88 Energy has announced a material update to the Prospective Resource Estimate for its South Prudhoe Project (100% W.I.), located on Alaska's North Slope immediately south of the Prudhoe Bay Unit (PBU) and Kuparuk River Unit (KRU).
For the South Prudhoe Project the estimated total gross unrisked 2U Prospective Resource has been revised to 768.9 million barrels of oil and NGL's (MMbbls), 640.7 MMbbls net to 88E ¹ ² confirming a substantial, multi-reservoir opportunity within one of North America's most prolific and infrastructure-rich oil provinces.
The updated estimate follows further geophysical analysis by the Company of the Schrader Bluff 3D seismic velocity data and includes a maiden Prospective Resource for the Brookian reservoir interval within the South Prudhoe North-West Hub and an upgraded Prospective Resource for the Ivishak reservoir, in particular for the priority Augusta prospect.
Highlights
- South Prudhoe total gross unrisked 2U Prospective Resources increased ~35% to 768.9 MMbbls (gross unrisked, 2U), 640.7 MMbbls net to 88E ¹ ², confirming a significant-scale, multi-reservoir oil opportunity immediately south of the Prudhoe Bay Unit and Kuparuk River Unit.
- North-West Hub: 301.3 MMbbls (gross unrisked, 2U), 251.1 MMbbls net to 88E ¹ ²; and
- South-East Hub: 467.6 MMbbls (gross unrisked, 2U), 389.7 MMbbls net to 88E¹ ².
- Maiden North-West Hub Brookian Prospective Resource Estimate of 181.5 MMbbls (gross unrisked, 2U), 151.2 MMbbls net to 88E ¹ ² materially expanding the stacked reservoir opportunity set. New Brookian estimate comprises two shallow oil-bearing reservoir targets:
- West Sak (WS): 61.2 MMbbls (gross unrisked, 2U), 51.0 MMbbls net to 88E ¹ ²; and
- Upper Schrader Bluff (USB): 120.3 MMbbls (gross unrisked, 2U), 100.2 MMbbls net to 88E ¹ ².
- Upgraded Ivishak Prospective Resource Estimate for the North-West Hub, increasing ~44% to 69.9 MMbbls (gross unrisked, 2U), 58.2 MMbbls net to 88E ¹ ² following further geophysical analysis.
- Augusta-1 exploration well will now test up to 133.7 MMbbls Prospective Resources (gross unrisked 2U), 111.4 MMbbls net to 88E ¹ ² across the Ivishak, Kuparuk and Brookian reservoir intervals.
- Augusta Prospect now defined across multiple stacked reservoir intervals, including Brookian, Kuparuk and Ivishak targets, providing multiple potential pay zones within a single drilling opportunity.
- Ivishak, Kuparuk and West Sak are proven producing reservoirs, with extensive regional production history, nearby well control and direct analogues from the adjacent PBU and KRU.
Managing Director, Ashley Gilbert, commented:
"The work conducted by our technical team in preparing this updated Prospective Resource Estimate represents another major step forward for 88 Energy and confirms our South Prudhoe Project as a significant-scale, multi-reservoir oil opportunity.
The maiden Brookian resource adds a significant shallow resource component to the North-West Hub, while the upgraded Ivishak estimate strengthens the scale and quality of the deeper conventional reservoir targets at Augusta. Importantly, these reservoirs sit within a proven producing fairway, immediately adjacent to some of the largest and most productive oilfields in North America.
The Augusta Prospect is now clearly defined across multiple stacked reservoir intervals and remains our highest-priority drilling target. With Nordic's Rig-3 secured for the Augusta-1 well, we have a clear pathway to test up to 134 MMbbls³ of gross unrisked 2U Prospective Resources in the proven Ivishak, Kuparuk and USB reservoirs.
South Prudhoe combines scale, reservoir diversity, nearby production analogues and proximity to established infrastructure. This is exactly the type of opportunity that sits at the centre of our sharpened Alaska North Slope strategy, and we look forward to advancing Augusta-1 as a potentially transformational near-term catalyst for shareholders.'
South Prudhoe leases located immediately adjacent to the super-giant Prudhoe Bay Unit and Kuparuk River Unit.
South Prudhoe Resource Update
The updated Prospective Resource Estimate further enhances 88 Energy's South Prudhoe Project, strategically located immediately south of the Prudhoe Bay Unit and Kuparuk River Unit, the most significant producing onshore oilfields on Alaska's North Slope.
The estimate incorporates new technical work across the North-West Hub, including further interpretation of the Schrader Bluff 3D seismic dataset, updated geophysical velocity analysis, regional calibration, and integration of nearby well and production data.
This prospective resource estimate has resulted in:
- a maiden Brookian Prospective Resource Estimate across the West Sak and Upper Schrader Bluff reservoirs;
- an upgraded Ivishak Prospective Resource Estimate for the North-West Hub, including the Augusta Prospect;
- confirmation of material stacked pay potential across shallow Brookian targets and deeper proven conventional reservoirs; and
- confirmation of Augusta-1 as the Company's highest-priority South Prudhoe drilling target.
The South Prudhoe Project now contains 768.9 MMbbls of total gross unrisked 2U Prospective Resources, 640.7 MMbbls 8,9 net to 88E, positioning the project as a major North Slope exploration opportunity with the scale, reservoir diversity and infrastructure proximity required to support a potential future development pathway, subject to exploration success, appraisal and commercial studies.
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Source: 88 Energy
