88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it is anticipating an independent third-party review of Project Icewine’s resource potential, informed by the nearby successes of Pantheon Resources PLC (AIM:PANR, OTC:PTHRF).
Pantheon has made a series of discoveries in an adjacent block with the Alkaid well, in 2019, and more recently the Talitha and Theta West wells which are undergoing testing in the current winter field season.
In a statement, 88 Energy noted that all targets successfully encountered by Pantheon are interpreted, by the company, to extend into the Project Icewine acreage.
It added that the Seabee Formation, of which Pantheon’s Basin Floor Fan (BFF) target is a member, is seen to be the same formation that hosts Icewine’s Lima complex – a secondary target in the company’s Charlie discovery well, drilled in 2020.
Digging into more detail, 88 Energy also pointed to comparisons between Pantheon’s Alkaid well and the Icewine-1 well which, according to the company, would show the porosity and resistivity of the Icewine-1 well to be significant.
88 Energy said the prospective resource report for Project Icewine is expected in the first half of 2022.