PriceSensitive

88 Energy’s (ASX:88E) Alaskan subsidiary awarded Project Leonis on North Slope

ASX News, Energy
ASX:88E      MCAP $57.86M
10 November 2022 14:44 (AEDT)

This browser does not support the video element.

88 Energy’s (88E) wholly-owned subsidiary Captivate Energy Alaska has been awarded 10 leases south of Prudhoe Bay on the North Slope of Alaska.

The Alaskan subsidiary was declared the highest bidder for new acreage as part of the North Slope Areawide 2022W Oil and Gas lease sale.

The 10 leases cover 25,600 acres and will be collectively known as “Project Leonis”. The project is covered by the recently purchased Storms 3D seismic data suite and also contains the Hemi Springs Unit #3 exploration well drilled in 1985.

A review of the historical well indicated over 200 feet of low resistivity bypassed log pay within the Upper Schrader Bluff (USB) reservoir, with good porosity and oil shows over the interval.

Separately, a review and interpretation of the Storms 3D seismic data has indicated a prospect at the USB reservoir interval which seems to be bound by faults on three sides.

88 Energy Managing Director Ashley Gilbert said the award of the leases shows the company’s commitment to ongoing exploration on the North Slope.

“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,” he added.

Follow-up work and analysis will determine further potential of the acreage and define an exploration program and next steps for the project.

88E shares were up five per cent to trade at 1.1 cents at 2:44 pm AEDT.

Related News