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88 Energy Limited (88E)
is a publicly listed company on the Australian Securities Exchange (ASX).
About 88 Energy Limited
88 Energy Limited is an ASX and AIM listed exploration company that is Operator over ~272,000 gross acres with a 77.5% working interest (174,000 acres subject to formal award in mid 2016), onshore Alaska, in a world class exploration asset targeting liquids rich conventional and unconventional plays. The primary unconventional play, the HRZ interval, was recently evaluated successfully post the drilling of the maiden well at the project in late 2015, Icewine#1. Phase II is now underway, with appraisal drilling planned via the Icewine#2H well, which will be a horizontal well with a multi stage fracture stimulation and production test.
The company’s goal is to build a successful exploration and production company that delivers material benefits to its shareholders and contributes to the development of the regions in which it works.
It aims to achieve this by targeting overlooked or emerging play types where its small team of experts can move quickly to capitalise on opportunities prior to larger industry players moving in.
The opportunities the company will seek will be based on robust technical evaluation together with informed socio-political decisions and cultural sensitivity in business relationships.
Alaska- Project Icewine
In November 2014, 88 Energy entered into a binding agreement with Burgundy Xploration (BEX) to acquire a significant working interest in a large acreage position on a multiple objective, liquids rich exploration opportunity onshore Alaska, North America – Project Icewine.
In November 2015, the gross acreage position was expanded by 172,937 acres to 271,119 contiguous acres (210,250 acres net to the Company).
- Operator on ~271,000 contiguous acres onshore Alaska in prolific oil-rich province with multiple objectives, with an additional 420,000 acres subject to award;
- 400,000 acres net to 88 Energy assuming all rights taken up;
- 77.5% Working Interest, 10 year leasehold, 16.5% royalty and strategically located in the heart of the play and close to infrastructure;
- Unconventional primary objective in shale complex that sourced the 13 BN barrel Prudhoe Bay Oil Field – opportunity identified by first mover in the Eagle Ford;
- Shallow secondary conventional objective is the hottest play on the North Slope with 88 Energy acreage offset by two discoveries;
- Excellent fiscal terms with cash rebates for exploration expenditure.
88 Energy Limited
5 Ord Street
West Perth, WA
+61 8 9485 0990
Fax: +61 8 9321 8990
The General Overview, Services, Products and Projects information for this profile was last edited on 24 Oct 2017.