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US: 88 Energy receives approval for formation of the Toolik River Unit over Project Phoenix Acreage


28 Feb 2023

Photo - see caption

88 Energy reports that the Alaskan Department of Natural Resources (DNR), Oil and Gas Division, has approved the formation of the Toolik River Unit over the western and central Project Phoenix lease area.

On 7 December 2022, the Company announced that the Project Phoenix Joint Venture had put forward a Unit application covering leases within the Project Phoenix acreage area, with the application open for public comment until 31 December 2022. Following consideration of the Unit application, the DNR has now confirmed its decision to approve the formation of the Toolik River Unit covering leases in the western and central area of Project Phoenix (refer to acreage map at Figure 1). The Unit approval has extended those leases beyond their primary term, with the Unit Plan of Exploration through to February 2028.

Unitisation of the leases in the Toolik River Unit provides an efficient, integrated approach to exploration, delineation, and development of the numerous identified and potential reservoirs. Accumulate Energy Alaska Inc, a wholly owned subsidiary of 88 Energy, submitted an Initial Plan of Exploration on behalf of the JV, for the Toolik River Unit that includes a program of drilling and non-drilling activities as follows:

  • The non-drilling activities will focus on the Unit Operator conducting a further review and analysis of the Franklin Bluffs 3D data, including completion of amplitude-variation-with-offset analysis (AVO analysis) and simultaneous seismic inversion (SSI or Inversion), to assist in defining further 'sweet spots' for each play and determine optimal drilling locations for future exploration and appraisal wells, as well as to further mature the conventional prospectivity of the Unit acreage.
  • Drilling activities in the Unit consist of drilling the Hickory-1 vertical exploration well during the 2022/2023 winter drilling season and performing a flow test, subject to well results, during the 2023/2024 season.
  • Subject to success of the Hickory-1 exploration well, the JV will consider mobilising a rig to the Franklin Bluffs pad and re-entering the Icewine-1 well, with a view to potentially conducting a short-term production test or drilling and flow testing a new delineation appraisal well in a subsequent season.
  • Subject to obtaining positive results from the flow tests and exploration program, plans also include drilling a horizontal production test well with an extended flow test program.
  • Subject to successful flow test of Hickory-1 exploration well, non-drilling activities may also include the acquisition, processing and interpretation of new 2D seismic over the eastern portion of the Project Phoenix acreage.

The eastern leases in the Project Phoenix acreage area were not included in the approved Toolik River Unit area due to limited data to support inclusion. The DNR therefore approved the application in part (western and central lease areas are supported by an extensive data suite) and will consider inclusion of the eastern leases in the Toolik River Unit area following completion of further work, including potential acquisition of 2D seismic data over the eastern area.

Importantly, the approval of the Toolik River Unit and plan of exploration will enable the JV to assess the potential commercialisation of the acreage and a pathway to development and production.

Photo - see caption
Figure 1: Toolik River Unit approved area over the Project Phoenix leases

88 Energy Managing Director, Ashley Gilbert, commented:

'We are pleased that the DNR has approved the Toolik River Unit covering the western and central leases of the Project Phoenix acreage and our plan of exploration. This is a further demonstration of the strong support that 88 Energy, and the broader industry, enjoys from the State of Alaska.'

Original article link

Source: 88 Energy





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