document: Premier's 60% farmin to Icewine Area A is now a done deal, made in exchange for paying full costs (up to USD 23 MM) of an appraisal on the 1991 Malguk-1 light oil well (Central North Slope), designated Charlie-1 and due to spuds in Feb â20 (the DNR has just approved the plan of ops). Premier also has the option to obtain 50% in Areas B + C for USD 15 million if Charlie-1 were successful. 88 Energy (op) retains 30%, partnered by Burgundy Xploration.
summary: Premier's 60% farmin to Icewine Area A is now a done deal, made in exchange for paying full costs (up to USD 23 MM) of an appraisal on the 1991 Malguk-1 light oil well (Central North Slope), designated Charlie-1 and due to spuds in Feb â20 (the DNR has just approved the plan of ops). Premier also has the option to obtain 50% in Areas B + C for USD 15 million if Charlie-1 were successful. 88 Energy (op) retains 30%, partnered by Burgundy Xploration.