88 Energy (88E FOLLOW) has entered into a purchase and sale agreement to acquire the Umiat oil field on the north coast of Alaska, with an overhead license fee of 4% issued and commitments to open two historic wells on site at an estimated cost of USD 1 million.
The Umiat Oil Field is a historic oil discovery made in 1945 in flat Brookian sandstones (Nanushuk) and located immediately adjacent to the southern boundary of the Peregrine Project.
The Umiat-23H was previously flow tested by Linc Energy in 2014 at a sustained rate of 200 barrels per day with no water (maximum rate 800 barrels of oil per day). According to a 2015 estimate, the asset had 123.7 million barrels of gross proven and probable (2P) reserves.
88 Energy will now conduct a full field test to determine what oil price Umiat is commercial at as a stand-alone development may and may optimize the previous development plan.
In the event of a discovery at Project Peregrine with imminent drilling, Umiat is expected to make a significant contribution to any development, according to the Company.
« Our operations at Project Peregrine have placed 88E in a unique position to acquire the Umiat oil field at an opportunistic price, » said Dave Wall, Managing Director of 88 Energy.
He added, « The asset has that Potential to add significant value for shareholders, possibly as a stand-alone development, but certainly in the event that is imminent Project Peregrine final drill program contains a significant discovery. «
The stake in 88 Energy has increased in value by over 70% since early November, following positive news that wholly owned subsidiary Regenerate Alaska Inc was on the Coastal Plain Lease Sale Was named the highest bidder for Tract 29 in 2021. Tract 29 comprises 23,446 acres and is adjacent to 88 Energy’s existing Yukon leases and the Point Thomson gas condensate field currently in production. This morning shares were up 8.18% to 0.6p.
Alaskan Explorer completed the acquisition of XCD Energy, which holds a 100% stake in the promising Alaskan North Slope, back in August 2020. The combined company will have a diversified portfolio of exploration projects on Alaska’s North Slope.
The combined company will have greater size, market exposure, funding capability and trading liquidity on the ASX and London AIM exchanges.
three key projects include Project Icewine, Yukon Leases and Project Peregrine with the assets in various stages of development that the company had already outlined this summer.
At the end of 2020, 88E were also officially assigned the « Area A » leases at Project Icewine, which means that his share of work on around 40% of the project has increased from 30% to 75%.
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