88 Energy Ltd (LON:88E) told investors it has further expanded its footprint in Alaska’s North Slope through a bidding round.
It comes as the explorer is preparing a drill programme that will see the Icewine-2 kick off in the first quarter of 2017.
Alongside partner Burgundy Xploration it was named highest bidder on a package of 142,560 acres in the Central North Slope, with the AIM quoted exploration group receiving a 77% interest in the property.
At the same time Burgundy is being awarded 279,360 acres, and 88 Energy has a right to take up 30% of that acreage.
It means 88 Energy now has 400,000 net acres in the region (the gross joint venture acreage amounts to 690,000 acres).
Managing director Dave Wall highlighted that with the new acreage the company has ‘maximised the potential upside exposure’ should upcoming work programmes prove successful.
"Our success in this bid round provides us with the ability to significantly increase our acreage position on the North Slope and highlights the confidence that management has in both the HRZ unconventional play as well as the conventional prospectivity at Project Icewine,” Wall said.
“We look forward to providing additional news on all fronts in the near future."
The official award of the new acreage is anticipated in several months’ time.