88 Energy named as high bidder on Alaska tract

88 Energy updated the market on its projects on the North Slope of Alaska on Friday, reporting that via its wholly-owned subsidiary Regenerate Alaska, it was named high bidder on tract 29 in the 2021 Coastal Plain Lease Sale.

The AIM-traded firm described tract 29 as comprising 23,446 acres, adjacent to its existing Yukon leases as well as the Point Thomson gas condensate field, which was currently in production.

It said the acquisition of the leases represented a “logical step” in its aggregation strategy for oil resources in that part of the North Slope, where existing infrastructure provided a “potential pathway” to commercialisation.

“Tract 29 is considered highly prospective as there is evidence of existing discoveries to the west extending into this area,” said managing director Dave Wall.

“We have had our eye on this lease for some time and are extremely pleased to have been announced high bidder in the recent lease sale.”

At 1102 GMT, shares in 88 Energy were up 3.77% at 0.55p.