88 Energy Limited (LON:88E, ASX:88E) said it is set to expand its footprint in Alaska as the group has been named as the high bidder on the Tract 29 area, via the 2021 Coastal Plain Lease Sale.
Tract 29 is positioned as a 23,446 acre area adjacent to the company’s Yukon leases.
The company described the expansion as “a logical step in the company's aggregation strategy” in the North Slope region.
"Tract 29 is considered highly prospective as there is evidence of existing discoveries to the west extending into this area,” said Dave Wall, 88 Energy managing director in a statement.
“We have had our eye on this lease for some time and are extremely pleased to have been announced high bidder in the recent lease sale. We look forward to providing more detail on this area in the near future," he added.