6th Apr 2016 08:59
LONDON (Alliance News) - 88 Energy Ltd said Wednesday the independent resource estimate for the HRZ shale formation at its Icewine project in Alaska has been increased.
Independent resource estimator DeGolyer & MacNaughton has updated their prospect resource estimates for HRZ based on recent results from the Icewine #1 well and additional acres it won in the November 2015 bid round.
The new estimates are for 1.4 billion barrels of oil equivalent, with a probability of Geologic Chance of Success increased to 60% from 40%.
"The large upgrade to the resource potential at Project Icewine highlights the unique leverage that a project with this possible magnitude provides to investors," said Managing Director Dave Wall in a statement.
"We look forward to providing additional information related to the project as we continue to complete the current 2D seismic acquisition and mature plans for the Icewine #2H well," Wall added.
Shares in 88 Energy were down 15% at 3.11 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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