REG - 88 Energy Limited - Project Peregrine Update

88 EnergyAnnouncement

21/12/2023 07:15

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RNS Number : 5952X  88 Energy Limited  21 December 2023

 

This announcement contains inside information

21 December 2023

 

88 Energy Limited

PROJECT PEREGRINE UPDATE

Highlights

·   The Bureau of Land Management Alaska (BLM) has approved a 12-month
suspension of the Project Peregrine leases from 1 December 2023

·   88 Energy has been in discussion with the BLM during Q4'23 regarding
the proposed new regulations governing the management of surface resources in
the National Petroleum Reserve-A (NPR-A)

·   88 Energy remains committed to the exploration and development of the
leases, and in particular the drilling of the Harrier-1 well

 

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is
pleased to advise that it has received notice from the BLM Alaska that the
Project Peregrine leases covering an area of 125,735 acres in the NPR-A area
have been suspended for a period of 12 months from 1 December 2023 to 30
November 2024.   The leases are held by Emerald House, LLC, a 100% owned
subsidiary of 88 Energy.

The Company and its Alaskan advisors have been in discussions with the BLM
regarding proposed regulations and implications on the Peregrine leases during
Q4 2023, with the eventual outcome being the BLM approving a 12-month
suspension.  88 Energy would like to thank the BLM for the Peregrine lease
suspension and appreciates the constructive discussions held to date.

 

88 Energy remains committed to Project Peregrine, with exploration and
technical analysis undertaken in 2023 identifying the new N12 and N13
prospects in the world-renowned Nanushuk Formation. The Harrier-1 exploration
well remains a key, undrilled target in the northern areas of the Project
Peregrine leases. Harrier-1 has the potential to assess up to three
independent Nanushuk reservoirs from the single ice pad locations via a
sidetrack from the Harrier-1 well pad, resulting in significantly lower
exploration costs.  The Company is targeting a farm-out to fund any future
exploration efforts at Project Peregrine subsequent to a resolution in the
current consultation process concerning future regulations in the NPRA.

 

During the suspension period, 88 Energy will persist with the refinement of
internal geological and geophysical models/interpretation, including further
optimisation of the Harrier-1 location however, no physical work will occur on
the leases other than to perform any necessary maintenance and safety
activities. The suspension also relieves 88 Energy of the obligation to pay
lease rentals during the suspension period of ~A$0.5 million, which were due
in Q1 2024.

 

 

 

 

Figure 1: Peregrine Leases (in Blue) are located in the Federal NPR-A area of
the North Slope of Alaska.

 

 

 

 

This announcement has been authorised by the Board.

 

 

Media and Investor Relations:

 

 88 Energy Ltd

 Ashley Gilbert, Managing Director

 Tel: +61 8 9485 0990

 Email:investor-relations@88energy.com

 Fivemark Partners, Investor and Media Relations
 Michael Vaughan                                  Tel: +61 422 602 720

 EurozHartleys Ltd
 Dale Bryan                                       Tel: + 61 8 9268 2829

 Cavendish Capital Markets Limited                Tel: +44 (0)20 7397 8900
 Derrick Lee                                      Tel: +44 (0)131 220 6939
 Pearl Kellie                                     Tel: +44 (0)131 220 9775

 

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