Project Icewine Conventional Farmout Update

RNS Number : 9428H

88 Energy Limited

06 August 2019

 

6^th August 2019

88 Energy Limited 

Project Icewine Conventional Farmout Update

88 Energy Limited (ASX: 88E) ("88 Energy" or the "Company") provides the following update related to the farmout process for its conventional prospect portfolio at Project Icewine, located on the Central North Slope, Alaska.

Highlights

·    Exclusivity agreement executed by 88 Energy and Burgundy Xploration, LLC (together, the "JV Parties") with preferred bidder to facilitate near term operational activity whilst final terms are agreed on the proposed farmout agreement:

o  Exclusivity granted by the JV Parties until 31^st August 2019, with customary exclusivity undertakings;

o  US$500,000 payment (the "Exclusivity Fee") by the preferred bidder to the JV Parties to facilitate incurring of initial agreed costs associated with the 2020 drilling program;

o  Exclusivity Fee non-refundable unless the farmout agreement is not finalised owing to an act or omission of the JV Parties.

Media and Investor Relations:

88 Energy Ltd

Dave Wall, Managing Director                                                    Tel: [phone]

  Email: [e-mail] 

Finlay Thomson, Investor Relations                                         Tel: [phone]

Hartleys Ltd

Dale Bryan                                                                                  Tel: + 61 8 9268 2829

Cenkos Securities                                                                     Tel: + 44 131 220 6939

Neil McDonald/Derrick Lee

 

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