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88 Energy optimistic as it prepares for Alaska exploration well

“The north slope of Alaska offers vast potential remaining to be discovered,” said chairman Michael Evans


88 Energy Ltd (LON:88E) chairman Michael Evans has told investors he and the company look to the future with considerable optimism, as presently a drill rig is on location for the potentially high impact Winx-1 exploration well on Alaska’s North Slope.

“The well will test a conventional oil prospect, defined by 3D seismic, in the Nanushuk play fairway on the Alaskan North Slope with a gross mean unrisked prospective resource of 400 million barrels,” Evans said in the explorer’s financial results statement.

“It is arguably one of the most significant wells to be drilled by an ASX listed entity in 2019 and offers substantial upside to 88E shareholders in the event of success.”

READ: 88 Energy drill programme continues to advance Winx-1

“As we approach the drilling of this well, it is worth reminding ourselves of why 88E chose to explore in Alaska.

“At the outset, 88 Energy cast the net far and wide in search of a project that could make a meaningful difference; one which would capture investor attention with significant upside.

“The north slope of Alaska offers vast potential remaining to be discovered.”

Evans added: “We all know the process of evaluation is not without risk; however, we look to the future with considerable optimism as we unlock both the conventional and unconventional potential of our Alaskan exploration acreage.”

In terms of the financial results, the pre-revenue explorer reported an A$5.99mln loss for 2018.

It ended the twelve month period with A$23.82mln of cash and equivalents.

Quick facts: 88 Energy Ltd

Price: 1.275 GBX

Market: AIM
Market Cap: £87.61 m

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