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88 Energy Limited Conventional Portfolio Update


88 Energy Limited (ASX: 88E) (“88 Energy” or the “Company”) provides the following update related to ongoing work on its conventional prospect portfolio at Project Icewine, located on the Central North Slope, Alaska.

Highlights

  • Icewine 3D seismic inversion substantially complete for both shallow and deep horizons
  • Discrete geobodies (containers) are now mapped in three dimensions in the Schrader (topset) and Torok (basin floor fan) horizons
  • Increase in gross mean prospective resource to 2,896 MMBO (2,211 MMBO net to 88E)
  • Updated rock trending models combined with 3D seismic inversion products highlights better than expected potential reservoir quality within the Torok

  • Farm-out process continues as planned, with deal targeted prior to year-end 2018

Overview

The processing of the Icewine 3D seismic, acquired in 1Q2018, has entered its final phase, with interpretation of the inversion product largely complete. This inversion product has now been integrated into the mapping effort and has allowed prediction of hydrocarbon saturation in the shallow Schrader sequences as well as predicting where best reservoir quality is likely to be encountered in both the Schrader and deeper Torok sequences. Significantly, each of these horizons has been penetrated by historic wells (most notably by Malguk#1:1991 and Heavenly#1:2002) on the Project Icewine acreage, proving the presence of oil saturated sandstones coincident with many of the mapped prospects, which consequently are regarded as discoveries in their own right.

Reservoir quality had been deemed a key risk factor, particularly in the deeper Seabee and Torok formations, due to depth of burial and compaction. However, based on the regional Brookian porosity / permeability trend and results from petrophysical analysis, potential for productive reservoir has been identified in both the Schrader and Torok sequence at Icewine. For example, the Middle Stellar discovery in the Torok at Icewine has average permeability ranging from 6-30md (based on 18.3% porosity) and up to 180md (based on 21.8% porosity). By comparison, the 2016 Tinmiaq#2 well has an average permeability of 11mD and average porosity of 17% (based on core data). Tinmiaq#2 was fracced with ~50,000lbs of proppant in a vertical well and flowed at 3,220 barrels of oil per day.

Previously, mapping had been undertaken utilising a conservative “slab” approach, which calculatesvolume based on areal extent using amplitude response combined with an estimate of average reservoir thickness. The post inversion product has allowed mapping in a more robust fashion, identifying the discrete geobodies with more favourable reservoir characteristics and improved net to gross in three dimensions.

Dave Wall, Managing Director of 88 Energy, commented on the update:

“The evolution of the conventional portfolio continues to result in positive revisions to the already large potential identified. Additionally, the dataset is becoming more robust with each completed phase of processing and interpretation, which bodes well for the ongoing farm-out process.

Increased potential has been quantified in the two primary target zones: the Schrader, which contains a shallow topset play similar to that in which most of the recent large discoveries have been made on the North Slope; and the Torok, where Project Icewine is favourably located compared to where the recent USGS upgrade identified the core part of the Torok play, which remains largely underexplored on the Slope.”


Visit source site

https://wcsecure.weblink.com.au/pdf/88E/02037520.p...

88 EnergyPortfolio UpdateASXProject IcewineIcewineAlaska North SlopeAlaskaUnited StatesUSA

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