88 Energy reports South Prudhoe 507 million bbl resource estimate
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Kay Cashman Petroleum News
On Feb. 19, 88 Energy Limited released the results of its internal prospective resource assessment across its consolidated South Prudhoe acreage on Alaska's North Slope, where it has a 100% working interest ownership.
The South Prudhoe lease position covers approximately 52,269 acres within one of the most prolific hydrocarbon fairways on the North Slope, immediately south of the Prudhoe Bay and Kuparuk River units. This acreage incorporates newly secured leases together with the former Project Leonis area, "consolidating a highly strategic corridor of stacked reservoirs with direct access to existing infrastructure," the company said in an ASX announcement.
The update "confirms material multi‑million‑barrel potential across multiple mapped prospects within five independent reservoir intervals, including maiden estimates for the Ivishak and Kuparuk reservoirs," 88 Energy said, noting that all prospects are covered by modern 3D seismic data.
Per 88 Energy: "The combined internal prospective resource estimate Gross (2U) Best Estimate of 507 million barrels (MMbbls) of oil and natural gas liquids (NGLs) (422 MMbbls net)."
The company said that additional Brookian resource upside is expected to be defined within the North-West Hub, with multiple targets identified on its newly purchased Schrader Bluff 3D seismic data.
Farm-out discussions and well planning are underway "targeting the multi-zone Augusta prospect, which is adjacent to the Hemi Springs State-1 discovery well," 88 Energy said.
Resources estimated for the "N-W and S-E hubs support satellite development potential through existing third-party infrastructure," the company said.
Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially recoverable hydrocarbons, 88 Energy said.
Managing director Ashley Gilbert commented: "This updated internal prospective resource assessment highlights the significant scale and quality of our South Prudhoe acreage position, with material multi-million-barrel potential now defined across seventeen mapped prospects and five independent reservoir intervals. We can now clearly see a multi-zone, multi-million-barrel opportunity with additional potential growth to come.
"The Ivishak and Kuparuk prospects are positioned immediately adjacent to two of North America's largest oil fields which have been producing since 1977. This creates low-risk potential for a fast-track and low-cost development upon success through existing third-party infrastructure.
"Importantly, we see further upside ahead. The refined Brookian formation update, incorporating the Canning and Schrader Bluff reservoirs, is just the beginning with additional upside in our North-West Hub area expected from within the West Sak and Price Creek reservoirs.
"Our focus is now firmly on upgrading these current resource estimates while at the same time advancing farm-out discussions and well planning to unlock the full value of this exciting asset," Gilbert finished.
--KAY CASHMAN
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