88E Project Leonis update - Prospective resource estimate in Q3
Our US based oil exploration Investment 88 Energy (ASX: 88E) just put out an update on “Project Leonis”.
88E was the successful bidder for the acreage in April this year, the project sits on ~25,600 contiguous acres immediately south of Prudhoe Bay - the USA’s biggest-ever oil discovery.
At the time of acquiring the project 88E knew that:
- The project was fully covered by existing 3D seismic data
AND
- Historical exploration data from the (Hemi Springs Unit #3 well drilled by ARCO in 1985).
Over the last few months the focus for 88E was on modernising the available data and reprocessing all of the information the company had over the ground.
Today 88E put out an update showing:
1. Seismic reprocessing completed with the quality and resolution of data improved.
The updated seismic data has also defined the extent of the prospective area’s inside the project area and where 88E thinks a prospective resource estimate can be defined.
The next step for 88E is to run some final analysis work before the company commissions an independent maiden prospective resource estimate in Q3.
2. Analysis of historic exploration data showing ~200 feet of low resistivity log pay.
88E also re-analysed data from the Hemi Springs Unit #3 exploration well (HS-3).
The well logs are showing ~200 feet of pay inside the main reservoir target (USB).
88E also believes that the well is showing similar characteristics to the two oil fields to the north that area already producing oil (Polaris and Orion fields).
Here is an overview of what 88E will be doing at the project over the next few months:
