Oil and Gas News

88 Energy set to drill 1.6bn barrel Alaskan oil target

Dual-listed junior oil explorer 88 Energy is just weeks away from spudding its Charlie-1 appraisal well at Project Icewine on the North Slope of Alaska.

The drilling event at Charlie-1, which is on track for a late February spud, will see 88 Energy — along with its farm-in partner Premier Oil, target 1.6 billion barrels of gross mean prospective oil resource, of which 480MMBO is net to 88E.

The drilling event will intersect seven stacked prospects and could see Charlie-1 emerge as one of the world’s biggest oil wells of the year.

While it has a long history of successful oil discoveries, Alaska’s North Slope is now seeing renewed industry interest as new technology and exploration incentives have made the commercialisation of once stranded resources possible.

Recent North Slope discoveries include the two largest conventional oil discoveries onshore North America in over 40 years: ConocoPhillips’ Willow and Oil Search’s Pikka discoveries.

These oil discoveries have been made in a new play called the Brookian Sequence, where massive amounts of oil — over 4.0 billion barrels — have been discovered over the last six years.

These discoveries demonstrate the commercial viability of a previously speculative stratigraphic play type with vast unexplored potential.

Here are some of those discoveries in the Brookian play, alongside 88E’s Project Icewine.

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