Success for 88 Energy in Alaskan acreage bidding round

88 Energy updated the market on Tuesday in relation to Project Icewine, in which it has a 77.5% working interest as operator, located on the Central North Slope of Alaska.

The AIM-traded company confirmed its wholly-owned subsidiary Accumulate Energy Alaska and its joint venture partner Burgundy Xploration were declared the high bidder on around 142,560 acres on the Central North Slope.

Burgundy was also declared the high bidder on additional 279,360 acres on the Central North Slope, with Accumulate retaining a back in right for 30% of those additional acres at cost.

The net land position for Accumulate, assuming all rights are taken up, now stood at over 400,000 acres on the Central North Slope, with the joint venture gross position at over 690,000 acres.

“Our success in this bid round provides us with the ability to significantly increase our acreage position on the North Slope and highlights the confidence that management has in both the HRZ unconventional play as well as the conventional prospectivity at Project Icewine,” said 88 Energy managing director Dave Wall.

“The upcoming drilling of Icewine 2 will test the flow potential of the HRZ in 1H 2017 and, with the additional acreage, we have now maximised the potential upside exposure for our shareholders in the event of success.”