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88 Energy extends Umiat oil project by two years

The Umiat oil project is located adjacent to Project Peregrine acreage, which analysis efforts are ongoing.

88 Energy Ltd - 88 Energy extends Umiat oil project by two years

88 Energy Ltd (AIM:88E, ASX:88E) has been granted a two-year extension for its obligations at the Umiat oil field, to August 2023, as it continues to advance its understanding of the acreage.

It intends to continue analysis of extensive historic data along with the findings of the Merlin-1 well data from the adjacent Project Peregrine permit.

The company said it expects to optimise development plans for Umiat during the extension period, including synergies with Project Peregrine, and maximise its chance of success at Umiat.

During the extension, 88 Energy plans to investigate prior scoping studies and explore possible alternative development scenarios, revise sensitivity analysis for the development incorporating knowledge from Merlin-1, identify and map potential future drilling locations.

The additional study will ascertain whether Umiat and Project Peregrine share the same reservoir interval.

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Price: 1.59 GBX

Market Cap: £228.97 m

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