LONDON (ShareCast) - (ShareCast News) - 88 Energy updated the market on Project Icewine, located onshore North Slope of Alaska, on Friday, having completed the conventional prospectivity review over the project.
The AIM-traded firm said additional resource potential had been identified for conventional leads across the Project Icewine acreage, based on internal estimates.

It said that additional potential included 710 million barrels of gross mean unrisked prospective resources, and 550 million barrels of net mean unrisked prospective resources to 88 Energy.

Total resource potential, including previously reported leads, now totaled 1.47 billion barrels gross mean unrisked prospective resources, and 1.14 billion barrels net mean unrisked prospective resources.

The plan of operations for the Icewine 2 Production Test Well had been approved in late December, the firm's board confirmed.

"The results from the 2D seismic interpretation continue to exceed our expectations for the conventional potential across Project Icewine," said 88 Energy managing director Dave Wall.

"Whilst the conventional Prospective Resource is very large, it is eclipsed by the potential of the HRZ, especially given the recently expanded acreage position."

Wall said that additionally, the HRZ had been de-risked via analysis of the results from Icewine 1 and remained the company's primary objective.

"Preparations for the drilling of Icewine 2, which will test the production potential of the HRZ, remain on track and we look forward to providing further news on this front over the coming months, in the lead up to spud."

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