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Icewine 2D results exceed expectations, says 88 Energy

13 January 2017 07:42

88 Energy has completed a conventional prospectivity review across Project Icewine in Alaska and results from 2D seismic interpretation continue to exceed expectations.

Highlights:

- Additional resource potential identified for conventional leads across Project Icewine acreage, based on internal estimates totalling:

* 710 million barrels of gross mean Prospective Resources (unrisked)

* 550 million barrels of net mean Prospective Resources to 88 Energy (unrisked)

- Total resource potential (conventional only), including previously reported leads:

* 1.47 billion barrels gross mean Prospective Resources (unrisked)

* 1.14 billion barrels net mean Prospective Resources to 88 Energy (unrisked)

- Plan of operations for Icewine#2 production test well approved - late December 2016

Managing director of 88 Energy Limited, Dave Wall, said: "The results from the 2D seismic interpretation continue to exceed our expectations for the conventional potential across Project Icewine. "Whilst the conventional prospective resource is very large, it is eclipsed by the potential of the HRZ, especially given the recently expanded acreage position. Additionally, the HRZ has been de-risked via analysis of the results from Icewine#1 and remains 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."

Story provided by StockMarketWire.com

Related Company: 88E

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