88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to announce a maiden internal Prospective Resource estimate for the Canning Prospect (Canning) of 283 million barrels of oil (MMbbls)
1,2 (net mean, unrisked) for Project Leonis in Alaska (100%
working interest and a 16.67% State Royalty).
Highlights
- Maiden Internal Prospective Resource Estimate:
- Material new Prospective Resource declared for the Canning Prospect at Project Leonis.
- Total estimated net mean Prospective Resource of 283 MMbbls1,2 recoverable from the Canning Formation.
- Unrisked net 3U (high) 469 MMbbls, 2U (best) 259 MMbbls, and 1U (low) 136 MMbbls estimated1,2.
- Now a Multi-Reservoir Opportunity of Scale: Combined internal gross mean Prospective Resource estimate across the Canning and USB Prospects of 798 MMbbls, with (664 MMbbls
net mean prospective resource to 88E.
- Planning underway for Tiri-1 Exploration Well: Currently scheduled for H1 CY26, targeting both the Canning and USB Prospects.
- Well Location Selection Underway: Leveraging results from the quantitative interpretation study, targeting completion in Q1 CY25, followed by permitting and operational planning.
- Targeting Shared Well Cost: 88 Energy’s 100% working interest provides strong potential to secure a large proportionate carry-on completion of the active farm-out process, ahead of any future drilling event.
- Project Leonis Represents a Highly Attractive Exploration Opportunity: Strategically located adjacent to the major pipeline system (TAPS) and the Dalton Highway, significantly
enhancing any future development and commercialization potential.
Managing Director, Ashley Gilbert, commented:
“We are extremely pleased to announce the maiden, internally estimated Prospective Resource estimate for the Canning Prospect, which closely follows the successful bid for four new leases at Project Leonis in December 2024 with award expected in the 1st half of 2025.
The identification of the Canning Prospect comes after an extensive review of data, including newly reprocessed and interpreted Storms 3D seismic data, and the outcome of the recently completed quantitative interpretation study (rock physics, AVO and seismic inversion). This work has
confirmed significant prospectivity at both reservoir intervals.
Importantly, advanced seismic techniques, such as the use of geophysical AVO technology, have played a critical role in recent drilling successes across the North Slope of Alaska. This technology has been employed successfully worldwide; and in Alaska has delivered major discoveries by Oil
Search (now Santos), Repsol, Armstrong and ConocoPhillips when targeting the Nanushuk Formation. Similarly, 88 Energy utilised these techniques to great effect with the Hickory-1
discovery at Project Phoenix.
The Tiri-1 well will be optimally located to test both the Canning and USB Prospects, providing shareholders with a multi-zone exploration opportunity of considerable scale. The timing of the Tiri1 exploration well is contingent on securing a farm-out partner, and with our 100% working interest
in Project Leonis, we believe there is significant potential to secure a large proportionate carry on any future well.
Looking ahead, our focus is firmly on advancing the Tiri-1 well at Project Leonis scheduled to drill in Q1 2026 as well as finalising funding to deliver a horizontal well test at Project Phoenix”.