88 Energy Ltd (LON:88E) told investors it has increased its stake in the area including and surrounding the previously Charlie-1 well in Alaska to 75% from 30%.
The 'Area A' comprises around 40% of the gross Project Icewine acreage. A new independent resource estimate for this area is anticipated in the coming weeks.
It is planned that a new farm-out process will follow the release of the report.
READ: Peregrine farm-out advances with seismic boost[hhmc]
“We are very pleased with how the company is currently positioned and look forward to closing out several material items in the near-term." said 88 Energy managing director, Dave Wall in a statement.
88 Energy also noted that its recent work on core and cuttings from Charlie-1 well supports the view that a liquid oil phase is present in the Torok. It confirms the conclusions of previous analysis which indicated excellent liquid hydrocarbon saturations, the company added.
Additionally, a farm-out process at Project Peregrine has progRead More – Source
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