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88 Energy Ltd (AIM: 88E) is continuing its high reward strategy towards making a multi-billion barrel oil discovery in Alaska.
In fact, it’s more emboldened than ever, doubling down on its North Slope ambitions and acquiring 100% of Project Peregrine.
Peregrine spans 195,000 acres of prime exploration ground on the Alaskan North Slope and comes with an independent conventional mean prospective resource of 1.6 billion barrels of oil.
The project adds to 88E’s existing asset portfolio on the North Slope — one of the oiliest places on Earth.
The company now has net half a billion acres of exploration ground across multiple world class assets with multi-billion barrel discovery potential.
Project Peregrine is located in prime North Slope real estate, wedged between two major oil discoveries.
Willow, located to the north of Peregrine, is a 0.75 billion barrel discovery made by ConocoPhillips (NYSE: COP) — the $44 billion goliath on the North Slope.
To the South of Project Peregrine sits Umiat, a recent Brookian oil discovery with over a billion barrels of oil in place.
88E intends to secure a farm in partner and drill two, low cost wells to explore Project Peregrine in early 2021.
Given the size of the prize and the leverage to near term upside here, we would expect the farm in process to be a success.
We’ve seen 88E’s share price move upward in the lead up to drilling events before, and we expect to see something similar to unfold in the lead up to its early 2021 drilling.
For all the latest on what to expect from 88 Energy (AIM: 88E) in the coming months: READ MORE..
