ANCHORAGE – 88 Power Restricted (ASX:88E, AIM:88E, OTC:EEENF), an oil and fuel exploration firm, has been introduced as the best bidder for 4 lease blocks in Alaska, that are adjoining to its present Undertaking Leonis leases. The brand new acquisitions, topic to regulatory approvals, cowl roughly 10,203 acres, increasing the mission’s complete footprint to about 35,634 contiguous acres.
The corporate focused the brand new leases following the identification of extra prospectivity inside the Canning Formation turbidites. The Canning prospect has been estimated to cowl an space of 43 sq. kilometers with a reservoir succession as much as 336 toes thick.
88 Power, by its subsidiary Captivate Power Alaska, Inc., expects to obtain formal award of the leases within the first half of 2025. The enlargement is a part of a strategic plan to create a multi-zone exploration alternative of appreciable scale at Undertaking Leonis, which is favorably situated close to the Trans-Alaska Pipeline System (TAPS) and the Dalton Freeway, enhancing future growth prospects.
The corporate is at present finalizing a quantitative interpretation examine of the beforehand recognized Higher Shrader Bluff and Canning prospects, which is able to inform the collection of potential drilling areas in early 2025. An exploration nicely is deliberate for the primary half of 2026.
Historic nicely information, together with the Hemi Springs Unit 3 nicely, have proven oil reveals and calculated pay within the Canning Formation, which suggests the presence of serious oil sources. The reprocessing and interpretation of the Storms 3D seismic information have revealed a big geological characteristic attributed to basin-wide erosion, which has created favorable situations for the deposition of high-energy turbidite sequences.
88 Power’s Managing Director, Ashley Gilbert, expressed optimism concerning the new leases, emphasizing the purpose to de-risk the exploration alternative forward of drilling. The corporate can be searching for a farm-down companion earlier than the anticipated drill occasion.
The announcement is predicated on a press launch assertion and comprises inside data as per the London Inventory Alternate (LON:LSEG) necessities.
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