88 Energy Limited Project Icewine Conventional Farmout Update (9428H)
06 Agosto 2019 - 8:00AM
UK Regulatory
TIDM88E
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: +61 8 9485 0990
Email: admin@88energy.com
Finlay Thomson, Investor Relations Tel: +44 7976 248471
Hartleys Ltd
Dale Bryan Tel: + 61 8 9268 2829
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee
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END
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