88 Energy ltd (LON:88E) has unveiled a new independent resource estimate which sees some 1.4bn barrels of oil equivalent in the HRZ shale that was encountered in the first Project Icewine well.

Independent consultant, DeGolyer & MacNaughton (D&M), has now also upgraded its view on the ‘probability of geologic chance of success’ to 60%, from 40%, with the amount of productive acres around 42%.

Speaking to Proactive, Dave Wall, managing director, says the company is still confident that the amount of successful acreage will be “closer to 70%”, which he adds will have a large impact on the recoverable resource.