David Wall

A Perth based ASX listed junior has quietly been sweeping up big swathes of lucrative acreage in Alaska’s hottest oil province known as the North Slope with the truth diviner in the form of a drill rig about to be put to the test in coming months. 88 Energy will soon drill a well targeting up to 400 million barrels at its Western Blocks project in the region.

ASX listed 88 Energy has reached two agreements to increase its Project Icewine acreage in the famed “North Slope” oil province in Alaska by 45,239 net acres. The new western leases are partly covered by several prospects in its current conventional farm-out package whilst the Central Fairway leases are prospective for both conventional and unconventional plays and close to the road and pipeline.

Recently processed 3D seismic data has led 88 Energy to increase its gross mean prospective resource at the Project Icewine in Alaska’s North Slope by almost 1.15 billion barrels to 2.89 billion barrels of oil. It has also allowed the company to predict where the best reservoir quality is likely to be in both the Schrader and deeper Torok sequences. The company still expects to farm-out the conventional acreage before the end of 2018.

Alaska-focused 88 Energy has estimated that its wholly-owned Yukon leases in the famed “North Slope” oil province could hold prospective oil resources of about 90 million barrels of oil after processing 3D seismic it acquired earlier this year. The company will generate an inversion 3D volume to further delineate and de-risk the current mapping at the leases.

88 Energy is just one approval away from receiving the green light to spud its much anticipated Winx-1 exploration well that will target up to 400 million barrels of oil in Alaska’s famed North Slope oil province. The company will submit the drill permit application before the end of the year with approvals expected to flow in January 2019. This will allow the well to be drilled in February next year.

88 Energy has received strong interest in the farm-out of its conventional oil play at its Project Icewine in Alaska’s famed North Slope oil province and has extended its deadline for offers to the first quarter of 2019. The company is also carrying out lab tests and other studies to better understand its unconventional HRZ shale before starting farm-out proceedings next year.

88 Energy is just weeks away from spudding its high impact Winx-1 exploration well in Alaska’s North Slope oil province, which targets a gross, best estimate, prospective resource of about 400 million barrels of oil. The company submitted the key drilling permit application before the end of 2018 and has started construction of the ice road to the well site.

88 Energy has encountered encouraging oil shows whilst drilling its potentially high impact Winx-1 exploration well in Alaska’s famed North Slope oil province. Data observed while drilling the Nanushuk formation in the Winx-1 well appears to be comparable with a nearby third party well targeting the same formation. The company also encountered oil shows in the deeper Torok formation.

88 Energy is preparing to carry out wireline logging operations at its potentially high impact Winx-1 exploration well in Alaska’s famed “North Slope” oil province after completing drilling operations. Interpretation of the wireline logging data will allow a decision to be made on whether to proceed with production testing of the most prospective zone within the primary target Nanushuk formation.

88 Energy has started discussions with the preferred bidder to farm-in to the conventional acreage at its project known as “Project Icewine” in Alaska’s famed North Slope oil province. Evaluation work on the unconventional HRZ shale at Project Icewine is also continuing with the company expecting to have a dataroom ready by mid-2019, which will allow a formal farm-out process to begin.

88 Energy Alaska-focused 88 Energy is closing in on a potential farm-out of the conventional rights at its Project Icewine in Alaska’s North Slope, with its preferred bidder scheduled to make a final decision in June. Final analysis of the HRZ shale at the same project has indicated that more than half of its large lease holding of about 528,000 acres remains prospective for unconventional oil.

88 Energy has brought on UK oil and gas independent Premier Oil as its farm-in partner for the conventional rights at the project known as “Project Icewine” in the famed North Slope oil province. Premier will earn 60% in Area A of Project Icewine’s conventional oil rights by drilling a USD$23m well to appraise the historical Malguk-1 discovery well that intersected 251 feet of light oil pay in the Torok formation.

88 Energy expects to be spudding its high-impact Charlie-1 oil appraisal well onshore in Alaska in late February as construction of the ice access road nears 80% completion. The company said the well will test up to seven stacked targets that could have a gross mean prospective oil resource as high as 1.6 billion barrels. Oil shows were observed historically at multiple levels in an old, un-tested offset well.

ASX-listed oiler 88 Energy has successfully commenced drilling at its Charlie-1 appraisal well on Alaska’s prospective Central North Slope. The company is aiming to intersect several prospective targets that it says could hold up to a staggering 1.6 billion barrels of gross mean prospective resources. The Perth-based company is partnering with UK oil outfit, Premier Oil on the promising looking project, who is funding the cost of the well up to US $23 million.

ASX-listed oiler, 88 Energy, has logged multiple hydrocarbon shows over several prospective oil zones whilst drilling its highly anticipated “Charlie-1” oil appraisal well on Alaska’s oil-rich North Slope. The well has now reached total depth and the company said its hydrocarbon zones are looking remarkably like the oil zones identified in a nearby offset well. With drilling operations now complete, wireline logging is underway.

ASX-listed oil explorer, 88 Energy, has interpreted oil in a formation above the primary target zone’s confirmed condensate gas find at its “Charlie-1” oil appraisal well on Alaska’s oil-rich North Slope. Detailed analysis of the wireline logs obtained when the well finished drilling have identified an extra 19.5m of additional oil pay zone in the Seabee Formation where live oil shows were recorded while drilling.

Perth listed oil company, 88 Energy, has made an off-market, all-scrip offer for fellow ASX-listed Alaskan oil chaser, XCD Energy, with a view to expanding its gross lease foot print on Alaska’s oil-rich North Slope by forty per cent. The offer is subject to a formal bidders statement and 90 per cent acceptances from both XCD Energy shareholders and listed option holders.

ASX-listed 88 Energy has received the unanimous support of the board of directors at XCD Energy after 88 Energy increased its off-market, all-scrip offer for the fellow Perth-based and Alaska-focused, small-cap oil exploration player today. If accepted, the improved offer will increase XCD security holders interest in 88 Energy post deal from 15 to 20 per cent.

ASX-listed 88 Energy has released its bidders statement in support of its off-market takeover of fellow Alaskan-focused oiler, ASX-listed XCD Energy. Both boards have given unanimous support recommendations to shareholders for the proposed takeover that was announced last week. The offer is 2.4 new 88 Energy shares for each XCD share held and 0.7 new 88 Energy shares for each XCD Energy listed option held.

ASX-listed oil explorer, 88 Energy, has identified a second oil appraisal location close to the historical “Heavenly-1” test well at its Icewine project in Alaska’s oil-rich North Slope after integrating the results of its recently drilled, “Charlie-1” gas and condensate discovery well. 88 Energy believes the new appraisal location now has a better chance of finding oil in the target Seabee formation.

88 Energy has received an endorsement from the directors of ASX-listed XCD Energy in the latter’s target statement responding to 88 Energy’s formal takeover offer announced on April 24th. The XCD board has unanimously endorsed 88 Energy’s offer of 2.4 88 Energy shares for each XCD share held and 0.7 88 Energy shares for each XCD listed option.

ASX-listed oiler, 88 Energy, has gone unconditional on its all-scrip takeover bid for Alaskan neighbour, XCD Energy, after picking up 59 per cent of XCD’s shares and nearly 29 per cent of XCD’s listed options. The offer of 2.4 88 Energy shares for each XCD share held and 0.7 88 Energy shares for each XCD listed option is now final, unconditional and will not be increased.

ASX-listed oiler, 88 Energy will now mop up all remaining stock in its Alaskan neighbour, XCD Energy, after its takeover bid secured 90.97 per cent of XCD’s shares and 93.31 per cent of listed options. Its all-scrip bid as originally announced back in April went unconditional last month after the company achieved the 50 per cent required threshold.

ASX-listed 88 Energy has boosted the potential net oil pay in its Charlie-1 test well in Alaska. Analysis of the shallow Seabee formation, above the deeper Torok gas-condensate discovery, has resulted in an upward revision of the previous estimates for the oil and gas pay zone potential of the formation and hydrocarbon volumes across the Icewine project.

88 Energy has increased its interest in the ground around its Charlie-1 test oil well at its Project Icewine on Alaska’s lucrative North Slope. The Perth company says it will table a resource estimate for the project within weeks which should see farm-out discussions on Project Icewine kick into high gear. It is also chasing a year-end close out on a farm-out for its Peregrine project.

88 Energy has lifted the lid on a mind-blowing resource upgrade at its 75 per cent-owned Icewine oil development project in Alaska. At the same time as sifting through a pile of offers to select a preferred bidder for the farm-out of its nearby Peregrine oil project on the Alaskan North Slope. The Perth-based oiler is set to partner-up to drill one of Peregrine’s oil prospects, sitting south of the giant Willow oil field, operated by US oil major, ConocoPhillips.

After lifting the lid on a monstrous resource upgrade at its 75 per cent-owned Icewine oil development project in Alaska, ASX-listed 88 Energy has completed a $10 million placement to a range of institutions and sophisticated investors. The Perth oiler can now conclude its pending farm-out deal to drill two prospects early next year on its Peregrine oil project ground on Alaska’s lucrative North Slope.

88 Energy has sealed the deal in Alaska, farming-out the company’s wholly owned Project Peregrine on the lucrative North Slope oil field. Under the terms of the farm-out agreement, Alaska Peregrine Development Company can earn a 50 per cent holding in the project by spending US$11.3 million towards the cost of the planned Merlin-1 well.

ASX-listed oil and gas explorer, 88 Energy says the planned spudding of the Merlin-1 well at its Project Peregrine on the North Slope of Alaska remains on track to go ahead next month. The company also hopes to drill the project’s Harrier-1 well immediately after the Merlin-1 well has been completed. Construction of the snow road to the Merlin-1 and Harrier-1 locations is under way.

88 Energy has added a historic oil project to its armoury of petroleum assets picking up the old Umiat oil discovery that sits immediately south of its Project Peregrine on the North Slope of Alaska where planning is well advanced for the spudding of the Merlin-1 well next month. The undeveloped Umiat project hosts gross 2P reserves independently estimated at 123.69 million barrels of oil.

A week after new US President Joe Biden sent a shudder through the petroleum sector by temporarily halting future oil & gas property leasing, Australia’s 88 Energy is preparing to commence a critical drilling campaign on its already secured leases on Alaska’s prolific North Slope. The company is ticking all the boxes as it prepares to spud the first well at its exciting Project Peregrine.

ASX-listed oil and gas explorer, 88 Energy is set to spud the Merlin-1 oil well at its Project Peregrine on the North Slope of Alaska early next month. The Perth-based company, who successfully rattled the tin recently for $12 million in a heavily oversubscribed capital raise, says mobilisation of the drilling rig to the Merlin-1 well location has commenced.

88 Energy has cracked 1,512 feet, or 460 metres, as it drills its way towards its highly anticipated 600-million-barrel prospective oil target at an interpreted depth of 6,000 feet, or 1,829 metres, below the frozen arctic ground in Alaska. Its moment of truth will arrive in just three to five days when it will get to test the reservoir sands of the oil-rich Nanushuk formation target.

ASX-listed 88 Energy, is staring down the barrel of a potential oil discovery at its 600-million-barrel prospective oil target being drill tested in the frozen arctic ground of Alaska’s oil-rich North Slope. The company said its Merlin-1 drill hole has intersected multiple reservoir sandstone layers, within the target Nanushuk formation, with many exhibiting indications of the presence of oil, collectively referred to as “oil shows”.