Earlier this month, managing director Dave Wall described as ‘astounding’ the correlation between projections for its first well, Icewine-1, and the actual results.
That update, on April 6, quoted an independent expert estimating ‘billion barrel’ potential in the HRZ shale at Icewine, on Alaska’s North Slope.
Since then, 88 has raised A$25mln though a placing and for the next quarter will use that money to appraise and evaluate the results so far while planning for its second exploration well.
Planning includes elements such as the type of fracking material (proppant), fracking fluid, 2D seismic acquisition, the design of the Icewine-2 well and simulations using information from Icewine-1.
In the three months to March, 88 spent A$9.6mln on exploration and evaluation.