The Upper Slope Fan System (Upper SFS) of 88 Energy Ltd’s (AIM:88E, ASX:88E, OTC: EMF) Project Phoenix covers a broader area than initially indicated, as revealed in a recent Cavendish research note.
The updated mapping spans a distance of over four miles and is linked with considerable oil prospects, as confirmed by the Icewine-1 well, mentioned by the company’s broker.
Cavendish also highlighted that the Upper SFS showcased some of the most optimal reservoir conditions during the drilling phase, with porosities hitting as high as 16%.
This optimistic scenario complements the previously pinpointed 647 million barrels of potential oil resources before the start of drilling.
In related news, 88 Energy is all set for flow testing at another site, Hickory-1.
They’ve secured a drilling rig, with test drills potentially starting in the early months of 2024. Anticipated resource estimates for the Upper SFS are on the horizon, aiming to shed more light on the project’s capabilities.
