88 Energy Limited
Project Icewine Conventional Farmout Update
88 Energy Limited (ASX: 88E) (88 Energy or the Company) provides the following update related to the farmout process for its conventional prospect portfolio at Project Icewine, located on the Central North Slope, Alaska.
Highlights
Exclusivity agreement executed by 88 Energy and Burgundy Xploration, LLC (together, the JV Parties) with preferred bidder to facilitate near term operational activity whilst final terms are agreed on the proposed farmout agreement:
o Exclusivity granted by the JV Parties until 31st August 2019, with customary exclusivity undertakings;
o US$500,000payment(theExclusivityFee)bythepreferredbiddertotheJVPartiesto facilitate incurring of initial agreed costs associated with the 2020 drilling program;
o ExclusivityFeenon-refundableunlessthefarmoutagreementisnotfinalisedowingtoan act or omission of the JV Parties.
Further details will be provided in due course. Yours faithfully
Dave Wall Managing Director 88 Energy Ltd
Media and Investor Relations:
88 Energy Ltd
Dave Wall, Managing Director Finlay Thomson, Investor Relations
Hartleys Ltd
Dale Bryan
Cenkos Securities
Neil McDonald/Derrick Lee