22nd January 2021
This announcement contains inside information
88 Energy Limited
Operations Update
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM:88E) provides the following update related to its operations in the NPR-A region of the North Slope of Alaska.
88 Energy is currently seeking clarification on a recently announced 60 day suspension of authority for Department Bureaus and Offices in relation to the issuance of new drilling permits on Federal land, amongst other things, by the US Department of the Interior. Of note, the authority for approvals has not been completely withdrawn but has been delegated to various higher positions within the government. The signed order can be found here:
https://www.doi.gov/sites/doi.gov/files/elips/documents/so-3395-signed.pdf
88 Energy submitted its permit to drill application on the 12th January 2021 with approval expected within the standard 30 day timeframe i.e. on 12th February 2021.
88 Energy is in close communication with the Bureau of Land Management ("BLM") as they determine how the 60 day suspension will be interpreted and implemented. The BLM has indicated that it will continue to process the permit to drill in anticipation of receiving a signature on or before 12th February. There is cause for optimism due to the advanced nature of the existing operations (which is one of the carve outs for the suspension).
Immediate steps were taken to minimise expenditure until the situation becomes more clear.
Managing Director, Dave Wall, commented: "At this time it is uncertain whether this will have an impact on operations. We anticipate being able to get clarity on the situation within the next week.
We have a strong case to be granted the permit given the many permits that have already been granted as well as our considerable, and ongoing, operations in the field."
The Company's securities have been placed in a trading halt on ASX pending clarification of the above.
Media and Investor Relations:
88 Energy Ltd
Dave Wall, Managing Director Tel: +61 8 9485 0990
Email: admin@88energy.com
Finlay Thomson, Investor Relations Tel: +44 7976 248471
EurozHartleys Ltd
Dale Bryan Tel: + 61 8 9268 2829
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald / Derrick Lee
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