Icewine resource update due soon, farm-in partners show interest

This morning our oil and gas exploration investment 88 Energy (ASX:88E) confirmed that mapping works were almost complete and that an independent resource update for its Project Icewine acreage in Alaska was now scheduled for Q2-2022.

The company also said it is currently in discussions with potential farm-in partners that have shown interest in the acreage.

All of this comes off the back of the recent drilling program completed by 88E’s neighbour, ~£1.1 billion capped London-listed Pantheon Resources.

Three of the wells Pantheon has drilled in its acreage have confirmed reservoir deliverability oil — the main reason for 88E to be reviewing its acreage.

Only recently Pantheon completed the Talitha-1 well, ~4.5km to the north of 88E’s project boundary. That well was production tested and it looks like there is a chance that the reservoir extends directly into 88E’s grounds.

We touched on the activity of 88E’s neighbour Pantheon Resources in a previous note, which you can read here.

We suspect that farm-in interest is coming from either Pantheon Resources itself or other explorers who have been following the Pantheon story. 88E has confirmed that it is now negotiating terms with these parties, so we expect to see some more news in the near future.