88 Energy continues North Slope expansion

07th December 2017, 09:48

88 Energy has continued its acreage expansion plan on the North Slope of Alaska after being confirmed as the high bidder on two parcels totalling 32,800 gross acres.

88 Energy, via its subsidiary companies - Accumulate Energy Alaska Inc and Regenerate Alaska Inc - was announced high bidder on the two parcels as part of the North Slope Areawide 2017W lease sale.

The two parcels are subject to regulatory approvals and formal award, expected in 2018.

Joint venture partner, Burgundy Xploration LLC, has a right to back in to around 2,590 acres contained within parcel 1, adjacent and to the west of the existing Project Icewine leases.

Managing director Dave Wall said: 'This result is a continuance of our acreage expansion plan on the North Slope and the company is very pleased to be announced high bidder at the recent lease sale.

'Additional details in relation to both parcels will be announced in due course.'

At 9:48am: (LON:88E) 88 Energy Ltd share price was 0p at 1.2p