The company highlighted that it received strong interest and the bids were competitive.
It has now selected a preferred bidder and final documentation is expected to be executed in the next few weeks – at which point the company anticipates announcing further transaction details.
The company, as is customary, cautioned that there is no guarantee that the parties will agree final terms and conclude the transaction.
In terms of operations, the company said planning and permitting is on schedule to allow Peregrine’s first well to spud by late February 2021.
"The strong interest shown in the imminent drilling program at Project Peregrine is both a testament to the quality of the opportunity and the hard work done by the 88E team over the last few months. We look forward to working with the preferred bidder to close the transaction and get going on the drill program," the group said in a statement.