88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) confirmed it has new been awarded new acreage in Alaska, forming what the company refers to as ‘Project Leonis’.
It comes after the company was named 'highest bidder’ for the acreage in late 2022 as part of the ‘North Slope Areawide 2022 Oil and Gas lease sale’.
The award spans some 25,430 contiguous acres across 10 leases.
"Formal award of this new acreage provides confirmation of a further highly attractive Alaskan exploration proposition for our business,” managing director Ashley Gilbert said in a statement.
“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 (USB) zone of interest.
“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."