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NEWS BULLETIN

June 25, 2018 --- Vol. 24, No.17June 2018

88 Energy and partners acquire interests in 4 Great Bear leases

88 Energy Ltd., Otto Energy Ltd. and Red Emperor Ltd. are acquiring a collective 90 percent interest in a block of four Great Bear Petroleum leases, 88 Energy has announced. The leases lie to the east of the Horseshoe wells, where Armstrong Energy found oil in the Nanushuk formation in 2017. The lease block is one of four Great Bear lease blocks, for which Alaska's Division of Oil and Gas recently approved lease term extensions to April 30, 2021 - the leases had been due to terminate at the end of April this year.

As one of its conditions for the term extension for the four leases involved in the new 88 Energy deal, the division requires the drilling of an exploration well by May 30, 2019. The 88 Energy consortium says that it will meet that drilling commitment. 88 Energy says that Otto Energy has used seismic data acquired from the division to identify a prospect in the leases at a depth of about 5,000 feet in the Nanushuk.

- ALAN BAILEY

AEX looks at producing crude from Placer using SMU early production facility

ASRC Exploration LLC, AEX, has submitted a third plan of development for its North Slope Placer unit, and told the Alaska Division of Oil and Gas in the June 11 submittal that its 2018-19 plan includes analysis of Brooks Range Petroleum Corp.'s proposed Southern Miluveach unit early production facility for potentially putting Placer into production in 2019-20.

Placer and the Southern Miluveach unit are not adjacent but are close, both on the western edge of the Kuparuk River unit.

In May the division approved a plan filed by Southern Miluveach unit operator BRPC to install a temporary production facility at the Mustang field to allow some early oil production to begin, potentially in October of this year, prior to permanent production facilities going into operation.

AEX told the division in its June filing that part of its proposed POD is to progress a memorandum of understanding "with adjacent operators for joint Kuparuk C development and facility access."

AEX said facility access is an issue on the North Slope and said "Placer is an ideal candidate to explore alternative facility access approaches" as its size does not warrant single-owner facilities.

- KRISTEN NELSON

See stories in July 1 issue, available online Friday, June 29 at www.PetroleumNews.com

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