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US: 88 Energy provides quarterly operations update


25 Jan 2023

Photo - see caption

88 Energy has provided the following update related to its operations in the NPR-A region of the North Slope of Alaska.

Highlights

Project Phoenix (formally Icewine East, ~75% WI)

  • Hickory-1 exploration well scheduled to spud on or around 1 March 2023, targeting 647 million barrels of oil (1),(2)
  • Well location informed by extensive data suite analysis
    • Located in the sweet spot of interpreted AVO anomalies
    • Focused on the oil-bearing conventional reservoirs identified in adjacent acreage and during the drilling and logging of Icewine 1
    • Designed to appraise six targets within SMD, SFS, BFF and Kuparuk reservoirs
    • Strategically located proximate to significant, established infrastructure
  • Drilling rig contract executed with Nordic Calista for Rig-2
  • Permitting and planning on schedule to be completed end of January 2023 or shortly thereafter, with the final well cost anticipated to be lower than the previous Icewine wells on the acreage

Project Leonis (100% WI)

  • Project Leonis secured as part of the North Slope Areawide 2022W Oil and Gas lease sale
  • Acreage includes ten leases covering ~25,600 contiguous acres, subject to an adjudication process, regulatory approvals and formal award expected in 1H 2023
  • 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)
  • A review of the Hemi Springs Unit #3 well indicated over 200 feet of logged net pay in the Upper Schrader Bluff (USB) reservoir, with good porosity and oil shows evident over the interval Initial internal interpretation of the Storms 3D indicates a prospect at the USB reservoir interval that appears to be bound by faults on three sides

Project Longhorn (~73% WI)

  • Successful completion of the final two planned workovers scheduled for 2022
  • Quarterly cash flow distribution of A$1.5M received in December 2022

Corporate

  • Cash of A$14.1M and no debt (as at 31 December 2022)

1. Net mean total unrisked prospective resource.
2. Refer to the ASX release dated 23 August 2022 for full details with respect to the Prospective Resource estimate, associated risking and applicable Cautionary Statement.

Click here for full announcement

Source: 88 Energy





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