Posted by OilVoice Press - OilVoice
88 Energy Limited (ASX: 88E) (“88 Energy” or the “Company”) provides the following update related to its operations, located on the North Slope of Alaska.
• Agreements executed for additional 45,239 acres net to 88 Energy
88 Energy Ltd, via its wholly owned subsidiary Accumulate Energy Alaska Inc. (“Accumulate”), has entered into an agreement with Arctic Slope Regional Corporation, (“ASRC”), to lease the hydrocarbon rights across 28,453 acres contiguous with the Western Fairway area of the Company's current Project Icewine acreage (leasehold 100% net to Accumulate). The ASRC lease terms are consistent with those recently awarded by the State of Alaska, post the December 2017 Licensing Round.
Accumulate has also entered into an agreement with Great Bear Petroleum to acquire a 69.1% working interest in 24,269 acres adjacent to, and north of, the Central Play Fairway at Project Icewine (16,786 acres net to Accumulate). Consideration for the leases was a cash payment of US$206,388 (net to 88E), of which US$167,663 will be directed to lease rentals due by 1st October 2018.
The two acquisitions increase 88 Energy's lease position by 45,239 net acres to 371,478 net acres across the Company's three main project areas on the Central North Slope of Alaska.
Lease Map with Transaction Areas
Managing Director, Dave Wall, commented: “The agreement with ASRC in relation to the western leases is significant as they are partly covered by several prospects that are in our current conventional farm-out package. We would like to thank ASRC for the opportunity to partner with them in this area.
Additionally, the Central Fairway acquisition has delivered additional acres close to the road and pipeline that are considered prospective for both the HRZ and conventional plays.”
Visit source site88 EnergyASXOperations UpdateNorth SlopeAlaskaonshoreUnited StatesProject Icewine