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88 Energy Ltd

88 Energy ups possible resource estimate for Project Icewine’s conventional exploration area

The explorer now sees the potential for 2.89bn barrels of crude in its conventional exploration prospects across the Project Icewine acreage

oil and gas operations
Partnering efforts continue, a deal is expected before year's end

88 Energy Limited (LON:88E) has told investors that its 3D seismic inversion work is now substantially complete across both the shallow and deep horizons for its conventional exploration assets at Project Icewine, on Alaska’s North Slope.

It said that “discrete geobodies” have been mapped in the Schrader and Torok horizons.

READ: 88 Energy launches £7.96mln funding for new exploration activity

At the same time, it revealed that its estimated prospective resource figure for the conventional prospects had now increased, to stand at 2.89bn barrels of oil.

The explorer also highlighted that the use of 3D seismic inversion data combined with updated rock trending models has shown “better than expected potential reservoir quality for the Torok horizon.

In the meantime, 88 Energy’s partnering process continues and the company continues to expect a farm-out transaction before the end of this year.

"The evolution of the conventional portfolio continues to result in positive revisions to the already large potential identified,” said Dave Wall, 88 Energy managing director.

“Additionally, the dataset is becoming more robust with each completed phase of processing and interpretation, which bodes well for the ongoing farm-out process.”

He added: “Increased potential has been quantified in the two primary target zones: the Schrader, which contains a shallow topset play similar to that in which most of the recent large discoveries have been made on the North Slope; and the Torok, where Project Icewine is favourably located compared to where the recent USGS upgrade identified the core part of the Torok play, which remains largely underexplored on the Slope."

Quick facts: 88 Energy Ltd

Price: £0.01

Market: AIM
Market Cap: £57.07 m

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