7th Nov 2018 11:01
LONDON (Alliance News) - 88 Energy Ltd on Wednesday updated its prospective oil resource at Project Icewine in the US state of Alaska to reflect the 3D seismic data for its Yukon leases.
Shares in the exploration company were up 12% at 1.23 pence on Wednesday.
88 Energy holds a 63.4% working interest in Icewine and is the sole owner of the Yukon leases.
The company fast-tracked the processing and mapping of the Yukon data, which was acquired in the first quarter of the year.
This data was then used to assess the maiden prospective resource of the Yukon leases, with the net mean prospective oil resource of these now at 90 million barrels of oil.
This brings 88 Energy's Icewine net mean prospective oil resource to 2.21 billion barrels.
A farm-out process at Icewine is underway, with a deal expected before the end of the year, 88 Energy said.
88 Energy also is earning a 36% interest in the Western Blocks prospect, located close to Icewine, by paying 40% of costs for a commitment well. 88 Energy's share of the 400 million barrel net mean prospective resource from Western Blocks is 114 million barrels.
At present, 88 Energy's total conventional net mean prospective resource, including Western Blocks, stands at 2.45 billion barrels of oil.
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