3D Seismic data to help define drill targets and secure funding?
Investment Memo: 88E 2022
Objective #2: Funding partner for Project Icewine
Objective #3: Clear Exploration Program laid out for Project Icewine
This morning, our oil and gas exploration Investment 88 Energy (ASX: 88E) put out an update on its Project Icewine in Alaska, USA.
88E announced an agreement signed with SAExploration which would see 88E gain access to 3D seismic survey data over its Project Icewine east leases.
Importantly, the 3D seismic data actually covers the area over the reservoir units that 88E’s neighbour Pantheon Resources’ (capped at $1.2 billion) has been drilling and which are interpreted to extend from Pantheon’s acreage onto 88E’s.
Ultimately, 88E will be using the 3D seismic data to identify “sweet spots” for each of the reservoir units and to determine the optimal drilling locations for future exploration and appraisal wells.
To gain access to the 3D seismic data 88E is paying US$1M via a share issuance at 0.8c per share with the shares expected to be issued on the 30th of June 2022.
Ultimately, 88E will be using the 3D seismic data to identify “sweet spots” for each of the reservoir units and to determine the optimal drilling locations for future exploration and appraisal wells.
88E also confirmed that the datasets would provide key data for potential farm-out partners as part of their due diligence programs leading up to the drilling of a new exploration well, currently being planned for drilling in 2023.
