- 88 Energy (88E) has signed a licensing agreement with SAExploration (SAE) to utilise its Franklin Buffs 3D Seismic data for its Project Icewine East leases in Alaska
- In order to acquire the data, the company will pay US$1 million (A$1.44 million) in shares to SAE
- In other news, the company has reported an increased production rate at the joint venture Longhorn project in Texas
- To accelerate activities further, the company will issue US$3 million in shares to help fund the project’s capital development program
- In early trade, shares were flat at 0.8 cents each at 12:19 pm AEST
88 Energy (88E) has signed a licensing agreement with SAExploration (SAE) to utilise its Franklin Buffs 3D Seismic data for its Project Icewine East leases in Alaska.
In order to acquire the data, the company will pay US$1 million (A$1.44 million) in shares to SAE. This will see a total of 181 million new shares issued at a price of 0.8 cents each.
The data covers an area of 86 square miles and extends over the eastern section of the project, where Shelf Margin Delta (SMD), Slope Fan Set (SFS) and Basin Floor Fan (BFF) play fairways have been mapped.
88E has planned to conduct a full interpretation of the data to guide future exploration and appraisal drilling locations.
In addition, the data will be used to secure potential farm-out partners for due diligence purposes.
In other news, the company has reported an increased production rate at the joint venture Longhorn project in Texas.
Since its acquisition in February, production has increased by about 70 per cent, following the completion of three workovers at the project.
To accelerate activities further, the company will issue US$3 million in shares to help fund the project’s capital development program.
In early trade, shares were flat at 0.8 cents each at 12:19 pm AEST.