88 Energy Limited Announces Operations Update

Source: www.gulfoilandgas.com 1/8/2021, Location: North America

88 Energy Limited ("88 Energy") is pleased to provide the following update related to its projects on the North Slope of Alask

- High bidder on tract 29 Coastal Plain Lease Sale

- Adjacent to existing Yukon Leases and Point Thomson fielda.

Highlights

Yukon Leases and Tract 29

88 Energy, via its wholly owned subsidiary Regenerate Alaska Inc, has been named high bidder on Tract 29 in the 2021 Coastal Plain Lease Sale. Tract 29 is comprised of 23,446 acres and is adjacent to 88 Energy’s existing Yukon Leases as well as the Point Thomson gas condensate field, which is currently in production. The acquisition of these leases represents a logical step in the Company’s aggregation strategy for oil resources in this part of the North Slope, where existing infrastructure provides a potential pathway to commerciasliation.

Managing Director of 88 Energy, Dave Wall, stated: "Tract 29 is considered highly prospective as there is evidence of existing discoveries to the west extending into this area. We have had our eye on this lease for some time and are extremely pleased to have been announced high bidder in the recent lease sale.

We look forward to providing more detail on this area in the near future.” This announcement has been authorised by the Board.


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