88E....TA, page-100

The form award of additional 174k acres, just need to go through regulatory procedures, don't have real risk to lose, imo.

LSE, is currently trading within range of 3.4 - 3.7p, so it's pretty good as broad market is going down over 1% ATM.

88E, is likely to hold up next week, there will be sell-off upon the release of IRR, but depends on how "good" size of the resource.
The flow rate will be determining point to prove the resource, imo.


"Additional 174,000 Gross Acres
Acquired 100% owned subsidiary of 88 Energy, Accumulate Energy Alaska Inc, in conjunction with Joint Venture Partner, Burgundy Xploration LLC (88 Energy 78%, Burgundy 22%), was confirmed as the high bidder on 174,240 acres on November 18th (Alaska time) at the North Slope Areawide Bid Sale. The Joint Venture has contributed a non-refundable 20% downpayment of US$947,000 to secure the rights to the acreage. As per the previous bid round in 2014, finalisation of the acquisition is subject to formal award and payment of the remainder of the bid (80%) plus US$10 per acre rentals (~US$5.5m in total). The acres are contiguous to the current JV position at Project Icewine (see diagram below)."