88 Energy Limited informed investors today that the prospective resource output of its Project Icewine exploration of Central North Slope, Alaska is has now risen to 2.89bn barrels of crude oil.
The announcement comes after a 3D seismic inversion mapping of both Icewine’s shallow and deep horizons, coupled with highly accurate rock trend models, quashed fears about reservoir quality, a central concern to 88 Energy’s over £7.9 mln exploration project.
Managing Director of 88 Energy Dave Wall embraced the positive report, saying the mapping project continues “the evolution of the conventional portfolio… to result in positive revisions to the already large potential identified.”
This portfolio update saw their share price open today with a 7% rise from yesterday’s close. The company’s farm-out process is currently underway, with a transaction expected to be completed before the end of the year. Moving forward, 88 Energy is expected to conduct further evaluations before launching a formal farm-out process early next year to fund the project in the future.
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