Operations Update

RNS Number : 5916M

88 Energy Limited

22 January 2021

 

 

22^nd January 2021

This announcement contains inside information

88 Energy Limited

Operations Update

88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM:88E) provides the following update related to its operations in the NPR-A region of the North Slope of Alaska.

88 Energy is currently seeking clarification on a recently announced 60 day suspension of authority for Department Bureaus and Offices in relation to the issuance of new drilling permits on Federal land, amongst other things, by the US Department of the Interior. Of note, the authority for approvals has not been completely withdrawn but has been delegated to various higher positions within the government. The signed order can be found here:

https://www.doi.gov/sites/doi.gov/files/elips/documents/so-3395-signed.pdf  

88 Energy submitted its permit to drill application on the 12^th January 2021 with approval expected within the standard 30 day timeframe i.e. on 12^th February 2021.

88 Energy is in close communication with the Bureau of Land Management ("BLM") as they determine how the 60 day suspension will be interpreted and implemented. The BLM has indicated that it will continue to process the permit to drill in anticipation of receiving a signature on or before 12^th February. There is cause for optimism due to the advanced nature of the existing operations (which is one of the carve outs for the suspension).

Immediate steps were taken to minimise expenditure until the situation becomes more clear.

Managing Director, Dave Wall, commented: "At this time it is uncertain whether this will have an impact on operations. We anticipate being able to get clarity on the situation within the next week.

We have a strong case to be granted the permit given the many permits that have already been granted as well as our considerable, and ongoing, operations in the field."

The Company's securities have been placed in a trading halt on ASX pending clarification of the above.

Media and Investor Relations:

88 Energy Ltd

Dave Wall, Managing Director                                                    Tel: [phone]

  Email: [e-mail]  

Finlay Thomson, Investor Relations  Tel: [phone]

EurozHartleys Ltd

Dale Bryan  Tel: + 61 8 9268 2829

Cenkos Securities                                                                      Tel: + 44 131 220 6939

Neil McDonald / Derrick Lee

 

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