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88 Energy sees 1.77bn barrels at Project Icewine after resource review

The Lima Fan prospect has grown to 1.4bn barrels from the 100mln barrels seen prior to the drilling of the Charlie-1 well

88 Energy Ltd - 88 Energy sees 1.77bn barrels at Project Icewine after resource review

88 Energy Ltd (LON:88E, ASX:88E) has released an updated assessment of the conventional resources for Project Icewine, defining some 1.77bn barrels of oil equivalent across multiple features.

The Lima Fan prospect in the Seabee formation, notably, is seen to have substantial volumes of oil with prospective resources estimated at 1.4bn barrel, equating to most of the newly stated resource.

Project Icewine’s remaining resources are estimated across a series of six Torok formations, the Stella F1 to Stella F6 prospects.

READ: 88 Energy selects Peregrine farm-out partner

"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,” said Dave Wall, managing director in a statement.

“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.”

The new resource statement was authored by consultant ERCE Equipoise.

In Tuesday’s statement, the explorer also noted that a farm-out process will commence immediately, to facilitate a drill programme slated to start in 2022.

This follows yesterday’s news that the separate farm-out process for the Project Peregrine acreage is now in the final stages after the company selected its preferred bidder from multiple interested parties that made bids in the process.

Final documentation is expected to be executed in the next few weeks at which point the anticipates announcing further transaction details.

In terms of operations, the company said planning and permitting is on schedule to allow Peregrine’s first well to spud by late February 2021.

Quick facts: 88 Energy Ltd

Price: 0.585 GBX

Market: AIM
Market Cap: £62.37 m

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