88 Energy has provided an update related to its Project Icewine on the North Slope of Alaska.
- Total Prospective Resources of 1.77 billion barrels of oil equivalent*
- Substantial oil volume in the Seabee formation - 1.4 billion barrels*
- Farm-out process for 2022 drilling at Project Icewine to commence immediately
*Gross mean unrisked prospective resource
Independent Prospective Resources estimates were prepared at Project Icewine for prospects in the vicinity of the recently drilled Charlie-1 well by ERCE Equipoise (ERCE) and are tabulated below. Significantly, the majority of the resource has been estimated within the Seabee formation, which has been interpreted as part of one large stratigraphic accumulation over multiple, potentially connected, sand bodies in the Lima Fan System. Excellent oil saturations were observed in cores taken from this horizon during the drilling of Charlie-1. There was no flow test at this horizon in Charlie-1 and, consequently, reservoir deliverability remains to be established. However, given the significant size of the estimated resource, 88 Energy is confident that it will be able to attract a partner to fund drilling of additional wells to evaluate the flow potential in the Seabee. The Company is also optimistic about the potential for light oil in the Torok, which could enhance value substantially.
Managing Director of 88 Energy, Dave Wall, stated:
'The net potential to 88E in the Lima Fan System was estimated internally by 88E at around 100 million barrels prior to the drilling of Charlie-1. With this large independent upgrade and the recent increase in working interest in the leases, this potential has now improved to almost 900 million barrels net to 88E – an outstanding result for our shareholders. Resources of this size are why we are operating in Alaska and we are on the cusp of drilling at another similarly sized opportunity at one of our other projects, Project Peregrine.'