view88 Energy Ltd

88 Energy Limited - Operations Update

RNS Number : 5916M
88 Energy Limited
22 January 2021



22nd January 2021


This announcement contains inside information


88 Energy Limited


Operations Update


88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM:88E) provides the following update related to its operations in the NPR-A region of the North Slope of Alaska.


88 Energy is currently seeking clarification on a recently announced 60 day suspension of authority for Department Bureaus and Offices in relation to the issuance of new drilling permits on Federal land, amongst other things, by the US Department of the Interior. Of note, the authority for approvals has not been completely withdrawn but has been delegated to various higher positions within the government. The signed order can be found here:



88 Energy submitted its permit to drill application on the 12th January 2021 with approval expected within the standard 30 day timeframe i.e. on 12th February 2021.


88 Energy is in close communication with the Bureau of Land Management ("BLM") as they determine how the 60 day suspension will be interpreted and implemented. The BLM has indicated that it will continue to process the permit to drill in anticipation of receiving a signature on or before 12th February. There is cause for optimism due to the advanced nature of the existing operations (which is one of the carve outs for the suspension).


Immediate steps were taken to minimise expenditure until the situation becomes more clear.


Managing Director, Dave Wall, commented: "At this time it is uncertain whether this will have an impact on operations. We anticipate being able to get clarity on the situation within the next week.


We have a strong case to be granted the permit given the many permits that have already been granted as well as our considerable, and ongoing, operations in the field."


The Company's securities have been placed in a trading halt on ASX pending clarification of the above.


Media and Investor Relations:


88 Energy Ltd

Dave Wall, Managing Director                                                    Tel: +61 8 9485 0990

  Email: admin@88energy.com 


Finlay Thomson, Investor Relations                                         Tel: +44 7976 248471


EurozHartleys Ltd

Dale Bryan                                                                                  Tel: + 61 8 9268 2829


Cenkos Securities                                                                     Tel: + 44 131 220 6939

Neil McDonald / Derrick Lee

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

Quick facts: 88 Energy Ltd

Price: -

Market: AIM
Market Cap: -

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


Market Report: UK borrowing soars in January and British retail sales...

FTSE 100 slipped lower on confirmation UK government borrowing hit a record high of £8.8bn in January. London’s leading index slipped 11 points to 6,605 in early trading. The Office for National Statistics reported UK retail sales also dropped 8.2% in January compared to December because of...

5 days, 10 hours ago

3 min read