In late September 2018, 88 Energy, via its wholly owned subsidiary Accumulate Energy Alaska, entered into an agreement with Great Bear Petroleum to acquire a 69.1% WI in 17 North Slope ADLs: 392295, 392296, 392300, 392304, 392306, 392308, 392310, 392312, 392314, 392297, 392303, 392305, 392307, 392309, 392311, 392313 and 392315. These 17 contiguous leases span ~98 sq km (24,269 acres) adjacent to, and north of, the Central Play Fairway at Project Icewine. The transaction has not yet been completed, at the time this report went to press. On 1 July 2018, Accumulate Energy was awarded (100% WI + Op) 12 contiguous North Slope leases: ADLs 393591-393602. These newly-awarded lease are sited 65km due-west from the Icewine discovery, which has been independently assessed as potentially having 985 MMbo. 88E suspended testing of the Icewine 2 well after experiencing disappointing flow rates, according to reports in early July 2018. The Joint Venture believes that the flowback data, combined with results to date from core and logs, demonstrates that the HRZ is comparable to other early-stage commercial unconventional plays. Prior to the closing of this transaction, equity in the aforementioned 17 North Slope ADLs is currently shared between Great Bear Petroleum Ventures II (89.2% WI + Op) and Borealis Alaska (10.8%).
88 Energy entered into an agreement with Great Bear Petr.(->20,1%, Borealis Alaska 10,8%) to acquire a 69,1% WI in 17 North Slope ADLs, adjacent to, and north of, the Central Play Fairway at Project Icewine.