88 Energy Limited - Australia-based, Alaska-focused oil explorer - Says that internal review of Project Leonis shows that it has strong seismic-well tie. Project Leonis comprises ten leases covering approximately 25,430 contiguous acres in Alaska. 88 Energy was issued award notices for the project in April. The company says that its initial review of the Hemi Springs Unit number three has indicated around 200 feet of logged bypassed net pay in the Upper Schrader Bluff reservoir, with good porosity and oil shows evident throughout.

88 Energy says that its next steps are obtaining an independent certified prospective resource report, and to continue planning and permitting for a potential exploration with a targeted farm-out.

‘The improved reprocessed data will help the company define and assess the prospectivity of the acreage. An initial interpretation of the reprocessed data has provided the company with an updated understanding of the potential Upper Schrader Bluff prospect boundary,’ the company says.

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