Tangiers Petroleum has identified a large potential resource at the Project Icewine project, located on the North Slope of Alaska.
An independent report on the prospect has found an estimated recoverable oil potential of 492 million barrels.
Tangiers has an 87.5% working interest in the project and will be operator of 99,360 acres.
The company said the conventional oil target will be tested by near neighbour Great Bear with three well drilling campaign testing unconventional and conventional targets.
Tangiers Petroleum managing director Dave Wall said: "The Independent Report by DeGolyer and MacNaughton has resulted in net mean recoverable unconventional potential for Tangiers of 431 million barrels of oil.
"Tangiers believe this indicates substantial upside potential if the entire project area is productive and/or mean recovery factor is ultimately higher than that currently estimated.
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By GlobalData"The validation of the exceptional resource concentration is particularly significant as this is a first order driver of well performance in successful liquids rich shale plays like the Eagle Ford and Bakken."
Tangiers said Project Icewine is located in a region that was subject to a set of geologic circumstances that have likely resulted in improved porosity in the HRZ shale member.
