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88 Energy ltd boss on resources and production potential of Icewine

88 Energy ltd (LON:88E) has unveiled a new independent resource estimate which sees some 1.4bn barrels of oil equivalent in the HRZ shale that was encountered in the first Project Icewine well.

Independent consultant, DeGolyer & MacNaughton (D&M), has now also upgraded its view on the ‘probability of geologic chance of success’ to 60%, from 40%, with the amount of productive acres around 42%.

Speaking to Proactive, Dave Wall, managing director, says the company is still confident that the amount of successful acreage will be “closer to 70%”, which he adds will have a large impact on the recoverable resource.

Quick facts: 88 Energy Ltd

Price: 0.9022 GBX

AIM:88E
Market: AIM
Market Cap: £62 m
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Investor Update: 88 Energy completes Premier Oil farm-out in Alaska

Headlines from the Proactive UK newsroom. 88 Energy (LON:88E) has completed its farm-out with Premier Oil for its acreage in Alaska. The Alaska Department of Natural Resources has also approved the Plan of Operations for the Charlie-1 appraisal well with spudding scheduled for next...

2 weeks ago

2 min read