March 28, 2017 5:43 AM ET

Oil, Gas and Consumable Fuels

Company Overview of 88 Energy Limited

Company Overview

88 Energy Limited engages in the oil and gas exploration activities in Morocco and the United States. It holds a 77.5% working interest in Project Icewine located onshore on the North Slope of Alaska, the United States. The company was formerly known as Tangiers Petroleum Limited and changed its name to 88 Energy Limited in February 2015. 88 Energy Limited is based in West Perth, Australia.

83 Havelock Street

Level 1

West Perth, WA 6005

Australia

Phone:

61 8 9485 0990

Fax:

61 8 9321 8990

Key Executives for 88 Energy Limited

Managing Director and Director
Total Annual Compensation: A$566.7K
Compensation as of Fiscal Year 2016.

88 Energy Limited Key Developments

88 Energy Limited Announces Operations Commence at Icewine#2

88 Energy Limited has provided an update on Project Icewine, located onshore North Slope of Alaska. As of 21 March, 2017, the Arctic Fox drilling rig had completed mobilisation to the Franklin Bluffs gravel pad, the location for the Icewine#2 appraisal well. The conductor has been set and installation of the cellar is currently underway. Final permit approval and delivery of additional equipment required for spud remain on schedule for an April 2017 spud.

88 Energy Limited Provides an Update on Project Icewine, Located Onshore North Slope of Alaska

88 Energy Limited provided an update on Project Icewine, located onshore North Slope of Alaska. As of March 21, 2017, the Arctic Fox drilling rig had completed mobilization to the Franklin Bluffs gravel pad, the location for the Icewine#2 appraisal well. The conductor has been set and installation of the cellar is currently underway. Final permit approval and delivery of additional equipment required for spud remain on schedule for an April 2017 spud.

88 Energy Limited Provides Drilling Update on Project Icewine

88 Energy Limited provided an update on Project Icewine, located onshore North Slope of Alaska. Icewine#2 Progress Update: On 16th February 2017, Accumulate Energy Alaska Inc. entered into a contract with Doyon Drilling Inc. to utilise the drilling rig, Arctic Fox, for drilling of the Icewine#2 appraisal well. The Arctic Fox is currently completing drilling operations on nearby acreage on the North Slope and is expected to mobilise to the Icewine#2 wellsite between 30th March and 30th April 2017, with spud to follow shortly thereafter. The Project is located on an all year operational access road with both conventional and unconventional oil potential. The primary term for the State leases is 10 years with no mandatory relinquishment and a low 16.5% royalty. The HRZ liquids-rich resource play has been successfully evaluated based on core obtained in the recently completed (December 2015) Icewine #1 exploration well, marking the completion of Phase I of Project Icewine. Phase II has now commenced, with a followup appraisal well, Icewine#2, due to spud early second quarter of 2017. Icewine#2 has been designed as a vertical well with a multi-stage stimulation and flow test, to assess the production potential of the HRZ. Significant conventional prospectivity has also been identified on recently acquired 2D seismic across the project acreage. Generous exploration incentives are provided by the State of Alaska with up to 35% of net operating loss refundable in cash. The primary objective is an untested, unconventional liquids-rich shale play in a prolific source rock, the HRZ shale (Brookian Sequence), that co-sourced the oil field in North America; the giant Prudhoe Bay Oil Field Complex. Internal modelling and analysis indicates that Project Icewine is located in a high liquids vapour phase sweetspot analogous to those encountered in other Tier 1 shale plays e.g. the Eagle Ford, Texas.

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Recent Private Companies Transactions

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