- 88 Energy (88E) enters a trading halt ahead of a capital raise after releasing its maiden independent prospective resource estimate at Project Icewine East, Alaska
- The company reports a total estimated prospective resource of 1.03 billion barrels of oil recoverable from multiple reservoir zones
- Managing Director Ashley Gilbert called the estimate a great result for the company and its shareholders and increases 88 Energy’s confidence
- Under the halt, company shares will be paused until August 12 when further information will be released to the market
- Shares in 88 Energy are halted at 1.1 cents
88 Energy (88E) has entered a trading halt ahead of a capital raise after releasing its maiden independent prospective resource estimate at Project Icewine East, Alaska.
The company reported the total estimated prospective resource of 1.03 billion barrels of oil recoverable from multiple reservoir zones.
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.
Managing Director Ashley Gilbert called the estimate a great result for the company and its shareholders.
“Resources of this magnitude present our shareholders with significant upside potential and opportunity is why we continue to focus on our Alaskan portfolio,” he said.
“Importantly, it is worth noting that the Icewine East acreage has been significantly de-risked by the recent Pantheon drilling and flow tests on their adjacent acreage [with] data from the Icewine-1 well logs, and more recently the leased Franklin Bluffs 3D data set.
“This work substantially increases our confidence in unlocking the potential of the Icewine East acreage and is by far, the most compelling data suite the company has analysed ahead of drilling any well.”
So far, there is no details on how much the company is aiming to raise or where it plans to spend the money.
Under the halt, company shares will be paused until Friday, August 12 when further information will be released to the market.
Shares in 88 Energy were halted at 1.1 cents.