88E potential take over revealed

$11BN Energy Giant Moves Sets up Shop Near 88E in Alaska: M&A Activity Sparked?

Catalyst Hunter03/11/201788E - 88 ENERGY

As the oil price increasingly starts to show stronger signs of recovery, $11BN giant Oil Search (ASX: Oil Search) made a significant play this week when it moved to acquire world class oil assets in the prolific Alaskan North Slope – just the region 88 Energy (LON | ASX: 88E) has been exploring recently.
Oil Search is paying US$400 million in cash to private company Armstrong Energy LLC for a stake in a Tier 1 oil field under appraisal, along with some exploration upside.
Assets include a 25.5% interest in the Pikka Unit and adjacent exploration acreage and a 37.5% interest in the Horseshoe Block, which gives Oil Search a 37.5% exposure to the Hue shale – a shale layer that may be familiar to 88E investors.

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