February 14, 2018

88 Energy advised that 3D seismic acquisition has commenced across the Western Margin of the Project Icewine acreage, located on the North Slope of Alaska. The 3D seismic will firm up drilling candidates identified on conventional prospectivity from interpretation of 2350 line km of modern and reprocessed 2D seismic data. The conventional prospective resource potential as at 31 January 2018, is estimated by the Company as 1.9 billion barrels gross; 1.05 billion barrels net to 88 Energy. The 3D survey will be acquired using the vibroseis slip-sweep method, covering an area of approximately 460 km2. Acquisition parameters have been zoned to optimise fold and imaging across significant conventional leads already identified in areas that historically have imaged poorly due to permafrost and the presence of icelakes. Operations commenced on February 7, 2018 with parameter testing designed to ensure a high quality acquisition. The main 3D acquisition effort is now underway and is estimated to take approximately 45 days. The focus of the acquisition is principally across the Western Play Fairway, where the opportunity exists to mature and test multiple stacked conventional objectives with one well. Exceptional exploration drilling success has been reported on the North Slope over the last four years using 3D seismic data to delineate and map similar stratigraphic/ structural conventional targets. The objective of the 3D acquisition and interpretive effort in 2018 is to mature the conventional portfolio with a view to select one or more drilling candidates for the 2019 season. Results are scheduled to be in house in August/September 2018, which will facilitate a planned farm-out prior to year-end on the drilling program. The Company has largely completed permitting for two potential drilling locations on a multi-year basis allowing for prompt execution of the proposed 2019 drilling program.
88 Energy Limited is an Australia-based exploration company with operations in Australia and the United States. (Source: 88 Energy)