88 Energy Limited (ASX:88E) has provided an update regarding its Project Icewine located in Alaska, where Total Prospective Resources of 1.77 billion barrels of oil equivalent and Substantial oil volume in the Seabee formation of 1.4 billion barrels has been reported.
88E had prepared Independent Prospective Resources projections at Project Icewine for prospects and a majority of resource has been estimated within the Seabee formation. Moreover, excellent oil saturations were observed in cores taken from this horizon during the drilling of Charlie-1 with reservoir deliverability yet to be established.
Based on the notable size of the estimated resource, 88E is optimistic to attract a partner to finance drilling of additional wells to evaluate the flow potential in the Seabee. Moreover, significant optimism also surrounds the potential for light oil in the Torok, that has the potential to significantly enhance value.
