Armstrong announces significant discoveries on Alaska’s North Slope

Source:70 & 148, LLC

Oil and gas: Armstrong announces significant discoveries on Alaska’s North Slope

70 & 148, LLC (Armstrong) announced today the successful completion of the 2014/2015 winter campaign.

Two Nanushuk wells were tested this year, including the Qugruk 8 (Q-8) vertical well, which tested a small portion of the net pay zone and flowed 30 degree API gravity crude at rates of up to 2,160 barrels of oil per day (BOPD). The Qugruk 301 (Q-301), two miles north of Q-8, tested a 2,000 foot horizontal lateral. The well flowed at tubing constrained rates as high as 4,600 BOPD with minimal bottom hole pressure drawdown.

In the East Alpine field, two new penetrations were completed in the Alpine Formation, adding to the previous two penetrations. Three of these wells have encountered oil productive Alpine sand in excess of 95 feet thick at a depth of 6500 feet with porosities ranging from 15% to 25%. Well control and seismic data indicates the oil pool covers an area in excess of 15,000 acres.

The successful drilling program is the result of a joint exploration effort underway since 2012. Repsol operates the consortium and holds a 70% interest, Armstrong holds a 22.5% stake and GMT Exploration Company has 7.5%.

The activity to date since the beginning of exploration has resulted in the discovery of several oil fields on the North Slope of Alaska. All 16 wells (including sidetracks) drilled by the consortium have found hydrocarbons, most with multiple pay zones. In the Nanushuk reservoir, the consortium has drilled seven appraisal wells to date and has proven an oil pool that covers more than 25,000 acres, at a depth of 4,100 feet, with an oil column of 650+ feet, and up to 150 feet of net pay with an average porosity of 22%.

Although additional drilling is needed to confirm the ultimate size of some discoveries, this season's results justify moving forward with development, and two of the fields are in the process of being permitted for development -- one in the Nanushuk and another in the Alpine Fm.

"These new discoveries show the immense potential that still exists on the North Slope of Alaska," said Bill Armstrong, President of Armstrong Oil & Gas. "We strongly believe that there are many great conventional oil projects yet to be found and developed in Alaska, and with the passage of the More Alaska Production Act (SB 21), the state has encouraged new drilling and future developments."

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