88 Energy Limited (LON:88E) has highlighted its progress in the past quarter, with the recently enlarged Alaska explorer now steering towards two new farm-outs – both, designed to secure new drill catalysts for 2021 and beyond.
88 Energy completed its merger with XCD Energy this summer to acquire the Project Peregrine where, as announced last month, new seismic data analysis boosted prospects.
At the same time, the company has retaken control of the ‘Area A’ portion of Project Icewine and recently expanded its stakeholding to 75%.
In a quarterly update, the company said efforts continue to advance the substantial shale resources at Icewine.
The explorer, meanwhile, added that talks are continuing in regards the Yukon acreage to optimise the monetisation strategy and permitting continues. The plan is to bring this project area to a farm-out also.
88 Energy noted that it ended the quarter with A$4.68mln of cash and equivalents.