Posted by OilVoice Press - OilVoice
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• Yukon Leases Maiden Resource: Net Mean Prospective Oil Resource – 90 MMBOo Cascade lead upgraded to prospect – Brookian Turbidite Fan Play
• Project Icewine Net Mean Prospective Oil Resource – 2,211 MMBO
o Farm-out process continues as planned, with deal targeted prior to year-end 2018
• Western Blocks Net Mean Prospective Oil Resource – 144 MMBO
o Stacked Brookian objectives including Nanushuk Topset Play
o The Winx-1 well is on schedule to commence drilling in February 2019
• 88 Energy Total Conventional Net Mean Prospective Oil Resource - 2,445 MMBO
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.
Yukon Leases Conventional Resource – 90 MMBO (100% 88E mean prospective resource)
The Yukon 3D seismic, acquired in 1Q2018 by the Company, has been fast track processed and mapping undertaken to assess the maiden prospective resource associated with three sand bodies identified on the leases. The largest of these is the Cascade Prospect, which contains ~92% of the preliminary mapped resource on the Yukon Leases. The Cascade prospect is interpreted to have been intersected in a downdip location by the vintage Yukon Gold-1 oil discovery well.
Yukon Gold-1 was drilled in 1993 and discovered two oil saturated sands in the Canning Formation with porosities exceeding 18%. Up until the recent (2016) commissioning of infrastructure at the nearby Point Thomson gas/condensate/oil field, an accumulation of this size would have been considered stranded. Internal modelling suggests that break-even development price is now less than US$40/bbl. Next steps will involve generation of an inversion 3D volume to further delineate and de- risk current mapping. An update is planned for 1Q 2019.
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