88 Energy Ltd (LON:88E) confirmed it completed its acquisition to own 100% of Project Peregrine in Alaska.
It has issued a total of 633.4mln shares to the vendor, which 88 Energy noted was around 190mln fewer shares than previously expected as several tranches were reduced through agreed final reconciliation mechanisms.
No further shares are due to be issued to the vendor, Alaska Peregrine Development Company LLC (APDC) and the company noted that APDC has paid all outstanding cash calls due in relation to the Merlin-1 well.
It follows Wednesday’s project update which detailed latest analysis of the Merlin well, with lab results showing more evidence of hydrocarbons in core samples.
Results of analysis of Phase Two of side-wall core trim analysis are expected in the next few weeks. Additionally, Volatiles Analysis Service (VAS) and gas analysis results are also due.
The Phase Two analysis is designed to provide insights around source rock to give the company a better understanding of the likely quality of the oil as well as migration pathways.
Final analysis and results are slated to be complete by the end of July, with an announcement anticipated by early August.