88 Energy board signs off on farm-out

Kay Cashman

Petroleum News

88 Energy has moved a step closer to farming out its conventional Project Icewine prospect portfolio on Alaska’s central North Slope after its as-of-yet unnamed partner completed all internal approvals, including board sanction.

The ASX-listed company said June 26 that the farm-out is now subject only to the execution of closing documents and standard conditions, mainly related to the transfer of working interests.

Dave Wall, managing director, said 88E is ramping up well planning and permitting that will be required for 2019-20 drilling. The company has previously said it was permitting two exploration/appraisal wells in next winter’s drilling season.

The company has also said that Project Icewine’s conventional acreage contained multiple stacked plays (including a Schrader topset play and the Torok slope and basin floor fan play), noting a gross mean prospective unrisked resource of 2 billion barrels (1.5 billion barrels net).

- KAY CASHMAN