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88 Energy advancing Peregrine farm-out as seismic data boosts exploration prospects

A data room has opened and commercial talks are taking place with multiple potential exploration partners

88 Energy Ltd - 88 Energy advancing Peregrine farm-out as seismic data boosts exploration prospects

88 Energy Limited (LON:88E) (ASX:88E) has given investors an exploration update on Project Peregrine on Alaska's North Slope, which is an area picked up in the recent acquisition of XCD Energy.

The explorer told investors that seismic reprocessing and analysis - including amplitude vs offset or ‘AVO’ studies - has identified several similarities between the key prospects at Project Peregrine and existing discovered fields nearby. It said that the findings are very encouraging.

READ: 88 Energy says Charlie discoveries exceed initial estimates

Specifically, the company’s Harrier and Merlin prospects are described as analogous to Conoco’s large Willow oil field which is located to the north of exploration area. The group noted that the signatures observed in the seismic, particularly fluid factor, were seen to be “very similar”.

88 Energy has now opened a data room to potential exploration partners as part of the farm-out process for Project Peregrine.

Multiple parties are at various stages of technical due diligence, 88 Energy noted, and, several are now progressing into commercial discussions.

The company said it is targeting a deal before the end of 2020, which would allow drilling in early 2021.

"The recent AVO work is highly encouraging and provides additional confidence in both the Merlin and Harrier prospects,” Dave Wall, 88 Energy managing director said in a statement.

“Additionally, both planning and farm-out activity is progressing well towards the planned 1Q2021 spud date, now less than 6 months’ away.”

Quick facts: 88 Energy Ltd

Price: 0.335 GBX

AIM:88E
Market: AIM
Market Cap: £29.93 m
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on 27/7/20

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