7+mill in cash Key Highlights: Picked up 99,360 acres onshore...

7+mill in cash

Key Highlights:

• Picked up 99,360 acres onshore Alaska with $3.6mn to be paid to complete acquisition in Q2.
• Tangiers is operator with 87.5 % working interest.
• Alaskan state offers 85% cash rebates on exploration expenditure.
• Plenty of peer activity with Great Bear drilling 3 wells in Q1/Q2 directly to the north of Tangiers. First well to be spud imminently.
• Independent Resource Report reveals 492 million barrels of recoverable oil potential (Gross mean unrisked). UNCONVENTIONAL
• Probability of geological success estimated at 41%
• Conventional oil potential to still be accessed.
• High equity interest gives ability to farm down.
• Name change to 88 Energy upcoming.
• Project Icewine orginated using the same methodology that instigated Conoco Philips (Paul Basinski Led) early mover position into the Eagle ford.