88E to Unlock the World’s Next Multi-Billion Barrel Oil Play?
That is the question on 88 Energy (LSE | ASX: 88E) investors’ minds now that the company has begun drilling what could be a truly transformational well – the Icewine #2 production test well.
We already know there is plenty of oil in the ground in the HRZ formation from the success of the Icewine #1 well; and the size of 88E’s prize here is in the order of billions of barrels, depending on the assumptions you make.
In any case, it’s difficult to find an undeveloped oil resource anywhere in the western world of this magnitude.
If 88E can maximise the flow rate from the HRZ at Icewine #2, the company can unlock a serious amount of value in a very short space of time.
Of course, at the same time, this is a speculative oil stock, so there is no guarantee of success here. Invest with caution and seek professional financial advice before making an investment.
We have been tracking the 88E story for years now, and we haven’t been the only ones. Since we first wrote about the company’s Alaskan play, the stock has gone up over 1,085%: