Project Icewine Conventional Farmout

RNS Number : 0429K

88 Energy Limited

23 August 2019

 

23^rd August 2019

This announcement contains inside information

88 Energy Limited 

Project Icewine Conventional Farmout

88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") provides the following update related to the farmout process for its conventional prospect portfolio at Project Icewine, located on the Central North Slope, Alaska.

Additional Information

In order to comply with the ASX listings rules, the Company has released the following additional information related to historical resource estimates, adjusted for the post farm-out working interest.

PROJECT ICEWINE CONVENTIONAL PORTFOLIO
Prospective Oil Resource MMBO (Unrisked)
Prospects and Leads		August 2019: Post Farm-Out
		Horizon / Play	Low	Best	High	Gross   Mean	Net Mean to 88E
WESTERN PLAY FAIRWAY:
	Victor Prospect (stacked)	Schrader / Topset	196	313	477	328	98
	Indigo Discovery	Schrader / Topset	225	358	543	374	112
	Charlie Prospect	Schrader / Topset	126	201	304	210	63
	Bravo Prospect	Seabee /  Fan	57	138	292	160	48
	Mike Prospect	Seabee / Fan	9	26	56	30	9
	Rose Prospect	Seabee / Fan	7	21	44	24	7
	Lima Discovery/ Prospect (stacked)	Seabee / Apron Fan	105	323	713	376	113
	Heavenly Discovery	Torok / Apron Fan	23	62	120	68	20
	Whiskey Prospect (stacked)	Torok  Apron	62	112	192	118	35
	Stellar Prospect/Discovery (stacked)	Torok /  Fan, Channel	320	604	999	639	192
	Stellar Lower Prospect	Torok Fan	51	93	150	98	29
	Y Lead	Schrader / Topset	24	41.2	67	44	13
	Z Lead	Schrader / Topset	11	27	53	29	9
WESTERN PLAY FAIRWAY TOTAL:						2,400	720
CENTRAL PLAY FAIRWAY:
	Echo Lead	Canning / Fan	60	138	293	162	121
	Golf Lead	Canning / Fan	106	193	339	211	72
	CENTRAL PLAY FAIRWAY TOTAL:					373	193
EASTERN PLAY FAIRWAY:
	Alpha Lead	Canning / Submrn Fan	19	71	263	118	91
	Romeo Lead	Kuparuk / Kemik Sands	2	3	5	4	3
	Sierra Lead	Kuparuk / Kemik Sands	1	2	3	2	2
EASTERN PLAY FAIRWAY TOTAL:						124	96
TOTAL PROSPECTIVE OIL RESOURCE  MMBO (Mean Unrisked)						2,896	1,009

Media and Investor Relations:

88 Energy Ltd

Dave Wall, Managing Director                                                   Tel: [phone]

Email: [e-mail] 

Finlay Thomson, Investor Relations                                         Tel: [phone]

Hartleys Ltd

Dale Bryan                                                                                  Tel: + 61 8 9268 2829

Cenkos Securities                                                                    Tel: + 44 131 220 6939

Neil McDonald/Derrick Lee

Prospective Resources classified in accordance with SPE-PRMS as at 23^rd October 2018 using probabilistic and deterministic methods on an unrisked basis. Prospects and Leads identified from interpretation of modern 3D seismic acquired in 2018, 2D seismic acquired in 2015/2016 and legacy 2D seismic of varying vintages post 1980 across Project Icewine, which comprises 486,000** gross acres on the Central North Slope of Alaska. 88 Energy is Operator of record at Project Icewine (through its wholly owned subsidiary Accumulate Energy Alaska, Inc) with a ~47% working interest over the conventional play fairway where the prospects and leads have been mapped.

Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

** 226,000 acres net to 88 Energy working interest (post farm-out)

Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM Rules for Companies, the technical information and resource reporting contained in this announcement was prepared by, or under the supervision of, Dr Stephen Staley, who is a Non-Executive Director of the Company. Dr Staley has more than 35 years' experience in the petroleum industry, is a Fellow of the Geological Society of London, and a qualified Geologist / Geophysicist who has sufficient experience that is relevant to the style and nature of the oil prospects under consideration and to the activities discussed in this document. Dr Staley has reviewed the information and supporting documentation referred to in this announcement and considers the prospective resource estimates to be fairly represented and consents to its release in the form and context in which it appears. His academic qualifications and industry memberships appear on the Company's website and both comply with the criteria for "Competence" under clause 3.1 of the Valmin Code 2015. Terminology and standards adopted by the Society of Petroleum Engineers "Petroleum Resources Management System" have been applied in producing this document.

 

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