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Musselman goes elephant hunting

Morning Headlamp, October 18, 2016


Hunting elephants. According to Caelus CEO Jim Musselman, there are still plenty of obstacles to overcome if they are to truly capitalize on their new find. "I've always said, if I'm going to make any money, I've got to find something big in order to make it work," Musselman said in an interview shortly after the company announced the discovery. "So we've always been looking for elephant-type stuff. I've got elephants all over my office in Dallas. We look for elephants, that's kind of what we do." Asked what makes him different from the big majors, Musselman replied, "That's a good question. How do I answer this tactfully — we are probably better risk takers than the bigger companies are." Musselman's strong stomach for risk has paid dividends in the past. Smith Bay could be his third world-class find. However, the find is not as easily accessible as other fields and has already drawn attention from environmental groups and regulators.


This is his message to Alaskans: "I am going to make it real for you, and I think, just keep the faith – we've done this before," he said. "We know how to do this."


88 Energy announced that it had progressed the interpretation of 2D seismic data acquired in early 2016, resulting in the identification of a number of promising conventional leads within the Brookian sequence. 88 Energy has a 77.5% working interest and operatorship in approximately 271,000 acres onshore the prolific North Slope of Alaska. The large unconventional resource potential of Project Icewine has been independently verified, and it is worth noting that the project is strategically located on a year-round operational access road, only 35 miles south of Pump Station 1 where Prudhoe Bay Feeds into the Trans-Alaska Pipeline System. While conceding that the recent discoveries weren't strictly analogous to the Brookian play potential at Project Icewine, the discoveries highlight the significant conventional oil resource on the North Slope yet to be discovered through utilization of modern seismic technology.


The Alaska Federation of Natives celebrates its 50th birthday today! The AFN convention is the largest representative gathering of Natives in the U.S. While the initial meeting in 1966 attracted a few hundred participants, thousands now gather annually to share stories, discuss important topics, learn from leaders and set the course for the future while facing the challenges ahead. "Alaska Native peoples as well as the institutions that represent us will remain pillars of strength and stability in the Alaskan economy," wrote former Murkowski aide Megan Alvanna-Stimpfle. "We are not only blessed with knowing who we are, but my generation is blessed with the political and economic power to define a future on our terms. It is time we assert it."


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First Reads

Alaska Gasline Development Corporation takes the lead on LNG Project
Alaska Journal of Commerce, Elizabeth Earl, October 17, 2016

For Caelus CEO, North Slope 'big find' wouldn't be the first
Alaska Public Radio News, Elizabeth Harball, October 17, 2016

Sailing into the Arctic's Future
Marine Link, Randall Luthi, October 17, 2016

2D data provides 88 Energy with new leads in Alaska
Fin Feed, Trevor Hoey, October 18, 2016

Alaska Federation of Natives celebrates 50 years
Peninsula Clarion, Stephanie Prokop, October 17, 2016

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