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88 Energy Farms out Project Icewine

Source: www.gulfoilandgas.com 8/22/2019, Location: North America

88 Energy Limited (88 Energy) provides the following update related to the farmout process for its conventional prospect portfolio at Project Icewine, located on the Central North Slope, Alaska.

Highlights

Please refer to text in italics from the Premier Oil PLC ("Premier") Half Yearly Report, below:

Alaska

Premier has signed a Sale and Purchase Agreement with 88 Energy and Burgundy Xploration LLC to farm-in for a 60 per cent interest in Area A of their conventional Project Icewine acreage in the proven Alaska North Slope basin. This acreage lies close to the Trans-Alaska Pipeline and the Dalton Highway. The transaction provides Premier with a cost effective entry point into an emerging play, following recent advances in drilling and completion techniques, within a proven oil province and one which has the potential to deliver significant organic growth opportunities for the Group.

Area A contains the Malguk-1 discovery drilled by BP in 1991. This well discovered but never tested 251 feet of light oil pay in turbidite sands in the Torok formation, within the recently emerging Brookian play. Premier estimates an accumulation of more than 1 billion barrels of oil in place, based on the original well data and its evaluation of the existing 3D dataset. There is also considerable upside in the shallower Schrader Bluff formation which has yet to be explored in a play similar to the Pikka/Horseshoe trend. The Alaska North Slope has attracted considerable industry interest recently with technological advances enabling these once stranded resources to now be commercialised. Several similar developments are already underway at various levels of maturity involving operators such as ConocoPhillips, ENI, Repsol and Oil Search.

Under the terms of the SPA, Premier will pay the full costs of an appraisal well up to a total of US$23 million to test the reservoir deliverability of the Malguk-1 discovery. The well will be drilled and tested in Q1 2020 with rig options having already been identified and contracting negotiations underway. On successful completion of the work programme, Premier will have the option to assume operatorship.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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