88E confirms a discovery on the North Slope of Alaska, USA.

88 Energy (ASX: 88E) has just declared a discovery from one of the six reservoirs drilled earlier this year.

Earlier in the year, 88E drilled into a ~647 million barrel prospective mean unrisked resource (net to 88E) with its Hickory-1 well.

The plan was always to drill Hickory-1 then come back and flow test it later this year/ in early 2024 so that a discovery could be declared.

Today, 88E managed to define a contingent resource for one of the six stacked targets it drilled earlie this year - the BFF reservoir totalling:

• Gross contingent resource of ~250M barrels of oil equivalent (136M barrels of oil and ~628 billion cubic feet of gas).

For some context - 88E’s contingent resource is estimated across the same reservoirs that Pantheon Resources put out a similiar announcement from back in August this year.

Off the back of that news Pantheon’s share price re-rated higher by over 300%.

Even after today’s announcement, Pantheon trades with a market cap >3X 88E.

Pantheon’s market cap is ~$454M whereas 88E’s market cap is ~$132M.

What’s next for 88E?

Final results from the Hickory-1 well 🔄

Maiden prospective resource estimate for Project Leonis 🔄