88 Energy (ASX:88E) pens in another 381 million barrels of Alaskan oil

88 Energy has penned in a maiden 381-million-barrel neat mean prospective oil resource at exploration Project Leonis and added another strategically located Alaskan oil estimate in the Last Frontier of the United States.

It comes on top of the maiden 136 million barrels of hydrocarbons and 628 billion cubic feet of recoverable gas 88E penned in at Project Phoenix late last year.

The barrels are recoverable from Alaska’s Upper Schrader Bluff Formation and in the same proven zone as multiple productive oil fields which served as calibration points for the Leonis model.

88 Energy Managing Director Ashley Gilbert said that following recent success at Project Phoenix the company was pleased to announce completion of another maiden estimate.

“Being strategically located on the North Slope of Alaska, with the Trans-Alaska Pipeline System running through the acreage and Deadhorse just six miles to the North, Project Leonis represents a significant resource and development opportunity,” Gilbert said.

Gilbert said the company had started permitting and planning activities for exploration well drilling at the project’s Tiri-1 prospect to target the Upper Schrader Bluff zone.

“Timing for the drilling of the Tiri-1 exploration well is dependent on securing a successful farm-out partner, and with our 100% working interest in Project Leonis, we believe there is significant potential to secure a large proportionate carry on any future well,” he said.

“However, despite there being multiple parties assessing the farm-out opportunity, there is much work to be done and no guarantees a partner will be secured on our desired terms.”

Gilbert added that in terms of its Alaskan acreage, 88 Energy was now fully focused on the two projects and expects meaningful advancement and key milestones ticked off over the next six to 12 months.

The Subiaco-based explorer added nearly $10 million to the bank with a recent placement, leaving it well funded to work on commercialising its more advanced Alaskan asset at Phoenix.

The company also has an interest in a very large Namibian acreage position, where a recently awarded 2D seismic survey is expected to return vital data as nearby drilling gets underway to better comprehend the nation’s onshore potential.

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