leadf
logo-loader
view88 Energy Ltd
(
AIM:88EASX:88E
)

88 Energy selects preferred Peregrine farm-out partner as process enters final phase

The explorer is advancing to seal the farm-out transaction and eyes spud of the first Peregrine well by February

88 Energy Ltd - 88 Energy selects preferred farm-out partner as process enters final phase

88 Energy Ltd (LON:88E) has told investors its farm-out process for the Peregrine project, acquired earlier this year, is now in the final phase with multiple bids on the table.

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.

READ: 88 Energy lifts stake in Charlie project to 75%

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.

Quick facts: 88 Energy Ltd

Follow
AIM:88E

Price: 1.59 GBX

Market Cap: £228.97 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

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 named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

JD Sports gets angry while Melrose shareholders are more than happy

The FTSE 100 edged higher as investors looked forward to tomorrow’s US jobs data. BHP’s huge payout going ex- dividend was a drag but London’s blue-chip index was up six at 7,156 in early trades. Barratt Developments profits rebounded by 65% in its latest financial year as it added the...

3 weeks, 2 days ago

2 min read