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keshla1295

307 Posts.

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06/08/21

12:17

Post #: 55082921
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Originally posted by Arktic1970: ↑

I'm not saying I know anything. Nobody knows what's in the north half of the Umiat Oil Field (north of the fault). One swallow does not make a summer. Likewise, one very shallow Umiat #11 well drilled in the 1940s by Husky does not condemn several square miles of Grandstand Formation abutting the north side of the footwall.

When Husky drilled the Umiat wells between 1946 and 1953, they were being paid by the Navy per foot of well drilled. If Husky had hit a world class reservoir, they would not have been paid a penny more for their work. They were contract drillers working at the pleasure of the Navy. They were using fairly primitive equipment, including very old downhole measurement technology. Some of the wells were drilled using water-based mud that froze onto the wall of the well almost immediately. Oil does not flow into an ice-caked well bore. In short, take all of the historical data north of the Umiat Mountain fault with a grain of salt and a cube of ice, as it were.

88 Energy did not need the Merlin well to recognize the value of the Umiat Oil Field. Malamute has been trying to sell the two Umiat leases since the day they acquired the leases out of bankruptcy. The owners of Malamute are thought to be the secured financiers of Linc Energy. When Linc went belly up, the financiers submitted a stalking horse bid in bankruptcy court to protect their paper (debt). Nobody else bid higher. The Malamute guys are financiers, not oil and gas types. They hired a guy with a background in mining to set up a data room and to market the leases - not an oil and gas expert. A few years ago at NAPE, Malamute had a booth where it was trying to market the Umiat Oil Field. Those who visited the booth at NAPE were told about a seismic anomaly to the north of the fault. Anadarko has been talking about the probable oil north of the fault. None of this thinking is new. But with the data from the Merlin well and now the data purchased from Malamute, 88E appears to be increasingly excited about the merits of the footwall play.

Call it pumping... call it what you will. I call it elephant hunting. The shallow oil to the south of the Umiat fault is elephant scat. Follow the trail north and you find the herd all the way up the Colville at the Barrow Arch (Pikka). Armstrong stepped south from Pikka 40 miles and hit again... another elephant... or perhaps the same elephant 40 miles to the south. The Merlin well went through an amazing amount of footage or Nanushuk reservoir rock. 88E is bringing the elephant sites south to the footwall. Makes sense to me. It also makes sense to aim for an elephant at the Harrier. All they have to do is bag one elephant field. If they discover two (or more), jaws will drop. I'd be the first to admit some hunters come home empty handed. But some bag an elephant... or two... or more.

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At last someone who can think logically and help clarify the current situation. Thank you.

88E Price at posting: 4.8¢ Sentiment: Hold Disclosure: Held
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