88 Energy Limited provided an update on Project Icewine, located onshore North Slope of Alaska. Permitting Update: On December 23rd, the Lease Plan of Operations for Icewine#2 was approved by the Alaska Department of Natural Resources, Division of Oil and Gas. The only remaining permit, the Permit to Drill, is typically submitted post the approval of all other permits, in the lead up to final drilling preparations. No issues are expected in relation to its approval prior to the planned spud date for Icewine#2. Icewine#2 remains on schedule for late First Quarter spud and has been designed to test the production potential of the HRZ interval. Conventional Prospectivity Review - Results: The company has completed the interpretation of the 2D seismic data acquired/licensed by the Company early in 2016 across Project Icewine and is encouraged by the results of the technical evaluation. Stacking of Leads mapped in the Central region and on the Western margin of Project Icewine may, on maturation, offer the opportunity to test multiple objectives with one exploration well. The principal objective of the seismic acquisition program, which was to evaluate the conventional prospectivity across Project Icewine, has been achieved. A conventional Prospect and Lead Portfolio has been been developed to complement the unconventional Prospective Resource potential already recognised in the HRZ liquids rich resource play. On completion of the conventional prospectivity portfolio review, the Alpha and Bravo Leads remain the most significant given their seismic relief and geometries. Of note, the Alpha Lead is located close to the transportation corridor and mature infrastructure so could be developed relatively quickly, in the event of exploration success. The Bravo Lead is the most significant Lead in the Western Play Fairway, with closure delineated on the new 2016 seismic database. The conventional leads mapped are predominantly stratigraphic and the majority are considered to be associated with slope apron, turbidites and basin floor fan development. The Tarn Oil Pool, Kuparuk River Unit to the norwest of Project Icewine is considered a proven and productive analogue. The Tarn Oil Pool comprises multiple stacked sands within the Seabee Formation. Several significant conceptual leads were identified with the Seabee formation and mapped on the western margin of the Project Icewine acreage - the Western Play Fairway. These leads are considered conceptual at this stage as they extend marginally beyond the existing 2016 2D seismic database onto sparse vintage 2D and require further technical work to confirm their western closure. The leads have seismic geometries consistent with the depositional model at the Tarn Oil Pool to the norwest. Incised gullies analogous to those in the Tarn Play Fairway have been identified on the shelf break immediately west of Project Icewine and represent potential point source to deliver sediments downslope for slope apron, turbidite & basin floor fan development in the Western Play fairway and across Project Icewine. The company successfully bid on additional acreage in the recent State of Alaska December 2016 Licensing Round as part of the strategy to increase the footprint of its HRZ liquids rich resource play and capture the full western extent of the conceptual leads identified on the 2D seismic in the Project Icewine Western Play Fairway.