88 Energy reported an estimate of 1.03 billion bbl of oil for Project Icewine East in Alaska’s North Slope. Significant prospective resources were estimated across the recently mapped Shelf Margin Delta, Slope Fan System, Basin Floor Fan and Kuparuk play fairways on the Icewine East acreage.
These areas were mapped as the same Brookian/Beaufortian reservoirs that nearby Pantheon wells – Alkaid-1, Talitha-A and Theta West-1 – had flowed 35⁰ to 40⁰ API oil. Pantheon’s previous well tests have also confirmed reservoir deliverability of light, sweet oil, which 88 Energy said in a statement is “positive for the prospectivity of the adjacent Icewine East acreage.”
The maiden Independent Prospective Resource Report was completed by Lee Keeling and Associates. The initial total prospective resource follows a period of review of an extensive data suite that included seismic data, well logs from Icewine-1 and nearby wells adjacent to the Icewine East acreage, recent petrophysical analysis and mapping.
“This maiden, independently certified 1.03 billion barrels of oil resource estimate is a great result for 88 Energy and its shareholders. Resources of this magnitude present our shareholders with significant upside potential and opportunity, which is why we continue to focus on our Alaskan portfolio and believe significant value exists in our Icewine East acreage,” said 88 Energy Managing Director Ashley Gilbert.
Project Icewine is located on the central North Slope of Alaska and encompasses approximately 185,320 net acres. It is situated on trend to recent discoveries in multiple, newly successful play types in top-set and bottom-set sands of the Schrader Bluff and Seabee formations. 88 Energy has a 75.227% working interest in the project.
Icewine East and West acreage positions hold an estimated conventional total 2.8 billion BOE of prospective resource, independently assessed.