88E commences 3D seismic acquisition at Project Icewine
88 Energy Limited (ASX | AIM:88E) has provided an update on Project Icewine, located onshore North Slope of Alaska, revealing that it has commenced 3D seismic surveying across the project’s Western Margin.
The goal of the 3D seismic is to firm up drilling candidates that were earlier identified on conventional prospectivity when around 2350 line kilometres of modern and reprocessed 2D seismic data were interpreted.
The company estimated the unrisked, or conventional prospective resource potential as 1.9 billion barrels gross, or 1.05 billion barrels net to 88E, as at 31 January 2018.
The 3D survey will be acquired using the vibroseis slip-sweep method, covering an area of approximately 460 square kilometres. Acquisition parameters have been zoned to optimise fold and imaging across significant conventional leads already identified in areas that historically have imaged poorly due to permafrost and the presence of icelakes.
The main 3D acquisition effort is now underway with operations having commenced on 7 February with parameter testing designed to ensure a high quality acquisition. The survey is expected to take approximately 45 days to complete.
The focus of the acquisition is principally across the Western Play Fairway, where there’s opportunity to mature and test multiple stacked conventional objectives with one well.
The use of 3D seismic data to delineate and map similar stratigraphic/ structural conventional targets over the past four years has resulted in exceptional exploration drilling success on the North Slope.
This year, the objective of the 3D acquisition and interpretive effort is to mature the conventional portfolio and to select one or more drilling candidates for the 2019 season. The company has largely completed permitting for two potential drilling locations on a multi-year basis allowing for prompt execution of the proposed 2019 drilling programme.
88E expect to receive results in August to September 2018, which will facilitate a planned farm-out prior to the year’s end on the drilling programme.
However, it is an early stage of this company’s development and if considering this stock for your portfolio you should seek professional financial advice.