28th Sep 2018 13:26
LONDON (Alliance News) - 88 Energy Ltd on Friday said its subsidiary agreed with Arctic Slope Regional Corp to lease the hydrocarbon rights across 28,453 acres contiguous with the Western Fairway area of Icewine project.
In addition, the exploration company said it agreed 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 Icewine project.
88 Energy said it will pay USD206,388 in cash for the leases. This acquisition will increase 88 Energy's lease position by 45,239 net acres to 371,478 net acres across its three main project areas on the Central North Slope of Alaska.
"The agreement with Arctic Slope Regional 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," said Managing Director Dave Wall.
"Additionally, the Central Fairway acquisition has delivered additional acres close to the road and pipeline that are considered prospective for both the HRZ liquids-rich resource and conventional plays," added Wall.
88 Energy shares were up 0.2% on Friday at 1.15 pence each.
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