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ANCHORAGE - 88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF), an oil and gas exploration company, has been announced as the highest bidder for four lease blocks in Alaska, which are adjacent to its existing Project Leonis leases. The new acquisitions, subject to regulatory approvals, cover approximately 10,203 acres, expanding the project's total footprint to about 35,634 contiguous acres.
The company targeted the new leases following the identification of additional prospectivity within the Canning Formation turbidites. The Canning prospect has been estimated to cover an area of 43 square kilometers with a reservoir succession up to 336 feet thick.
88 Energy, through its subsidiary Captivate Energy Alaska, Inc., expects to receive formal award of the leases in the first half of 2025. The expansion is part of a strategic plan to create a multi-zone exploration opportunity of considerable scale at Project Leonis, which is favorably located near the Trans-Alaska Pipeline System (TAPS) and the Dalton Highway, enhancing future development prospects.
The company is currently finalizing a quantitative interpretation study of the previously identified Upper Shrader Bluff and Canning prospects, which will inform the selection of potential drilling locations in early 2025. An exploration well is planned for the first half of 2026.
Historical well data, including the Hemi Springs Unit 3 well, have shown oil shows and calculated pay in the Canning Formation, which suggests the presence of significant oil resources. The reprocessing and interpretation of the Storms 3D seismic data have revealed a large geological feature attributed to basin-wide erosion, which has created favorable conditions for the deposition of high-energy turbidite sequences.
88 Energy's Managing Director, Ashley Gilbert, expressed optimism about the new leases, emphasizing the aim to de-risk the exploration opportunity ahead of drilling. The company is also seeking a farm-down partner before the anticipated drill event.
The announcement is based on a press release statement and contains inside information as per the London Stock Exchange (LON:LSEG) requirements.
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