Total
0
Shares
88 Energy (ASX:88E) - Managing Director, David Wall - The Market Herald
Managing Director, David Wall
Source: 88 Energy
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 88 Energy (88E) is providing an update on its Umiat oil field, announcing an extension and the identification of additional upside at the project
  • 88E says analysis and studies conducted with the Merlin-1 post well testing found the potential for bypassed pay and extra reservoir sands
  • The energy stock also confirmed it will defer its Umiat Year 2 unit well commitment by an additional 24 months to late August 2023
  • Strike says the extension will allow it more time to optimise its full field development plan and evaluate potential synergies with Project Peregrine
  • Company shares are up 13.6 per cent at 5 cents each at 12:08 pm AEST

88 Energy (ASX:88E) has provided an update on its Umiat oil field, announcing a two-year extension and the identification of additional upside at the project.

Located in the North Slope of Alaska, 88E acquired the oil field via its subsidiary, Emerald House, earlier this year.

In a market release the company revealed that further studies conducted with the Merlin-1 post well testing and analysis had identified additional upside.

In particular, pressure analysis suggests there was potential for bypassed pay in the footwall of the Umiat structure, while seismic attribute analysis suggested there may be additional reservoir sands in the footwall as well.

The news comes as the Bureau of Land Management approves 88E's request for a 24-month extension on its Umiat Year 2 unit well commitments, as well as future commitments.

The extra two years will help 88E and its subsidiary process all the historical data for the oil field, which was handed over as part of the initial sale.

In addition to this, the energy business said the extension would allow it more time to optimise its full field development plan and evaluate potential synergies with Project Peregrine.

Following today's update, shares in 88E were trading up 13.6 per cent at 5 cents each at 12:08 pm AEST.

88E by the numbers
More From The Market Herald
Lithium Energy (ASX:LEL) - - The Market Herald

" Lithium Energy (ASX:LEL) gets ready to mobilise to Solaroz

Lithium Energy (LEL) is preparing to mobilise to the Solaroz Lithium Project in Argentina to undertake exploration works.
The Market Herald Video

" State Gas (ASX:GAS) completes $8m placement

State Gas (GAS) has completed an $8 million placement to conduct exploration in Queensland.
Senex Energy (ASX:SXY) - CEO and MD, Ian Davies - The Market Herald

" Senex Energy (ASX:SXY) signs gas sales agreement with 29Metals

Senex Energy (SXY) has penned a three-year gas sales agreement for 29Metals’ Capricorn Copper mine in Queensland.

" Stonehorse Energy (AXS:SHE) hits 1238 BOE daily production

Stonehorse Energy (SHE) shares enjoyed a temporary burst into the green on the back of an update from the company’s Jewell Well in