15th Jul 2021 15:52
(Alliance News) - 88 Energy Ltd on Thursday announced that it now holds a 100% working interest in Project Peregrine, located on the North Slope of Alaska.
Perth, Australia-based 88 Energy is an Alaska-focused oil exploration and appraisal company.
In early June, 88 Energy said it would pay USD14 million in shares for a further 50% stake in Peregrine, and Alaska Peregrine Development Company LLC stands to receive a 1.5% overriding royalty interest on future production from the Project Peregrine licences
The company said that in relation to the agreement with Alaska Peregrine for the acquisition of a 50% working interest in Project Peregrine, the final total number of shares issued to APDC was 633.5 million, which was 190.6 million lower than originally projected.
No further shares are to be issued under the agreement and Alaska Peregrine has now received the full upfront consideration for its 50% working interest in Project Peregrine.
Shares in 88 Energy were up 2.5% at 2.00 pence each in London on Thursday afternoon.
By Amrit Sahota; [email protected]
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