88 Energy says interpretation of modern 2D seismic data acquired by the company in early 2016 has identified multiple large conventional leads in Brookian Sequence across the Project Icewine acreage.
- 758 million barrels of prospective mean recoverable oil (gross) identified in current top 5 leads (587 million barrels net to 88E, based on internal estimates) - Alpha lead located in close proximity to existing transport infrastructure and Trans Alaskan Pipeline with 118 million barrels prospective mean recoverable oil (gross)
- Further seismic interpretation and mapping ongoing: ~50% complete with potential for additional leads to be identified
Managing director Dave Wall said: "Whilst the HRZ remains the company's primary target and the focus of our short-term activity with the upcoming Icewine#2 well scheduled for spud in the first quarter of next year, the interim results from the 2D seismic acquired earlier this year have significantly exceeded our expectations.
"It has taken a little longer than initially planned to process and interpret, as the number of features we are seeing is greater than anticipated. Further interpretation and analysis is ongoing and the final findings from that process will be announced later in the year.
"We expect the two recent billion barrel discoveries in the Brookian sequence by both Armstrong Oil & Gas and Caelus Energy to be a catalyst for increased industry interest in the region. Whilst not strictly analogous to the Brookian play potential at Project Icewine, these discoveries highlight the significant conventional oil resource on the North Slope yet to be discovered through utilisation of modern seismic technology."
At 9:37am: (LON:88E) 88 Energy Ltd share price was -0.03p at 2.8p