88 Energy secures 4 key leases in Alaska, expanding Project Leonis' exploration potential
() , an Alaska-focused hydrocarbon explorer, announced that its wholly-owned subsidiary Captivate Energy Alaska had successfully won 4 lease blocks, immediately adjacent to 's existing Project Leonis acreage on Alaska's North Slope (see map below). The new blocks will be added to Leonis, expanding it by approx. 10,203 acres for a total footprint of 35,634 contiguous acres across 14 leases.
The new blocks were strategically targeted by following the identification of additional prospectivity within the Canning formation. This newly identified Canning prospect has shown significant resource potential, with an approximate areal extent of 43km2 and a thick reservoir succession of up to 336 feet.
said selection of potential drilling locations will occur in early 2025, leveraging results from an ongoing quantitative interpretation study, ahead of a planned well in H1 2026.
Ashley Gilbert, Managing Director of 88 Energy, commenting: "The award of these new blocks meaningfully expands Project Leonis' acreage position and reinforces our ongoing commitment to exploration on Alaska's North Slope. The new leases were targeted following identification of additional prospectivity within the Canning Formation, transforming Project Leonis into a multi-zone exploration opportunity of considerable scale."
View from Vox
88 Energy adds 4 new leases to its wholly-owned Project Leonis on Alaska's North Slope, significantly increasing its size and resource potential into the prospective Canning formation. The expanded footprint benefits from historical data indicating oil shows and calculated pay in both the proven USB formation and recently mapped Canning formation, complimented by existing Storms 3D data.
Currently, permitting and planning is underway for a new exploration well on the Leonis acreage, positioned to access both reservoirs. To that end, quantitative analysis of the USB and Canning formations is being finalised, including mapping, AVO studies, and seismic inversion, to select an ideal location. A farm-out process is also underway to secure a partner ahead of drilling the well in H1 2026.
In Q2 2024, delivered an encouraging maiden resource estimate for Leonis of 381 MMbbls with upside of 671 MMbbls. acquired the asset in April 2023 with a 10-year lease, and has a 100% WI with a 16.7% royalty. Like 's nearby Project Phoenix, Leonis is advantageously located next to existing infrastructure, with the Trans-Alaska Pipeline System running through it.
The maiden estimate derisked and confirmed Leonis as a significant exploration opportunity. The USB formation has already been proven by nearby producing Polaris, Orion, and West Sak oil fields to the northwest. With the addition of the Canning formation, Leonis is emerging as a highly attractive multi-zone asset of significant scale.
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