ASX:88E on a Roll at Project Icewine, net potential at Charlie 1 Well improved to 900 million barrels

  • November 11, 2020 07:12 PM AEDT
  • Team Kalkine
    Team Kalkine
    Team Kalkine
    16991 Posts

    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

ASX:88E on a Roll at Project Icewine, net potential at Charlie 1 Well improved to 900 million barrels


  • 88 Energy Limited has reported another success in connection with its Project Icewine, after increasing its working interest in the project area.
  • An Independent Prospective Resources for prospects in the proximity of the recently drilled Charlie-1 well at 88E’s Project Icewine was prepared by ERCE Equipoise Pte Ltd.
  • The Total Prospective Resources are estimated at 1.77 billion barrels of oil equivalent, and 1.4 billion barrels of substantial oil volume is estimated in the Seabee formation.
  • After the expansion of the 88E’s working interest at Project Icewine, the net potential to 88E in the Lima Fan System has now improved to almost 900 million barrels from around 100 million barrels.

88 Energy Limited (ASX:88E) has reported yet another success in relation to its Project Icewine located on the North Slope of Alaska. Previously, the Company had reported an increase in the working interest at Project Icewine, where Area A leases were officially re-allocated to 88E.

Detailed discussion at: Another Big Win for 88 Energy, Working Interest Increased at Project Icewine Ahead of Independent Resource Estimate  

Independent Prospective Resources Estimate for Charlie-1 Well

Off late, ERCE Equipoise Pte Ltd (ERCE) has prepared estimates for Independent Prospective Resources for prospects in the proximity of the recently drilled Charlie-1 Well at 88E’s Project Icewine.

Therefore, 88E has significantly reported:

Interestingly, a large part of the resource has been estimated within the Seabee formation. This Seabee formation has been interpreted to be a constituent of a large stratigraphic accumulation over several, possibly associated, sand bodies in the Lima Fan System.

Related: 88 Energy Scores Big With Its Multiple World Class Assets In Alaskan North Slope

The encouraging projections are shown in the table below:

Further, 88E discovered outstanding oil saturations in cores taken from the horizon during the drilling of Charlie-1 and reservoir deliverability is yet to be established as there was no flow test at this horizon in Charlie-1.

Interesting Read: What Constitutes 88 Energy’s(ASX:88E) Rapid and All-round Progress During September 2020 Quarter?

From here on, based on the evaluation of the flow potential in the Seabee and substantial size of the estimated resource, 88 Energy seems optimistic to attract a partner to finance the drilling of further wells. Simultaneously, the Company also looks for positive outcome from the potential for light oil in the Torok, which has the potential to enhance value significantly.

Prior to the drilling of Charlie-1, 88E internally estimated the net potential in the Lima Fan System at approximately 100 million barrels. The recent large independent upgrade and the expansion in working interest in the leases have enhanced this potential to almost 900 million barrels net to 88E.

Interesting Read: Seismic Attribute Analysis at Peregrine Raises Optimism for 88E, A Glance at 88E’s Project Portfolio

88E believes that this is a great outcome for its shareholders and results like this are compelling for drilling at Project Peregrine, which is another similarly sized opportunity for 88E.

On its way ahead, 88E looks forward to immediately commencing the farm-out process for 2022 drilling at Project Icewine.

Farm-out Process of Project Peregrine

Interestingly, 88E had also chosen the preferred bidder for the farm-out process at Project Peregrine and discussions regarding the same have progressed to the final phase. The process remains subject only to finalisation of standard documentation, and the execution of the final documents is expected in the next few weeks.

88E remains on schedule for the spud of the first well at Project Peregrine for a late February 2021 and looks forward to closing the transaction as soon as possible and get going on the drill program.

Related: Large Discoveries Confirmed at 88 Energy’s Charlie-1 Well, Near Term Drilling of Billion Barrel Plus Prospect on Newly Acquired Acreage

88E share price quoted at $0.007 with a market capitalisation of $71.48 million.



The website is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.


We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK