25 June, 2018 – 88 Energy Limited (ASX: 88E) (“88 Energy” or the “Company”) is pleased to announce the following update in relation to an expansion of its projects located on the North Slope of Alaska.
Agreement to Drill High Impact Well with Consortium
88 Energy Limited (ASX/AIM:88E), along with Otto Energy Ltd (ASX:OEL) and Red Emperor Limited (ASX/AIM:RMP), collectively the “Consortium Partners”, is pleased to advise that it has executed a binding term sheet agreement with Great Bear Petroleum Ventures II LLC (“Great Bear”) to acquire the majority of Great Bear’s working interest in the four leases comprising the Western Blocks (ADL 391718; ADL 391719; ADL 391720; ADL 391721). The leases are located immediately adjacent to the Horseshoe#1/1A well, which discovered oil in 2017.
88 Energy Ltd Managing Director, Dave Wall, commented:
“The Western Blocks transaction represents a significant opportunity for 88E shareholders to gain exposure to one of the most prospective oil plays available globally, complementing our existing conventional portfolio on the North Slope.
Preparations for drilling are now underway and commencement of drilling of the exploration well is scheduled in less than 9 months.
We would like to thank Otto’s technical team for generating the prospect and Great Bear for moving quickly to reach an agreement. 88E also look forward to working with Red Emperor and welcome them to the Slope.
Our Alaskan Operations team, led by Erik Opstad, will be working closely with Great Bear and the regulatory agencies in Alaska to ensure that the well is permitted and drilled on time in a safe and environmentally conscious manner.”
Full announcement at http://88energy.com