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88 Energy (ASX: 88E) expands footprint in Texas Permian Basin with additional asset acquisition

December 15, 2023 06:43 AM IST | By Team Kalkine Media
 88 Energy (ASX: 88E) expands footprint in Texas Permian Basin with additional asset acquisition
Image source: Pexels

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.


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