Last checked at 8 Jan 2021 07:00
88 Energy Limited
Operations Update
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to provide the following update related to its projects on the North Slope of Alaska.
Highlights
· High bidder on tract 29 Coastal Plain Lease Sale
o Adjacent to existing Yukon Leases and Point Thomson field
Yukon Leases and Tract 29
88 Energy, via its wholly owned subsidiary Regenerate Alaska Inc, has been named high bidder on Tract 29 in the 2021 Coastal Plain Lease Sale. Tract 29 is comprised of 23,446 acres and is adjacent to 88 Energy's existing Yukon Leases as well as the Point Thomson gas condensate field, which is currently in production. The acquisition of these leases represents a logical step in the Company's aggregation strategy for oil resources in this part of the North Slope, where existing infrastructure provides a potential pathway to commercialisation.
Additional details on the lease sale can be found here (on the blm.gov website): Lease Sale.pdf
Managing Director of 88 Energy, Dave Wall, stated: "Tract 29 is considered highly prospective as there is evidence of existing discoveries to the west extending into this area. We have had our eye on this lease for some time and are extremely pleased to have been announced high bidder in the recent lease sale.
We look forward to providing more detail on this area in the near future."
A graphic of 88 Energy Revised Acreage Map Alaska with Tract 29 (green) can be found in the pdf version of this announcement available from the Company's website.
Media and Investor Relations:
88 Energy Ltd Dave Wall, Managing Director | Tel: +61 8 9485 0990 Email: admin@88energy.com
|
Finlay Thomson, Investor Relations
| Tel: +44 7976 248471 |
EurozHartleys Ltd Dale Bryan
| Tel: + 61 8 9268 2829 |
Cenkos Securities Neil McDonald/Derrick Lee
| Tel: + 44 131 220 6939 |