Project Icewine East: Maiden Independent Prospective Resource Estimate of 1.03 Billion Barrels*

Source: 8/10/2022, Location: North America

• Maiden Independent Prospective Resource estimate completed at Project Icewine East.
• Total estimated Prospective Resource of 1.03 billion barrels (Bnbbls) of oil* recoverable from multiple reservoir zones.
• Independently certified prospective resource estimate prepared by Lee Keeling & Associates, Inc., a US based independent expert petroleum and engineering firm.
• Substantial oil volumes noted across all mapped play fairways, in particular the Seabee – Lower Basin Floor (BFF) and the Shelf Margin Delta (SMD) reservoirs.
• 88 Energy Limited is intending to drill an exploration well on the acreage in 2023.

88 Energy Limited is pleased to report a maiden, independently certified Prospective Resource estimate of 1.03 Bnbbls of oil (gross mean, unrisked) for Project Icewine East (~75% net working interest).

Significant prospective resources have been estimated across all the recently mapped Shelf Margin Delta (SMD), Slope Fan System (SFS), Basin Floor Fan (BFF) and Kuparuk (KUP) play fairways on the Icewine East acreage. Importantly, these are mapped as the same Brookian / Beaufortian reservoirs that nearby Pantheon wells – Alkaid-1, Talitha-A and Theta West-1 – have flowed 35° to 40° API oil.

Pantheon’s previous well tests have also confirmed reservoir deliverability of light, sweet oil (see Pantheon releases of 7 February, 21 February and 24 March 2022), which 88 Energy believes is positive for the prospectivity of the adjacent Icewine East acreage.

The maiden Independent Prospective Resource Report was completed by Lee Keeling and Associates, Inc. (LKA). 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. LKA are an independent US based expert petroleum geoscience and engineering consulting firm who have significant and recent experience in providing resource estimates globally as well as more specifically in Alaska.

Managing Director, Ashley Gilbert, commented:
“This maiden, independently certified 1.03 Bnbbls of oil resource estimate is a great result for 88E 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.

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, as well as 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.

Full interpretation of the recently licensed FB3D data is ongoing, including AVO analysis, to define ‘sweet spots’ for each play and determine optimal future exploration and appraisal drilling locations, the first of which is planned for 2023.”

Gulf Oil and Gas
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