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IN BRIEF: 88 Energy completes Umiat purchase condition, shares soar

Wed, 31st Mar 2021 11:48

88 Energy Ltd - Alaska-focused oil producer - Says the final condition related to the acquisition of the Umiat oil field is now complete, with cement work associated with plugging and abandoning of two historical wells at the field now executed. Notes wireline logging operations at the Merlin-1 well at its project Peregrine in the NPR-A region of the North Slope of Alaska are underway, with preliminary results expected over the weekend.

"The acquisition of the proven oil field at Umiat is a significant milestone for the company and its shareholders, particularly in the context of any discovery made at project Peregrine, where wireline logging is currently underway," says Managing Director Dave Wall.

Current stock price: 3.65 pence, up 30% on Wednesday

Year-to-date change: up sharply from 0.46p on December 31

By Zoe Wickens; zoewickens@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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