Highlights
- Awarded in April 2023, Project Leonis is superbly located adjacent to TAPS and the Dalton Highway, enhancing future potential commercialisation pathways
- Project Leonis is covered by the Storms 3D seismic data suite and contains the Hemi Springs Unit #3 exploration well (drilled by ARCO in 1985)
- Initial review of the Hemi Springs Unit #3 well has indicated approximately 200 feet of logged bypassed net pay in the Upper Schrader Bluff (USB) reservoir, with good porosity and oil shows, including 'oil over shakers' noted at multiple depths
- The USB reservoir is a producing unit to the north (including West Sak, Orion and Polaris fields) and was not a zone of interest for ARCO
- Reprocessing of the Storms 3D data by an independent expert has improved seismic resolution and data quality and provided an initial assessment of the USB prospect boundary
- Next steps for the Company are to obtain an independent certified prospective resource report, continue planning and permitting for a potential exploration well coupled with a targeted farm-out
88 Energy has provided an update on the Project Leonis work program. The Project Leonis acreage was awarded in April 2023 to 88 Energy (via its wholly owned subsidiary, Captivate Energy Alaska, Inc) and comprises ten leases covering approx. 25,430 contiguous acres. The acreage is superbly located adjacent to TAPS and the Dalton Highway, enhancing future potential commercialisation pathways.
Project Leonis is fully covered by the Storms 3D seismic data suite which was purchased by 88 Energy in 2022. An initial internal review and interpretation of the Storms 3D seismic data has revealed a strong seismic-well tie and a clear seismic amplitude at the USB prospect level. To further assess the reservoir potential, and improve imaging of local and regional faulting noted as part of the initial assessment of the data, 88 Energy contracted an independent expert to complete reprocessing of the Storms 3D data to improve data quality and seismic resolution.
88 Energy reports that the seismic reprocessing has been successfully completed with results showing a significant improvement in quality and resolution.
The improved reprocessed data will help the Company define and assess the prospectivity of the acreage. An initial interpretation of the reprocessed data has provided the Company with an updated understanding of the potential USB prospect boundary and the potential for a significant resource within the Project Leonis acreage.
The forward work program for the Project Leonis includes a planned farm-out of a working interest in the acreage to fund a well targeted to be drilled in 2024/25.
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Source: 88 Energy
