The company, in a statement, said that the farminee has now completed its internal approvals, including board sign off.
It added that the completion of the deal is now subject to the execution of closing documents and other conditions relating to the transfer of working interests.
Now, the company is ramping-up well planning and permitting for a proposed drill programme in 2020.
88 Energy noted that additional details of the farm-out will be provided to investors once the agreement it signed off.
A separate formal farm-out process, for the Project Icewine shale interests, is expected to get underway in the coming months, though last month the company said a ‘soft’ farm-out process is already underway.
In afternoon trading, shares in 88 Energy were 14.3% higher at 1.00p.
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