88 Energy Limited (“88 Energy”, “the Company”, “Operator”) (ASX, AIM: 88E) is pleased to provide an update on Project Icewine, located onshore North Slope of Alaska.
· Icewine 3D seismic survey commenced across Project Icewine acreage
Project Icewine Operations Update
3D seismic acquisition has commenced across the Western Margin of the Project Icewine acreage, located on the North Slope of Alaska. The 3D seismic will firm up drilling candidates identified on conventional prospectivity from interpretation of ~ 2350 line km of modern (88E, 2016) and reprocessed 2D seismic data.
The conventional prospective resource potential (mean unrisked), as at 31 January 2018, is estimated by the Company as 1.9 billion barrels gross; 1.05 billion barrels net to 88 Energy.
The 3D survey will be acquired using the vibroseis slip-sweep method, covering an area of approximately 460 km2. Acquisition parameters have been zoned to optimise fold and imaging across significant conventional leads already identified in areas that historically have imaged poorly due to permafrost and the presence of icelakes.
Operations commenced on February 7, 2018 (Alaska time) with parameter testing designed to ensure a high quality acquisition. The main 3D acquisition effort is now underway and is estimated to take approximately 45 days.
The focus of the acquisition is principally across the Western Play Fairway, where the opportunity exists to mature and test multiple stacked conventional objectives with one well. Exceptional exploration drilling success has been reported on the North Slope over the last four years using 3D seismic data to delineate and map similar stratigraphic/ structural conventional targets.
The objective of the 3D acquisition and interpretive effort in 2018 is to mature the conventional portfolio with a view to select one or more drilling candidates for the 2019 season. Results are scheduled to be in house in August/September 2018, which will facilitate a planned farm-out prior to year-end on the drilling program. The Company has largely completed permitting for two potential drilling locations on a multi-year basis allowing for prompt execution of the proposed 2019 drilling program.
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, Mr Brent Villemarette, who is a Non-Executive Director of the Company. Mr Villemarette has more than 30 years’ experience in the petroleum industry, is a member of the Society of Petroleum Engineers, and a qualified Reservoir Engineer 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. Mr Villemarette 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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