88 Energy today confirmed an independent resource estimate for its onshore Alaska find had increased to 1.4 billion barrels of oil equivalent.
88 Energy’s project Icewine is located on the state’s North Slope.
The site’s probability of geologic success increased from 40% to 60%, according to the assessment.
Managing director of 88 Energy Limited, Dave Wall, said “The large upgrade to the resource potential at Project Icewine highlights the unique leverage that a project with this possible magnitude provides to investors.
“We look forward to providing additional information related to the project as we continue to complete the current 2D seismic acquisition and mature plans for the Icewine 2H well.”
Independent resource estimator, DeGolyer & MacNaughton, updated the prospective resource estimates for the HRZ shale at Project Icewine based on the recent results from the Icewine 1 well and the additional acres won in the November 2015 bid round.