88 Energy lifts estimates 293% at Icewine project

AIM-traded 88 Energy reported a massive 293% increase in the recoverable resource estimates at Project Icewine on Wednesday, located at North Slope onshore Alaska.

The AIM-traded company said its independent resource estimate for HRZ shale had been increased to 1.4bn barrels of oil equivalent.

It said the geologic chance of success had also been increased to 60%, from 40%, and its estimated productive acres covered 42% of Icewine.

Its internal resource estimate for HRZ shale had been increased to 3.6bn barrels of oil equivalent, with estimated productive acres covering 70% of Project Icewine for its mean case.

"The large upgrade to the resource potential at Project Icewine highlights the unique leverage that a project with this possible magnitude provides to investors,” said 88 Energy’s managing director Dave Wall.

“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."

Shares in 88 Energy were down 13.91% in afternoon trading, trading at 3.25p at 1601 BST.