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88 Energy lifts stake in Charlie to 75% as it eyes new farm-out

The Alaska explorer increases its stake in the Charlie area (Area A) and is working towards a new farm-out, meanwhile, a separate process for Project Peregrine is advancing with multiple interested parties

88 Energy Ltd - 88 Energy lifts stake in Charlie to 75% as it eyes new farm-out

88 Energy Ltd (LON:88E) told investors it has increased its stake in the area including and surrounding the previously Charlie-1 well in Alaska to 75% from 30%.

The 'Area A' comprises around 40% of the gross Project Icewine acreage. A new independent resource estimate for this area is anticipated in the coming weeks.

It is planned that a new farm-out process will follow the release of the report.

READ: Peregrine farm-out advances with seismic boost

“We are very pleased with how the company is currently positioned and look forward to closing out several material items in the near-term." said 88 Energy managing director, Dave Wall in a statement.

88 Energy also noted that its recent work on core and cuttings from Charlie-1 well supports the view that a liquid oil phase is present in the Torok. It confirms the conclusions of previous analysis which indicated excellent liquid hydrocarbon saturations, the company added.

Additionally, a farm-out process at Project Peregrine has progressed through technical due diligence for multiple parties and several initial non-binding offers have been received.

“Whilst encouraging for the scheduled close of a deal prior to year-end, there can be no guarantee that a deal will be completed within this timeframe,” the company said.

88 Energy added that drilling at Peregrine prospects Merlin and Harrier remains on schedule, with the first well due to spud in the first quarter of 2021.

Quick facts: 88 Energy Ltd

Price: 0.41 GBX

AIM:88E
Market: AIM
Market Cap: £36.64 m
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on 27/7/20

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