Australia’s 88 Energy announced its Icewine East project in Alaska has an estimated prospective resource base of more than 1 billion barrels.

The company said the estimate of 1.03 billion barrels of oil was the gross mean from an independent prospective resource report conducted by Lee Keeling & Associates. 88 Energy has a 75% net working interest in the Icewine project.

“The initial total prospective resource follows a period of review of an extensive data suite that included seismic data, well logs from Icewine-1 and nearby wells adjacent to the Icewine East acreage, recent petrophysical analysis and mapping,” the company said.