Managing Director of 88 Energy, Dave Wall, stated: "Despite the surprise in relation to the phase of hydrocarbons discovered in the Torok Formation at this location, the Charlie-1 well has yielded encouraging results, particularly in the Seabee. The Seabee targets are extensive and have had excellent oil shows, including live oil observed at the surface in both Charlie-1 and Malguk-1. The significance of these observations in Charlie-1 will be confirmed by lab results in the near term.
The Torok, Seabee and HRZ all remain prospective targets at Project Icewine, albeit not without risk, and the Company continues to progress the aggregation strategy around its Yukon Gold-1 oil discovery. We look forward to providing additional news on all of these projects in the coming weeks.
We are also aware of activity in areas nearby to our projects from other Operators, which we believe has the potential to favourably impact the value of our large acreage position."