- 88 Energy (88E) has drawn similarities between two prospects at Project Peregrine in Alaska and the nearby Willow Oil Field
- The company undertook amplitude versus offset studies at the project, identifying similar attributes at 88 Energy's Merlin and Harrier prospects and Conoco's Willow Oil Feild to the north, including analogous fluid factor signatures
- Managing Director Dave Wall said the results boost the company's confidence in the two prospects
- 88 Energy is undergoing discussions with potential farm-out partners ahead of planned spudding at Peregrine in the first quarter of 2021
- Shares have been trading 7.14 per cent higher for 0.8 cents
88 Energy (88E) has drawn similarities between two prospects at Project Peregrine in Alaska and the nearby Willow Oil Field.
Previous work carried out at the project identified analogous seismic signatures at Peregrine and Conoco's Willow Oil Field to the north.
In recent months, 88 Energy completed amplitude versus offset (AVO) studies, a geophysics technique involving the analysis of seismic data and modelling to determine rock properties and saturation, at Peregrine to compare additional attribute with those of the oil field to the north.
The results from the AVO analysis showed several similarities between the Merlin and Harrier and the Willow Oil Feild, in particular in the fluid factor signatures.
Managing Director Dave Wall said the results improve the company's confidence in the two prospects ahead of planned spudding next year.
"The recent AVO work is highly encouraging and provides additional confidence in both the Merlin and Harrier prospects. Additionally, both planning and farmout activity is progressing well towards the planned first quarter of 2021 spud date, now less than six months’ away," Dave stated.
88 Energy is undertaking commercial discussions with several potential farm-out partners for Peregrine and is hoping to close a deal by the end of the year.
The company is also progressing permitting and planning for the spudding of up to two wells at Peregrine early next year.
Shares have been trading 7.14 per cent higher for 0.8 cents at 2:00 pm ASET.