88 Energy expands in Alaska

Fri, 8th Jan 2021

Oil and gas explorer 88 Energy is expanding its footprint in Alaska after being been named highest 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 company said the acquisition of these leases represents the next a logical step in its aggregation strategy for oil resources in this part of the North Slope, where existing infrastructure provides a potential pathway to commercialisation. Managing director of 88 Energy, Dave Wall, said: ‘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.’ At 9:46am: (LON:88E) 88 Energy Ltd share price was 0p at 0.47p Story provided by StockMarketWire.com

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