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88 Energy says preferred bidder on Project Icewine is to facilitate near term operational activity while final farm-out terms are agreed

Project Icewine is located on the Central North Slope, Alaska.

88 Energy Ltd - mining truck
The farm-out process continues with 88 Energy's preferred bidder;

88 Energy Limited (LON:88E) said an exclusivity agreement over its Project Icewine asset in Alaska has been executed with Burgundy Xploration.

Exclusivity has been granted by the project’s joint venture partners until the end of this month, with a US$500,000 exclusivity fee to be paid by the preferred bidder to the joint venture parties to cover initial agreed costs associated with the 2020 drilling programme.

The exclusivity fee is non-refundable unless the farm-out agreement is not finalised “owing to an act or omission” on the part of the joint venture parties.

Quick facts: 88 Energy Ltd

Price: 0.992 GBX

Market: AIM
Market Cap: £73.04 m

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Investor Update: 88 Energy completes Premier Oil farm-out in Alaska

Headlines from the Proactive UK newsroom. 88 Energy (LON:88E) has completed its farm-out with Premier Oil for its acreage in Alaska. The Alaska Department of Natural Resources has also approved the Plan of Operations for the Charlie-1 appraisal well with spudding scheduled for next...

on 27/11/19

2 min read