20th Apr 2023 10:49
(Alliance News) - 88 Energy Ltd on Thursday said that the Alaskan Department of Natural Resources has formally issued award notices to Captive Energy Alaska Inc for the Project Leonis lease area.
88 Energy is an Australia-based, Alaska-focused oil explorer, while Captivate Energy is its wholly-owned subsidiary.
Late last year, 88 Energy told investors that Captivate Energy had been named the highest bidder for select acreage offered as part of the North Slope Areawide 2022 Oil and Gas lease sale. The Project Leonis acreage comprises ten leases covering approximately 25,430 contiguous acres.
Captivate has now received award notices from the Alaskan Department of Natural Resources, Oil and Gas Division, following an adjudication process.
"Formal award of this new acreage provides confirmation of a further highly attractive Alaskan exploration proposition for our business. Project Leonis benefits from proximity to infrastructure and services at Prudhoe Bay and Deadhorse, as well as an historical well that indicated oil shows and calculated pay in the Upper Schrader Bluff zone of interest," said Managing Director Ashley Gilbert.
"Importantly, the lease area is covered by an existing 3D data suite, allowing us to undertake detailed, informed analysis to properly understand the exploration opportunity. Our team will now be busy utilising a suite of modern analysis techniques to further advance the project."
88 Energy shares were trading 2.5% lower at 0.46 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
88 Energy