As of 21 May 2020, 88 Energy is again looking for a partner to fund additional drilling in the company's Icewine project area on the North Slope of Alaska. Premier Oil announced on 7 April 2020 that it plans to exit the Icewine Area A joint venture once regulatory approvals have been received. The move came on the heels of 88 Energy's announcement that the Charlie 1 well (API 502232003300) in state lease ADL 393380 (Sec 21, T4NR9E, Umiat Meridian) discovered gas condensate in the Torok formation. The well was drilled in Icewine Area A.  88 Energy owns 25 â 76% working interest across the full Icewine area, covering over 226,000 net ac (915 net sq km). Based on previous work, the company believes that a location about 6 mi (9 km) to the northwest of Charlie-1 is more prospective for oil accumulation. This was the company's preferred location for an exploration well prior to the farmout to Premier  Background Information  In a 23 August 2019 press release, 88 Energy announced it had concluded a farmout agreement with Premier Oil. Under the terms of the agreement, Premier will fully fund Charlie 1 up to USD 23 million in return for acquiring a 60% in Icewine Area A. Accumulate will retain 30% working interest with the remaining 10% held by Burgundy Xploration. At the conclusion of the work program, Premier will have the option to assume operatorship of Icewine Area A. The company will have the additional option to obtain 50% working interest in Areas B and C for USD 15 million if the well is successful.
United States (North Slope B.) NS-0291B op. by PREMIER (60%), 88 ENERGY (30%), BURGUNDY X (10%) 88 Energy is again looking for a partner to fund additional drilling in the company's Icewine project area on the North Slope of Alaska. Premier Oil announced on 7 April 2020 that it plans to exit the Icewine Area A joint venture once regulatory approvals have been received. 