88 Energy Ltd (88E) released its quarterly report today, for the period ending September 30th 2018, showing investors a company on the brink various exciting activity.
Project Icewine, 88E’s oil exploration project in Central North Slope, Alaska, has begun a farm-out campaign to attract a farmee in order to “fund and participate in the exploration and appraisal drilling.” The company is optimistic securing a farmee for the project will not be an arduous task. Just last week, 88E announced Project Icewine’s prospective resource output had increased to 2.89bn barrels of crude oil.
Today’s quarterly report adds to that positive news with the announcement that 88E, through its wholly owned subsidiary Accumulate Energy Alaska Inc., has leased the hydrocarbon rights for 28,453 acres that are contiguous with current Project Icewine acreage.
In addition, Accumulate has also made a deal with Great Bear Petroleum to acquire a 69.1% working interest in over 24,000 acres near Project Icewine. These two acquisitions increase 88E’s lease position to a total of 371,478 net acres, a significant jump from the previously held 45,239 net acres, across the Central North Slope of Alaska.
Also a sign of 88E’s current momentum is the news that the company has executed its rig contract for the drilling of Winx Prospect ahead of the planned spud in 1Q2019, which could bring in a net of 144mln barrels of oil to 88E.
The flurry of activity this coming year is set to bring 88E makes it a company worth watching.
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