88 Energy is pleased to provide an update related to recent exploration success by the Repsol / Armstrong Joint Venture on nearby acreage in conventional play fairways that may extend and be prospective at the Company's Project Icewine.
Managing Director of 88 Energy Ltd, Dave Wall commented:
'The results reported by Repsol and Armstrong are outstanding and well above expectation. They clearly vindicate Repsol's US$768m deal with Armstrong in 2011 as well as highlight the success that can be achieved through utilisation of modern 3D seismic on the North Slope. The flow rates, large areal extent, reservoir quality and oil gravity all point towards what are likely to be large to very large commercial discoveries, located only 50 miles from the boundary of our Project. Whilst the Icewine #1 exploration well is initially targeting the world class unconventional oil potential at Project Icewine, the results by Repsol / Armstrong provide an example of the scale of additional potential that may be unlocked in conventional plays once we acquire 3D seismic.'