88 Energy said initial hydrocarbon shows from drilling at its flagship Icewine #1 well in Alaska have been encouraging, both for conventional and unconventional plays being targeted.
The hydrocarbon shows and elevated background gas shown in the drilling confirms the presence of an active working petroleum system across the Icewine project acreage that is likely to be liquids rich, the company said.
The results underpin 88’s strategy to additinally target additional conventional stratigraphic and structural prospectivity.
88 Energy added the well remains within budget.
Managing Director of 88 Energy Limited, Dave Wall, said: “Results in the most recently drilled section provide encouragement for both the unconventional thermal maturity model as well as conventional potential at Project Icewine.
“It is still early days and we are yet to definitively clear the first of several required hurdles in the planned HRZ evaluation program, but we are heading in the right direction.”