88 Energy Ltd (OTCMKTS: EEENF) is an Alaska-focused oil exploration and appraisal company across ~440,000 net acres on the Alaskan Central North Slope and NPR-A regions, with a diversified portfolio of four highly prospective project areas: Project Icewine, Yukon Leases, Project Peregrine and the Umiat oil field. The company is the Operator across all of its portfolio of world class exploration and appraisal assets. 88 Energy’s drilling programs maintain adherence to the strict environmental regulations that exist in the State of Alaska. Its drilling programs also provide significant job opportunities to local Alaskans. 88 Energy’s purpose is to build a successful exploration and production company that delivers material returns to its shareholders and contributes to stakeholders and development of the regions in which it operates in. 88 Energy has adopted the World Economic Forum Environment, Social, Governance (ESG) reporting framework to report against key sustainability metrics including governance, ethical behavior, carbon emissions, water consumption, diversity and inclusion. 

Project Phoenix

88 Energy’s successful exploration of Alaska’s North Slope continues, with Hickory-1 firmly on track for spud in 1Q 2023. The 82,846-acre Project Phoenix (formerly known as Icewine East) is located on the central North Slope of Alaska and holds an estimated conventional total of 647MMbbl of prospective oil resources, independently assessed in 3Q 2022. The acreage has been significantly de-risked by recent Pantheon drilling and flowtests on their adjacent acreage, as well as data from the Icewine-1 well logs, FB3D seismic data, and AVO analysis. Hickory-1’s location was selected adjacent to the Trans Alaskan Oil Pipeline and Dalton Highway, with excellent infrastructure connections. The exploration well will drill to a permitted depth of 12,500 ft, and intersect and test potential oil volumes noted across all mapped play fairways, in particular the SMD, SFS, and BFF reservoirs. Last month, 88 Energy further expanded its Alaskan portfolio with the 25,600-acre Project Leonis, also located adjacent to the Trans-Alaska pipeline system and Dalton Highway. The acreage is covered by existing Storms 3D seismic data, showing the oil resource trapped by faults on 3 sides, and contains the historical exploration well Hemi Springs Unit #3, drilled by ARCO in 1985. 

Project Peregrine – Operator with 100% working interest – in Alaska spans about 195,000 acres and is fully owned by EEENF in NPR-A. The site was recently acquired via the arket takeover of XCD Energy Ltd. Large prospects on trend to recently discovered fields; US$10m farm-out completed post XCD acquisition; Drilling to commence March 2021. Multiple, independent, drilling locations exist, with completion of Merlin-1 in Q1 2021 and follow up Merlin-2 in Q1 2022. The Project Peregrine Nanushuk sequences continue North where they are the target of Conoco Phillip’s Harpoon and Willow drilling programs, the latter of which contains 750-800mmbo recoverable (Conoco, 2018). 

The Umiat Oil – Operator with 100% working interest – Field is strategically located immediately adjacent to Project Peregrine. Historic flow testing demonstrated a sustained rate of 200 barrels per day with no water (with a maximum rate of 800 barrels of oil per day). Further studies conducted in conjunction with the Merlin-1 post well testing and analysis have identified additional upside at the Umiat oil field. Additional opportunities exist for the optimization of historic development plans. Umiat is an historic oil discovery, made in 1945 in shallow Brookian (Nanushuk) sandstones, located immediately adjacent to southern boundary of Project Peregrine. The Umiat-23H well flow tested at a sustained rate of 200 barrels per day with no water in 2014 by Linc Energy (max rate 800 barrels of oil per day). 88 Energy plans to undertake a full field review to determine at what oil price Umiat may be commercial as a stand-alone development and whether optimization of the previous development plan is possible. In combination with Project Peregrine, Umiat has the potential to form a potentially large oil field development. 

Yukon Leases – Operator with ~100% working interest – Located near Point Thomson the Yukon Leases host a historic oil discovery within the acreage. In January 2021 we increased our position through the acquisition of Tract 29. Discussions continue with nearby lease owners to explore joint development opportunities. Plans for future exploration continue and will be subject to farm-out and other discussions. Oil saturations interpreted across two intervals in multiple sands within the Tertiary Canning Fm. Negotiations underway to aggregate additional nearby discovered resources. 90 MMBO prospective resource (mean unrisked) mapped on acreage net to 88E (88E 100% WI). Independent resource of 90 million BOE. 

We can hopefully see some momentum now.

This is #88e $eeenf best chance to strike oil, an appraisal well with net 647mmbo.

How things would have been different had they analysed well data proper at icewine1 back in 2015. Those wild cats in merlin and charlie, money spent here.

— A-I (@Unlucky_Dude2) February 21, 2023

Look at the AVO analysis of Hickory 1 well compared to IceWine well drilled in 2015, sure looks encouraging. SMD zones in Icewine had oil shows and were overlooked for deeper targets, now talitha1 of panr confirms moveable hydrocarbons in the SMD. 80% COS. 647 MMBO #88e $eeenf pic.twitter.com/i4OJm8Anws

— A-I (@Unlucky_Dude2) February 19, 2023

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Project Longhorn – Non-operator with ~73% ownership interest – The acquisition of Project Longhorn represents 88 Energy’s first move into producing oil and gas assets and is in line with the Company’s strategy to build a successful exploration and production company. The oil and gas production assets, collectively known as Project Longhorn, are located in the attractive Permian Basin and contain independently certified net 2P reserves of 2.1MMBOE. Appox. 1,300 net acres in West Andrews and Ector Countries  Strong results from three of seven completed workovers, has increased production by over 70% from acquisition levels. Production from the Longhorn wells exceeded 650 BOE per day gross (over ~475 BOE per day net, approximately 70% oil) following completion of the third work-over at the end of May, at initial production rates. Project Longhorn is now scheduled to complete the targeted seven capital development activities earlier than planned in Q4 2022

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88 Energy continues to move steadily higher with power in recent days as volume picks up heavily. EEENF is quickly emerging as among the most actively searched for and talked about stocks in small caps. Currently under heavy accumulation EEENF is moving steadily northbound with many new investors buying in every day. The Prospects for 88 hitting a significant oil strike a higher now than ever with Hickory-1 firmly on track for spud in 1Q 2023. The 82,846-acre Project Phoenix, located on the central North Slope of Alaska holds an estimated conventional total of 647MMbbl of prospective oil resources, independently assessed in 3Q 2022. Hickory-1’s location was selected adjacent to the Trans Alaskan Oil Pipeline and Dalton Highway, with excellent infrastructure connections. 88 Energy is a big story developing in small caps; this is a word class oil operator making a play on over 400,000 acres in the world class North Slope of Alaska estimated by the USGS in 2005 to hold more than 50 billion bbl of oil and natural-gas liquids and 227 trillion cubic feet of gas. 88E is listed in Australia, London and the USA as EEENF and the Company is targeting 1.638 bbl  in Alaska’s north slope. We will be updating on 88 Energy when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

Disclosure: we hold no position in 88 Energy Ltd either long or short and we have not been compensated for this article.