88 Energy Ltd (LON:88E) (ASX:88E) takeover target XCD Energy Limited (ASX:XCD) has released a resource upgrade for its Project Peregrine asset, located on Alaskas North Slope.
Consultant ERC Equipoise (ERCE) outlined 1.63bn barrels of mean prospective resources across three targets – Merlin, Harrier, and Harrier Deep.
“At a prospect level, both the COS and volumes have increased as an exploration well is more likely to encounter hydrocarbons, but also more likely to encounter multiple reservoir layers, and as a result, the total success case numbers have increased,” XCD said in a statement.
READ: 88 Energy agrees recommended takeover of XCD Energy[hhmc]
XCD also told investors that holders of an overriding royalty interest (ORRI) for Project Peregrine have agreed to reduce the royalty rate to 1.3% whilst the explorer expanded its area of mutual interest.
88 Energy and XCD earlier this month agreed a recommended deal for the former to acquire the latter in an all-paper-based transaction. XCD shareholders will receive 2.4 88 Energy shares.
88 Energy said the combinatRead More – Source
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