NEWS BULLETIN

May 16, 2016 --- Vol. 22, No. 26May 2016

Possibility of a big find at Smith Bay

During a talk to the Alaska Support Industry Alliance on May 12 Pat Foley, senior vice president for Alaska operations for Caelus Energy Alaska, made some tantalizing hints of a possible large oil find at Smith Bay. Caelus, with its partners Nordaq Energy and L71 Resources, drilled two exploration wells this winter in their Tulimaniq leases in Smith Bay, about 59 miles southeast of Barrow.

Foley commented on the need for a large oil find, given the challenging economics of any oil development at such a remote location.

"If you're out here looking for oil, you're looking for elephants, and that's exactly what we're doing," Foley said. "We're really excited about the wells that we drilled and the results that we found. We're making plans right now to be back out again next winter."

The concept for next winter is to drill a third well and then drill out a small horizontal well, Foley said.

"We're going to frack it and we're going to flow it. And we know that we're on a path to a very giant oil field over there," Foley said.

- ALAN BAILEY

See story in May 22 issue, available online Friday, May 20 at www.PetroleumNews.com


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