Edison issues research update on 88 Energy

RNS Number : 8993U

88 Energy Limited

03 August 2015

 

London, UK, 3 August 2015

Edison issues research update on 88 Energy

Amid growing industry activity in Alaska, 88 Energy has announced a clearly defined exploration programme for its core North Slope project, Icewine. In three phases to be completed by mid-2016, the group aims to drill two wells and undertake a significant 3D seismic survey to test the potentially liquids-rich shale horizon, HRZ. We believe the company is able to meet the capital commitments of this programme (significantly reduced due to Alaskan exploration rebates) from a mixture of bank debt and proceeds from the share placing (A$12m) announced in July.

Given the early-stage exploration at the group's Icewine acreage, we currently assign no value to the project. However, we believe the high level of corporate and exploration activity across the Alaskan North Slope is indicative of strong potential growth in value for 88 Energy's holding. In addition to the company's own exploration programme, we highlight neighbouring activity as catalysts for the stock; not least, Otto Energy joining Great Bear in its adjacent acreage, where there are plans to drill one exploration well in late 2015 and three wells in Q116 in acreage directly adjacent to Icewine.

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