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88 Energy Limited - Operations Update

RNS Number : 0004L
88 Energy Limited
08 January 2021
 

 

 

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

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

 

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