88 Energy advancing “full steam ahead” to Merlin well
The explorer is counting down to drilling, which is set to start in six to eight weeks' time
Company
LON:88E
88 Energy Ltd is a multi-listed oil and gas exploration and production company with a North American focus. The company has operator exploration and appraisal projects in onshore Alaska and non-operator exploration in onshore Namibia. It has been operating on the North Slope of Alaska since 2015, successfully drilling multiple exploration wells and acquiring extensive seismic data across a large acreage position.
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The explorer is counting down to drilling, which is set to start in six to eight weeks' time
“Drilling at Project Peregrine is moving ahead as planned and we are only 3 months away from spud," said Dave Wall, chief executive.
The junior oil and gas sector made a busy start to December.
Managing director Dave Wall described the deal as a "major coup for shareholders"
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Institutional and sophisticated investors are backing 88 Energy's exploration plans in Alaska.
It comes as the explorer is advancing farm-out efforts for the Peregrine and Icewine projects, which both come with blue-sky resource potential.
Farm-outs and exploration well remain the name of the game for 88 Energy, and Cenkos reckons the AIM firm could be worth 2.8p per share.
The Lima Fan prospect has grown to 1.4bn barrels from the 100mln barrels seen prior to the drilling of the Charlie-1 well
The explorer is advancing to seal the farm-out transaction and eyes spud of the first Peregrine well by February
It was another busy week in the small-cap oil and gas sector
The recently expanded Alaska explorer is advancing multiple projects towards farm-out deals designed to bring new well catalysts for the future
The Alaska explorer increases its stake in the Charlie area (Area A) and is working towards a new farm-out, meanwhile, a separate process for Project Peregrine is advancing with multiple interested parties
A data room has opened and commercial talks are taking place with multiple potential exploration partners
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A glance at some of the day's highlights from the Proactive Investors newswire
"The results from the Seabee, despite Charlie-1 not being optimally located, are outstanding,” said managing director Dave Wall
The acquisition of XCD was a key highlight of the first half ended June 30, 2020
88 Energy is combining with Alaska exploration peer XCD to expand its footprint and prospect inventory
The plan is to create an explorer with a diversified portfolio on Alaska’s North Slope.