister Power Advisors to handle an energetic, re-launched and expanded farm-out course of.

The latest enlargement of Undertaking Leonis’ acreage and the addition of the Canning Formation reservoir alternative in such prime potential real estate invigorates the project’s important standing as a cornerstone asset within the company’s vitality portfolio.

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