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Monday, October 18, 2021

88 Energy Ltd (OTCMKTS: EEENF) Run Brewing as PeregrinOil Miner Targets 1.638 bbl in World Class Alaska North Slope

88 Energy Ltd (OTCMKTS: EEENF) continues to move steadily higher over its $0.02 base with power in recent days as volume picks up heavily. EEENF is emerging as an investors favorite and is currently among the most actively searched and talked about stocks in small caps. Currently under heavy accumulation EEENF is moving steadily northbound with many new investors buying in every day. EEENF is looking to blaze a path along the likes of Enzolytics or Tesoro and break out into a whole new dimension – Tesoro went to multi dollars – EEENF is looking to take out $0.085 recent highs for confirmation of the next leg up and blue sky breakout!   

88 Energy is a big story developing in smalll caps; The recent acquisition of XCD Energy gives the Company over 400,000 acres in the world class North Slope of Alaska estimated by the USGS in 2005 to hold more than 50 billion bbl of oil and a war chest of $13 million in the treasury. Timing could not be better for a potential mammoth oil strike with the Crude Oil WTI Index continuing to rise. 88 Energy recently commenced drilling the Merlin-1 well which will initially be drilled to 1,500 feet, then surface casing will be installed, and the Blow Out Preventer System tested. the well will be deepened through the target horizons in the Nanushuk Formation to a maximum total depth of 6,000 feet. 88 Energy has recently received initial results from 5 of the 18 specifically selected trims from the side wall cores, with 2 of the 5 confirming the presence of hydrocarbons. Significantly, these depths were among the prospective zones that were not able to be tested with the RDT downhole fluid extraction tool. These zones also correspond with depths where good oil shows were noted during drilling, including petroliferous odour, fluorescence and cut. Small trims were cut from the side of several of the 48 side wall cores to undergo special analysis. The remaining material is reserved for routine core analysis. 

88 Energy Ltd (OTCMKTS: EEENF) is an oil and gas operator with 3 properties covering over 400,000 acres of targeting the world class North Slope of Alaska estimated by the USGS in 2005 to hold more than 50 billion bbl of oil and natural-gas liquids and 227 trillion cubic feet of gas. The recent merger of 88Energy and XCD Energy has created a substantially enhanced Alaska focused oil exploration and appraisal Company currently making big moves.  All three projects combined total about 410,312 acres in northern Alaska that hold significant potential of future growth and discoveries. 88E is listed in Australia, London and the USA as EEENF  With 88 Energy targeting 1.638 bbl and analyses on the projects coming in late Q1, 2021 anticipation could not be greater. 

EEENF has an impressive shareholder list:

Project Icewine, Alaska covers 200,000 acres onshore in a prolific oil-rich province. The land was confirmed to have large oil and condensate repositories and is expected to be further appraised for more accurate findings.  The project site has a 78% working interest and would be leased for 7-10 years with a 16.5% royally for the land holders. nconventional objective in shale complex that sourced the 13 BN barrel Prudhoe Bay Oil Field – opportunity identified by first mover in the Eagle Ford; onventional objective is the hottest play on the North Slope with 88 Energy acreage offset by multiple recent discoveries. 

Project Peregrine in Alaska spans about 195,000 acres and is fully owned by EEENF in NPR-A. The site was recently acquired via the arket takeover of XCD Energy Ltd. Large prospects on trend to recently discovered fields; US$10m farm-out completed post XCD acquisition; Drilling to commence March 2021. 

The Cascade Project covers 15,312 acres and contains historic oil discoveries and is near commissioned infrastructure. Called the Yukon oil leases this project was initially acquired due to its excellent location and low cost, especially considering 3D seismic trials revealed about 86 million barrels of resources in 2018.  

88E recently reported that Rig 111 commenced drilling. The Merlin-1 well will initially be drilled to 1,500 feet, then surface casing will be installed, and the Blow Out Preventer System tested. the well will be deepened through the target horizons in the Nanushuk Formation to a maximum total depth of 6,000 feet. The Merlin-1 well is targeting 645 million barrels of gross mean prospective resource.  According to management the Company has a war chest of US$13 million which will easily fund its share of the drilling of Merlin-1 and the company’s other planned activities. 88 Energy managing director Dave Wall stated, “Drilling has now commenced at Merlin-1, with results expected within the next 4 weeks. This is an exciting and pivotal time for the company and our shareholders.” The timing of a potential oil strike couldn’t be better with the Crude Oil WTI Index hitting a high of US$67.98 per barrel just last week, a level it hasn’t traded at since 2018. 

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EEENF

On June 23 88 Energy updated shareholders on its operations on the North Slope of Alaska. Highlights include Geochemical analysis of fluid extracts from selected core samples definitively demonstrates the presence of hydrocarbons, Further quantitative screening on remaining samples to commence, Phase two of side-wall core trim analysis to commence shortly, including: quantitative extraction, SARA, isotopes and biomarker analysis Details. 

88 Energy has recently received initial results from 5 of the 18 specifically selected trims from the side wall cores, with 2 of the 5 confirming the presence of hydrocarbons. Significantly, these depths were among the prospective zones that were not able to be tested with the RDT downhole fluid extraction tool. These zones also correspond with depths where good oil shows were noted during drilling, including petroliferous odour, fluorescence and cut. Small trims were cut from the side of several of the 48 side wall cores to undergo special analysis. The remaining material is reserved for routine core analysis. 

These gas chromatography charts show a spread of carbon compounds with lighter molecules on the  left and heavier components on the right. Oil signatures may be inferred by the presence of heavier carbon compounds seen in the two of the five samples run to date (as seen in Fig. 2). Importantl these signatures show no evidence of biodegradation.  

The highly encouraging test results to date serve to refine the Company’s understanding of both the quantity and the mobility of hydrocarbons in place as well as the commercial potential of the greater Project Peregrine acreage, which will be further appraised in coming seasons. The Company looks forward to further results from the remaining 13 trims over the coming weeks. Phase two of the geochemical analysis program on the side-wall core trims will commence after completion of the analysis of remaining 13 trims, which will include quantitative extraction, SARA, isotopes and biomarkers analysis. These analyses are designed to confirm not only the presence of oil but also the nature of the source rock, enhancing understanding of the likely quality of the oil as well as migration pathways, which is critical for understanding regional implications on prospectivity across Project Peregrine. 

In addition, the Company is looking forward to the preliminary results of the Volatiles Analysis Service (VAS), which is currently underway, as well as analysis of gases collected in isotubes while drilling. VAS and gas analysis further enhances knowledge of the depths at which oil accumulations may occur across the project area as well as wettability of the reservoir rocks. Testing Program and Status. The Company is highly encouraged by the preliminary results received to date from the Merlin-1 testing program, with analysis and interpretation of results ongoing. Once complete, these will be consolidated and integrated into the Project Peregrine database, which will form the basis of future farm-out and exploration on the acreage.  

Pursuant to the requirements of the ASX Listing Rules Chapter 5 and the AIM Rules for Companies, the technical information and resource reporting contained in this announcement was prepared by, or v under the supervision of, Dr Stephen Staley, who is a Non-Executive Director of the Company. Dr Staley has more than 35 years’ experience in the petroleum industry 

https://twitter.com/lucidleek1/status/1409647039810441216

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88 Energy Ltd (OTCMKTS: EEENF) continues to move steadily higher over its $0.02 base with power in recent days as volume picks up heavily. EEENF is emerging as an investors favorite and is currently among the most actively searched and talked about stocks in small caps. Currently under heavy accumulation EEENF is moving steadily northbound with many new investors buying in every day. EEENF is looking to blaze a path along the likes of Enzolytics or Tesoro and break out into a whole new dimension – Tesoro went to multi dollars – EEENF is looking to take out $0.085 recent highs for confirmation of the next leg up and blue sky breakout!    88 Energy is a big story developing in smalll caps; The recent acquisition of XCD Energy gives the Company over 400,000 acres in the world class North Slope of Alaska estimated by the USGS in 2005 to hold more than 50 billion bbl of oil and a war chest of $13 million in the treasury. Timing could not be better for a potential mammoth oil strike with the Crude Oil WTI Index continuing to rise. 88 Energy recently commenced drilling the Merlin-1 well which will initially be drilled to 1,500 feet, then surface casing will be installed, and the Blow Out Preventer System tested. the well will be deepened through the target horizons in the Nanushuk Formation to a maximum total depth of 6,000 feet. 88 Energy has recently received initial results from 5 of the 18 specifically selected trims from the side wall cores, with 2 of the 5 confirming the presence of hydrocarbons. Significantly, these depths were among the prospective zones that were not able to be tested with the RDT downhole fluid extraction tool. These zones also correspond with depths where good oil shows were noted during drilling, including petroliferous odour, fluorescence and cut. Small trims were cut from the side of several of the 48 side wall cores to undergo special analysis. The remaining material is reserved for routine core analysis.  Microcapdaily first reported on EEENF on March 18 when the stock was $0.015. We will be updating on 88E when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with 88E.

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Disclosure: we hold no position in 88E either long or short and we have not been compensated for this article

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