US firm Lee Keeling & Associates carried out the work, using seismic data, well logs from 88E's prior dusters, and other wells close to its Icewine-1 acreage. The certifiers have particular experience in Alaska.
The company plans an exploration well next year at its largely unexplored patch of Alaskan acreage, where it holds a 75% working interest.
It has mapped the Shelf Margin Delta, Slope Fan System (, Basin Floor Fan and Kuparuk play fairways on the Icewine East acreage.
88E says these have been mapped as the same Brookian / Beaufortian reservoirs that nearby Pantheon wells, Alkaid-1, Talitha-A and Theta West-1, flowed 35⁰ to 40⁰ API oil.
These wells were not drilled by the ASX junior.
"Resources of this magnitude present our shareholders with significant upside potential and opportunity, which is why we continue to focus on our Alaskan portfolio and believe significant value exists in our Icewine East acreage," managing director Ashley Gilbert said.
"Importantly, it is worth noting that the Icewine East acreage has been significantly de-risked by the recent Pantheon drilling and flow tests on their adjacent acreage, as well as data from the Icewine-1 well logs, and more recently the leased Franklin Bluffs 3D data set."
In late June it inked an agreement with SAExploration to examine the Flanklin Bluffs 3D seismic survey data to guide future exploration across the Project Icewine East permits.
SAExploration acquired 86 square miles of seismic across the acreage in 2015.
88E will pay SAExploration US$1 million in shares at 0.8 cps to look under the hood, including amplitude variation with offset analysis.
88E holds 195,000 acres across the North Slope project and has drilled three exploration wells including the Charlie-1 appraisal well which while encountering hydrocarbons was plugged and abandoned.
Its most recent wildcat, Merlin-2 came up dry in March. It hit all three Nanushuk targets while drilling to total depth of 7334 feet but despite logging while drilling and samples collected, the company had no oil to report.
The company announced a trade halt today. Shares are paused at 1.1c each giving it a market cap of $187 million.
