Project Icewine, Alaska. Source: 88 Energy
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  • Third-party mapping shows Pantheon Resources’ nearby reservoir units extend onto 88 Energy’s (88E) project Icewine acreage in Alaska
  • The results come from an evaluation completed by exploration consultants of the Shelf Margin Delta, Slope Fan Set and Basin Floor Fan play fairways of the project
  • An in-depth petrophysical re-evaluation was also completed and showed comparable or better reservoir quality to Pantheon intervals which flowed oil
  • The studies confirm 88E’s preliminary analysis, and along with mapping efforts, will form the basis of an independent volumetric and risking certification expected in mid-2022
  • Shares last traded at 1.3 cents on May 9

Third-party mapping has shown Pantheon Resources’ nearby reservoir units extend onto 88 Energy’s (88E) project Icewine acreage in Alaska.

The results come from an evaluation completed by exploration consultants, Jordan and Pay of the Shelf Margin Delta, Slope Fan Set and Basin Floor Fan play fairways of the project.

The mapping work used well information presented by Pantheon, plus internal data from 88E.

An in-depth petrophysical re-evaluation of Icewine-1 and the broader Icewine East area was also completed by independent petrophysical consultants.

By assessing logs from the Icewine-1 well against intervals that flowed oil in Pantheon’s acreage, the consultants found favourable potential for comparable, or better reservoir quality in some units.

In a statement, 88E explained to investors the petrophysical data showed “similar porosity and clay content in Icewine-1” with “higher oil saturation and productivity estimates.”

The studies have confirmed the company’s preliminary analysis, and along with recent mapping efforts, will form the basis of an independent volumetric and risking certification which 88E expects will be completed in mid-2022.

In February, Pantheon revealed testing of several of its wells confirmed reservoir deliverability of light, sweet oil which 88E believes is positive for the prospectivity of its adjacent acreage.

While Pantheon’s data is not yet publicly available, 88E said it is optimistic that a production test in the Icewine East acreage would yield a similar or better result than seen during Pantheon’s testing.

Shares last traded at 1.3 cents on May 9.

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