Highlights
- 88E acquired ~64.4% net working interest (WI) in 1,262 net acres, adjacent to the existing Project Longhorn assets.
- Lonestar, the JV partner and operator, acquired ~21.5% WI in the new assets.
- The new acreage offers conventional onshore production and development opportunities.
- The newly acquired acreage is estimated to contain independently certified net 2P reserves of 0.68 MMBOE.
88 Energy Limited (ASX: 88E, AIM: 88E, OTC: EEENF) has acquired additional oil & gas production assets, expanding its footprint in the Texas Permian Basin.
The company has executed binding agreements for a non-operated WI in leases and wells, offering conventional onshore production and development opportunities.
88E acquired ~64.4% net WI in 1,262 net acres, located ½ mile south and ¼ mile north of existing Project Longhorn assets. Its JV partner and operator Lonestar I, LLC acquired ~21.5% WI in the new assets.
Total cash consideration for the transaction stands at US$0.35 million.
The newly acquired acreage is estimated to contain independently certified net 2P reserves of 0.68 MMBOE.
88E shares traded at AU$0.004 at the time of writing on 15 December 2023.