RE: Winx Perf Bond14 May 2019 09:34
06:34 thanks Whittington.
Performance Bond In consideration for acquiring a working interest from Great Bear Petroleum in the Western Blocks the Company, and Consortium partners, provided a US$3.0 million Performance Bond to the State of Alaska in July 2018 as part of the commitment to drilling an exploration well by May 31 2019
On satisfying the requirement of drilling an exploration well on the acreage 88 Energy have earnt the rights to a 36% working interest on the acreage. Well data was submitted to the Department of Natural Resources, Division of Oil and Gas in March to initiate the release of the US$3.0 million performance bond, (US$1.2 million net to 88E), having fulfilled the requirement of drilling an exploration well by May 31 2019.