88 Energy has all but sewn up the farm-out of the conventional rights at its project known as “Project Icewine” in the famed North Slope oil province in Alaska after its as yet unnamed partner completed all internal approvals.
The farm-out is now subject to the execution of closing documents and standard conditions, including the transfer of working interests.
Management said it is now ramping up well planning and permitting required for drilling in 2020.
Project Icewine’s conventional acreage has estimated gross mean prospective resources of 2.89 billion barrels of oil in multiple stacked prospects.
The project also benefits from easy access to the Trans-Alaska Pipeline System, which runs right through the project area.
88 Energy currently has an 80% interest in Project Icewine.
Interest in the North Slope remains strong with supermajor ConocoPhillips moving to acquire the 2012 Nuna oil discovery, located northeast of Project Icewine, from Caelus Energy earlier this month.
Meanwhile, fellow ASX-listed company Oil Search secured a key approval in May for the Pikka Unit Nanushuk oil development that could deliver up to 120,000 barrels of oil per day.
These efforts show that whilst the truly massive finds were made in the early days of the North Slope, advances in seismic, drilling and completion technology have resulted in new discoveries and decisions to develop previously undeveloped finds.
