Armstrong announces 2024 North Slope exploration drilling results; campaign extends the prolific Brookian topset fairway 65 miles to the east

DENVER, April 23, 2024 /PRNewswire/ -- The North Slope of Alaska is home to one of the hottest exploration oil plays currently ongoing in the world today. In 2013, Armstrong Oil & Gas, Inc, along with its partner Repsol kicked off the play with the multi-billion barrel oil discovery of Pikka Field. Large follow-on "look-alike" new field discoveries have been made at Willow, Stirrup, Mitquq and Coyote. These fields are currently in the early stages of development, and in aggregate, have projected resources in excess of 5 billion barrels.

With Armstrong's understanding of these new discoveries, the company identified multiple "look-alike" prospects 70-90 miles east. Lagniappe, an Armstrong affiliate company (holding a 25% working interest ownership (WIO), drilled three of these prospects during the 2024 winter exploration season as operator on behalf of partners APA Alaska LLC (50% WIO), an APA Corporation affiliate company, and Oil Search (Alaska), LLC (25% WIO), a Santos affiliate company. The three wells (King Street #1, Voodoo #1, Sockeye #1) each targeted large 3D-defined opportunities.

The King Street #1 well was drilled to a total depth of 10,241 feet. Hydrocarbons were found in two separate hydrocarbon zones at depths of 8,130 feet and 9,850 feet. Wireline evaluation, sidewall cores and MDT data from the well indicate pay in both lower and upper zones in high-quality late Cretaceous clastic reservoirs. Further evaluation will be undertaken to determine the scope and focus of future appraisal drilling necessary to determine the size and extent of these discoveries.

The Sockeye #1 well and the Voodoo #1 well were unable to reach their targeted depths due to a number of operational and weather-related challenges. Both wells were plugged before reaching the targeted formations as it was determined there would not be sufficient time to drill and evaluate prior to the end of the drilling season.

Bill Armstrong, President of Armstrong Oil & Gas, said, "Wildcatting is a challenging endeavor. The wells we drilled this year were located 70-90 miles east of older Brookian topset discoveries. Only two wells had ever been drilled on our 275,000 acre land position (one well/215 square miles). Despite the lack of well control, our regional geologic studies indicated evidence for connectivity to a working petroleum system, and our objectives have potential for very favorable (porous and permeable) rock properties. Additionally, the seismic geometries of our prospects looked similar to older Brookian topset discoveries. Our King Street discovery well proved all that to be accurate. All that said, we need to do a complete analysis of all the data accumulated this year. Operationally, this year proved to be quite difficult, and a late start to the drilling season coupled with multiple shutdowns due to high winds shortened the drilling window considerably preventing us from reaching the targeted formations at Sockeye and Voodoo. We will make the proper drilling adjustments and determine implications on future drilling seasons."

 "Any successful campaign on the North Slope is the result of extensive cooperation among local, State, and Federal stakeholders. Armstrong would like to thank its partners in Lagniappe and all the agencies involved in the 2024 campaign that helped ensure safe operations. In particular, the support of the North Slope Borough, the State of Alaska, Department of Natural Resources Division of Oil & Gas, and the Alaska Oil and Gas Conservation Commission were paramount to Lagniappe's progress in 2024", added Nathan Lowe, Vice President, Armstrong Oil & Gas, Inc.

SOURCE Armstrong Oil & Gas, Inc.

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