88 Energy Limited (88E) reported on Wednesday that it had finalised the farm-out with Premier Oil, having successfully executed completion documents.
The final agreements for the farm-out between 88E, Premier and Burgundy Xploration took place on 26th November 2019.
The company also highlighted its plan of operations regarding the upcoming drilling of the Charlie-1 appraisal well at Project Icewine, stating that its plans have now been approved.
The Alaska Department of Natural Resources approved the plan of operations, one of the key major permits required for drilling, at the Charlie-1 well on the 22nd November.
“The final major permit is scheduled for submission in December, with approval expected in January ahead of the scheduled February spud date,” the company explained in its announcement.
Additionally, all contracting and logistical work is to proceed as planned ahead of the scheduled February spud date.
88E will operate Charlie-1, via its 100% owned subsidiary Accumulate Energy Alaska, Inc, with the cost of the well to be funded by Premier Oil Plc up to US$23m under a recent farm-out agreement.
The project has been estimated to produce 1.6 billion barrels of oil -- the equivalent of 480 million barrels net to 88E.
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