88 Energy - Project Icewine, Alaska:
In November 2014, 88 Energy entered into a binding agreement with Burgundy Xploration (BEX) to acquire a significant working interest in a large acreage position on a multiple objective, liquids rich exploration opportunity onshore Alaska, North America – Project Icewine.
In November 2015, the gross acreage position was expanded by 172,937 acres to 271,119 contiguous acres (210,250 acres net to the Company).
The Project is located on an all year operational access road with both conventional and unconventional oil potential. The primary term for the State leases is 10 years with no mandatory relinquishment and a low 16.5% royalty.
Corporate Strategy:
- The company's goal is to build a successful exploration and production company that delivers material benefits to its shareholders and contributes to the development of the regions in which it works.
- It aims to achieve this by targeting overlooked or emerging play types where its small team of experts can move quickly to capitalise on opportunities prior to larger industry players moving in.
- The opportunities the company will seek will be based on robust technical evaluation together with informed socio-political decisions and cultural sensitivity in business relationships.
Dave Wall, Managing Director, 88 Energy:
As a leading oil and gas equity analyst for the past six and a half years, Mr Wall brings extensive experience with junior oil and gas exploration companies. His skillset spans asset evaluation across many fiscal regimes / play types as well as corporate advisory / M&A and equity capital markets, having led >$300m in capital raisings.
Prior to his career as an analyst, Mr Wall managed a small team at Woodside Petroleum Ltd that reported to the Executive Committee. This team was responsible for vetting reports from all departments within the business, prior to Board submission, including exploration, development, operations, commercial and M&A. The team was also responsible for generating the annual budget and providing significant input into the Five Year Plan and the Company Strategic Plan. By virtue of these experiences, Mr Wall brings strong commercial and strategic skills as well as generalist knowledge across all levels of the oil and gas industry. This is complemented by financial markets experience focussed on junior exploration companies. Mr Wall holds a Bachelor of Commerce from the University of Western Australia, majoring in Management and Finance.
Source: http://88energy.com/about-us/directors-management/
Paul Basinski, Dounder & CEO, Burgundy Xploration:
Entrepreneurial, bottom-line oriented geoscientist with diverse senior management, exploration, & development experience. Billion barrel oil finder & globally recognized technical expert focused on compelling unconventional & transconventional resource value creation. Tier One record initiating, energizing, & actioning integrated multidisciplinary business units with innovative RESULTS visualization & dynamic leadership practices, consistently achieving Tier One financial returns.
Paul has 35 years in E&P, with 25+ years unconventional resources, working 100+ resource plays in 50+ basins worldwide. He holds a BA-Geology, SUNY-Buffalo; MS-Geology, University of Nevada, Reno; & professional geoscience registrations from AAPG, TX, WY, & UT, and is generally clueless as to what day it is!
Lastly, Paul’s been married to the finest lady for 33 years, has two terriers that run the universe, is an off-the-wall wine nut with THE best mates imaginable & doesn’t fly fish nearly enough.
Stephen Staley, Non-Executive Director, 88 Energy:
Dr Stephen Staley ( Non-Executive Director, appointed 9 April 2014). Dr Staley has 30 years’ of management and technical experience in the European, African and Asian oil, gas and power sectors, including with Conoco and BP.
More recently Dr Staley was founding Managing Director of upstream start-ups Fastnet Oil & Gas plc and Independent Resources plc and a Non-Executive Director of Cove Energy plc. He is a Fellow of the Geological Society, holds a BSc (Hons.) in Geophysics from Edinburgh University, a PhD in Petroleum Geology from Sheffield University and an MBA from Warwick University.
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