The 'Area A' comprises around 40% of the gross Project Icewine acreage. A new independent resource estimate for this area is anticipated in the coming weeks.
It is planned that a new farm-out process will follow the release of the report.
“We are very pleased with how the company is currently positioned and look forward to closing out several material items in the near-term." said 88 Energy managing director, Dave Wall in a statement.
88 Energy also noted that its recent work on core and cuttings from Charlie-1 well supports the view that a liquid oil phase is present in the Torok. It confirms the conclusions of previous analysis which indicated excellent liquid hydrocarbon saturations, the company added.
Additionally, a farm-out process at Project Peregrine has progressed through technical due diligence for multiple parties and several initial non-binding offers have been received.
“Whilst encouraging for the scheduled close of a deal prior to year-end, there can be no guarantee that a deal will be completed within this timeframe,” the company said.
88 Energy added that drilling at Peregrine prospects Merlin and Harrier remains on schedule, with the first well due to spud in the first quarter of 2021.