88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has agreed the acquisition of valuable exploration data for a key part of the Project Icewine acreage in Alaska.
The company, in a statement, told investors that a licensing agreement with SAExploration gives it the use of 3D seismic data for the Franklin Bluffs area which, significantly, covers parts of the SMD, SFS and BFF reservoir units which 88 Energy says are interpreted to extend from Pantheon Resources' (Pantheon) acreage onto Icewine.
An upfront licence fee sees US$1mln paid to SAE, in 88 Energy shares.
“88 Energy is currently in the process of planning its operations in 2023 which is expected to include an exploration well to be drilled in the Icewine East acreage, and at least one flow test from multiple Brookian reservoirs that have been mapped on the Icewine East acreage. These are the same reservoirs that nearby Pantheon wells - Alkaid-1, Talitha-A and Theta West-1 have flowed 35⁰ to 40⁰ API oil,” 88 Energy said.
It added that “the company is continuing with its planned farm-out of the Icewine East acreage."
“The company is hopeful of achieving a positive outcome from the farm-out process given the extensive dataset and track record that significantly de-risks the Icewine East acreage.”
88 Energy noted that it is expecting a new independent prospective resource report soon, which it anticipates will show significant resource volumes that can support a material development.