Why should 88E investors care about the Oil Search acquisition?
There are a couple of points to note for 88E investors in relation to Oil Search’s acquisition:
Given 88E has a target of 1.0 – 2.6 billion barrels (gross mean prospective recoverable) on the HRZ unconventional play, and a further 1.5 billion barrels combined on the conventional leads – the see through value is significant here if 88E can prove up something of magnitude. It also speaks to the level of interest in Alaskan oil opportunities by the majors.
- The acquisition price – $US1.3 – US$3.1 per barrel
When looking at the map and where 88E’s Project Icewine sits, the acreage Armstrong is retaining appears to head toward the western part of Icewine.
- Armstrong is holding onto its exploration ground in a trend moving south.
Why did Armstrong elect to retain that part of its acreage? Perhaps some upside is in it for them?
88E’s primary target is the HRZ Liquids Rich play – the HRZ is the lower member of the HUE shale.
- Oil Search has taken 37.5% of the Hue Shale
With Oil Search prepared to stump up some serious cash for a slice of the HUE Shale, it only gives added weight to the credibility of 88E’s ambitions on the HRZ.
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