view88 Energy Ltd

88 Energy highlights takeover progress among key quarterly highlights

88 Energy is combining with Alaska exploration peer XCD to expand its footprint and prospect inventory

88 Energy Ltd - 88 Energy’s takeover progress among key quarterly highlights

88 Energy Ltd’s (LON:88E) quarterly activities report, released today, highlighted the group's takeover of XCD Energy PLC (LON:XCD).

In the report, which is regulatory in nature, the Alaska explorer detailed the soon-to-complete takeover among the features of the period ended June 30, 2020, along with April’s end to the Charlie exploration well - which was plugged and abandoned.

READ: 88 Energy to move XCD takeover into compulsory acquisition

88 Energy is combining with Alaska exploration peer XCD to expand its footprint and prospect inventory. In early July the transaction was set to go to compulsory acquisition as a key shareholder acceptance threshold was passed.

The combination with XCD creates an explorer with a diversified portfolio on Alaska’s North Slope, with three distinct key areas: Project Icewine, Project Peregrine, and the Yukon licences.

The explorer also noted that talks are underway regarding the Yukon acreage with nearby resource owners potentially seeking to monetise acreage and the permitting process is underway for future well drilling. Such drilling would also be subject to a farm-out.

Similarly, 88 Energy repeated that it also plans to conduct a formal farm-out process for its Project Icewine shale assets in order to fund further appraisal operations.

It separately noted that Project Icewine lease payments have been deferred with the Alaska authorities allowing extensions for lease payments due for June, July, and September extended by six months, and payments for October and November extended by 3 months.

Quick facts: 88 Energy Ltd

Price: 0.585 GBX

Market: AIM
Market Cap: £62.37 m

Add related topics to MyProactive

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...

In exchange for publishing services rendered by the Company on behalf of 88 Energy Ltd named herein, including the promotion by the Company of 88 Energy Ltd in any Content on the Site, the Company receives from said...


Market Report: FTSE brushes off record UK Covid-19 cases as vaccine optimism...

FTSE 100 started on the front foot although daily cases of Covid-19 in the UK topped 60,000 for the first time on Tuesday. London’s leading index advanced 31 points to 6,643 in early trading. The latest Covid figures have revealed that one in 50 people in private households in England had...

1 week, 2 days ago

2 min read