88 Energy is pleased to provided an update on Project Icewine, located onshore North Slope of Alaska.

Highlights

• Flow testing on Icewine-2 to re-commence week beginning 21st August post six week shut-in
• Gross acreage position increased by 76,996 acres (48,864 net to 88E)
  • Total gross acres now 348,116 (259,114 net to 88E)
  • Additional ~256,000 gross acres subject to award, expected later this year  

Icewine-2 Operations Update

The Icewine-2 well was shut-in on 10th July for a six week period to allow for imbibition and pressure build up to occur within the HRZ shale. Flow testing is scheduled to re-commence week beginning 21st August.   

Additional technical analyses are ongoing and will be communicated once complete.  

Lease Position Expanded

The Project Icewine Joint Venture was awarded 109,817 gross acres on 7th July as part of a broader package of successful bids submitted in the December 2016 North Slope lease sale. Of these 109,817 gross acres, 76,996 gross acres (48,864 net to 88E) were recently taken up and paid for. Given the ongoing testing of Icewine-2, a decision was made to accept award on acreage where the coincidence of prospectivity for both the conventional and unconventional was greatest. An additional ~256,000 gross acres is subject to award, expected later this year. The current lease position for the Joint Venture is summarised below.



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