February 4, 2023

88 energy has provided the following update regarding its operations in NPR-A region on the North Slope of Alaska.

highlights

Project Phoenix (formerly Icewine East, ~75% WI)

  • The Hickory-1 exploration well is scheduled to drill on or about March 1, 2023 targeting 647M barrels of oil (1), (2)
  • Good location informed by extensive data suite analysis

    • Located in the optimal range of interpreted AVO anomalies
    • Focuses on the oil-bearing conventional deposits identified in and along adjacent areas drilling and logging Icewine 1
    • Designed to evaluate six targets in the SMD, SFS, BFF and Kuparuk deposits
    • Strategically located close to significant established infrastructure

  • Drill rig contract signed with Nordic Calista for Rig-2
  • Scheduled approval and planning by the end of January 2023 or shortly thereafter, with final drilling costs expected to be lower than previous Icewine drilling at the property

Project Leonis (100% WI)

  • The Leonis Project was secured under the North Slope Areawide 2022W Oil and Gas Lease Sale
  • The acreage comprises ten leases covering ~25,600 contiguous acres, subject to decision Process, regulatory approvals and formal award are expected in H1 2023
  • The Leonis project is covered by Storms existing 3D seismic data suite and contains the historical data Hemi Springs Unit #3 exploration well (drilled by ARCO in 1985)
  • A review of Unit #3 at Hemi Springs showed well over 200 feet of net wages logged in the Upper Schrader Bluff (USB) reservoir with good porosity and clearly visible oil showings throughout the interval The first internal interpretation of Storm’s 3D indicates a perspective in the USB reservoir interval which appears to be bound by errors on three pages

Project Longhorn (~73% WI)

  • Successful completion of the last two planned overhauls scheduled for 2022
  • Quarterly cash flow distribution of A$1.5m received in December 2022

company

  • A$14.1 million in cash and no debt (as of 31 December 2022)

1. network means the total non-hazardous potential resource.

2. Please refer to the ASX release dated August 23, 2022 for full details regarding the prospective resource estimate, the risks involved and the applicable cautionary statement.

Click here for the full announcement

Source: 88 energy

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