28th September 2018 88 Energy Limited Operations Update 88...

28th September 2018
88 Energy Limited Operations Update
88 Energy Limited (ASX: 88E) (“88 Energy” or the “Company” provides the following update related to its operations, located on the North Slope of Alaska.
Highlights
• Agreements executed for additional 45,239 acres net to 88 Energy
Leasing update
88 Energy Ltd, via its wholly owned subsidiary Accumulate Energy Alaska Inc. (“Accumulate”, has entered into an agreement with Arctic Slope Regional Corporation, (“ASRC”, to lease the hydrocarbon rights across 28,453 acres contiguous with the Western Fairway area of the Company’s current Project Icewine acreage (leasehold 100% net to Accumulate). The ASRC lease terms are consistent with those recently awarded by the State of Alaska, post the December 2017 Licensing Round.
Accumulate has also entered into an agreement with Great Bear Petroleum to acquire a 69.1% working interest in 24,269 acres adjacent to, and north of, the Central Play Fairway at Project Icewine (16,786 acres net to Accumulate). Consideration for the leases was a cash payment of US$206,388 (net to 88E), of which US$167,663 will be directed to lease rentals due by 1st October 2018.
The two acquisitions increase 88 Energy’s lease position by 45,239 net acres to 371,478 net acres across the Company’s three main project areas on the Central North Slope of Alaska.
Lease Map with Transaction Areas
Managing Director, Dave Wall, commented: “The agreement with ASRC in relation to the western leases is significant as they are partly covered by several prospects that are in our current conventional farm-out package. We would like to thank ASRC for the opportunity to partner with them in this area.
Additionally, the Central Fairway acquisition has delivered additional acres close to the road and pipeline that are considered prospective for both the HRZ and conventional plays.”
www. 88energy.com ABN 80 072 964 179103 Level 2, 5 OrdStreet, West Perth WA 6005 PO Box 1674, West Perth WA 6872 Australia Phone +61 8 9485 0990
About ASRC: The Arctic Slope Regional Corporation is the largest locally owned and operated business in Alaska, with approximately 12,000 employees, including nearly 4,000 in Alaska. ASRC is a private, for-profit corporation which is owned by and represents the business interests of its 13,000 Iñupiat Eskimo shareholders. ASRC owns title to nearly five million acres of land on Alaska's North Slope which contain a high potential for oil, gas, coal and base metals.
Corporate headquarters are based in Utqiaġvik (Barrow), Alaska, with
administrative and subsidiary offices located in Anchorage and throughout the United States. The Corporation
reported total revenue of USD 2.6 billion in FY2017 (Alaska Business Monthly, 2018).
In late 2017, the corporation marked a milestone by surpassing USD 1 billion in dividend payments to shareholders since the
corporation was formed in 1972.
Yours faithfully
Dave Wall Managing Director 88 Energy Ltd