NEWS BULLETIN

March 12, 2019 --- Vol. 25, No.10March 2019

AEX to test Nanushuk at Placer No. 3

The exploration arm of Arctic Slope Regional Corp., ASRC Exploration, has received approval from the state Division of Oil and Gas to test its Placer No. 3 well before the end of this season's off-road drilling season.

In state filings after completing 2016 drilling operations, AEX said that Placer No. 3 had "confirmed extension of the Placer reservoir beyond the central Placer No. 1 location," identifying one productive interval, the Kuparuk C sands, and suggesting there was the potential for additional intervals, including the Cretaceous Brookian Moraine interval that was encountered in the well.

Now AEX says in testing of Placer No. 3 it will evaluate oil potential in another Cretaceous Brookian interval, the Nanushuk formation.

Although an interpretation of 3-D seismic indicates a major difference in the Nanushuk geologic setting between Placer and the nearby Pikka unit, where Oil Search and partners Repsol and Armstrong Energy are developing a major Nanushuk oil discovery, AEX said there have been oil shows in the Nanushuk at Placer and that it was continuing its investigation and anticipated providing further details at a later date.

Although the results of Placer No. 3 have not been made public by AEX, the state certified the well as being capable of producing in paying quantities in December 2016.

- KAY CASHMAN

See full story in the March 17 issue of Petroleum News, available online Friday morning, March 15.

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