88 Energy Announces Significant Progress In Half Year 2020, On Track To Acquire Remaining Shares And Listed Options In XCD Energy

1 min read | September 03, 2020 03:13 PM AEST | By Team Kalkine Media

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88 Energy Limited (ASX:88E) had continued its principal activities in Alaska during the first half of 2020, and the highlights are as follows:

Approval received on 11 February 2020 permitting AOGCC to drill the Charlie-1 exploration well.
Large condensate discovery in the Torok formation, in both the Middle Stellar and Lower Stellar targets was confirmed by the Charlie-1 exploration well.
To confirm the composition and gas to liquid ratio of the Torok discovery, Post well analysis is underway.
After making an offer to acquire all fully paid ordinary shares and listed options on issue in XCD Energy Limited, 88E’s relevant interest in XCD’s shares stood at 85.67% and in XCD’s listed options stood at 81.35% on 30 June 2020.
Once 88E reaches 90% of acceptances in the Offers, it would compulsorily acquire the remaining shares and listed options in XCD.
88E is advancing discussions with nearby resource owners to optimise the monetisation strategy of the Yukon Acreage while permitting is underway ahead of potential drilling in 2021 – subject to farm-out.

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