David Wall, 88 Energy's managing director (right), poses with Paul Basinski, president of Burgundy Xploration (middle) and Michael McFarlane, …

Burgundy xploration is the JV parter to 88 Energy


So how did it all begin ?

Petroleum News Vol. 17, No. 46 Week of November 11, 2012

"Paul Basinski of Houston, Texas, took four tracts for $276,709.80, bidding against Great Bear for three of them with a range of prices from $27.54 to $72.54 an acre.
The tracts Basinski took include the site of 2005 coalbed methane test well drilled by the Department of the Interior, the U.S. BLM No. 1 Franklin Bluffs."


Extract from LinkedIn
BURGUNDY Xploration, LLC (BEX) was formed to test a dual-objective, liquids-rich supergiant opportunity on the North Slope of Alaska 5 years in the making. In addition to global-class subsurface metrics, Project Icewine is uniquely positioned with year-round infrastructure, immediate access to premium global oil markets, & has historically been subject to State-funded exploration cash rebates up to 85%.

In 2014, BEX joint-ventured with a dual-listed (ASX & AIM), Perth-based junior, 88 Energy (formerly Tangiers Petroleum), and was subsequently high-bidder on an incremental 90,000 acres. Then, in Nov15, after BEX ownership was reconsolidated and new funding was secured via a private offering, the JV was again high-bidder on 174,000 acres. Pending 2Q16 assignment, we will control 425 square miles of oil and gas minerals in what has been recently characterized "…the oiliest place on earth".

Meanwhile, the markets have consistently responded to our offerings with material over-subscription despite depressed Sector valuations. In 2015, a $50MM revolver was secured from Bank of America and we permitted, contracted, cored, and recently TD'd the Icewine #1 exploration well in record Slope time and low spend.

Results from the 4Q15 Icewine #1 pilot have conclusively derisked the HRZ volatile oil play "Achilles Heels" as well as materially increased recoverable resource potential. In 1Q16, a consulting engineering firm attributed one billion barrels of recoverable oil to our leasehold versus an internal assessment that exceeds 2,500 million barrels. Regional 2D seismic acquisition commenced and final processing estimated mid-2016. Preparations underway to drill and production test the Icewine #2H targeting a 1Q17 spud date.

Lastly, the latest capital campaign was again over-subscribed and represented the successful initiation of a strategic pivot to an institutional register (52% participation of the total raise).

Paul Basinski
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Paul Basinski was key to the discovery of the prolific Eagle Ford shale play.

The Golden Age of Shale Exploration


Paul's Eagle Ford History



09/02/17 Hotcopper Domum posted Basinski's belief /88E Comments/Potential flow rate

“We’ve got the resource, there’s no doubt about it,” he(Basinski) said.

“The shale plays are extraordinary up here because you’ve got extraordinary (conventional) fields,” he(Basinski) said.
Alaska’s massive conventional plays are a strong indication that shale prospects nearby should be on the same scale, according to Basinski.

“(Producers) are going back to where the oil came from because we’ve been producing about 1 or 2 or 3 percent of the oil that actually made it to the reservoir. The rest of it is still where it started and all you need to do is get very, very fractional recoveries,” Basinski said.

Several secondary but significant characteristics revealed by the first Icewine well bode well for production, according to an 88 Energy presentation.

Icewine contains low viscosity oil under pressure that is 40 percent higher than the normal pressure gradient.

High hydrocarbon saturation and excellent reservoir permeability for a liquids-rich play should also lend to a high well flow rate, which is just as important as variables such as oil price or well cost, according to 88 Energy.


All the initial Ice 1 findings point to decent flow potential, particularly:

  • high pressure gradient
  • low viscosity hydrocarbons
  • reservoir permeability

Not saying it will flow decently, but its interesting that Basinski has gone with the extra acreage if he thought it was still a large risk that it wasnt going to flow, or they couldnt get it to flow with the frack techniques they have today.

His post Ice 1 behaviour has been telling imho. He appears to be much more vocal about Icewines potential on Bex/88e's behalfs post Ice 1 when he was only keen to make hints via educational presentations or THAT initial auction where 88e/Bex bought up acreage via the JV.


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