88 Energy share price takes off on update from Alaska

88 Energy Share Price

The 88 Energy share price is flying on Wednesday as the oil company provided a field update. At the time of writing, the 88 Energy share price has added 18.49%, bringing its value to 2.87p. The move caps an outstanding week or so for the AIM-listed company, which made gains following the announcement of a new Non-Executive Chairman. Over the past five trading days, the 88 Energy share price is up 45.56%. Investors will be hoping the recent news is a sign of things to come.

Umiat Oil Field

The 88 Energy share price is ripping after the company provided an update on its Umiat oil field in Alaska, USA.

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88 Energy has received a two-year extension for its obligation at the Umiat oil field, ending in August 2023, as the company continues to deepen its understanding of the land.

The oil company is going over its vast collection of data, in addition to findings from the Merlin-1 well, from the adjacent Project Peregrine permit.

88 Energy said that deferral allows for optimisation of a full field development plan, including evaluation of potential synergies with Project Peregrine plans.

Studies underway to review historical Umiat oil field development plans have also identified potential cost savings on planned development CAPEX.

Integrating the Linc/Malamute interpretation has provided a better understanding of the Peregrine reservoir geometries to the north as well as enriching our petrophysical database with additional well control (Umiat-8 and Umiat-23H), the company said in a statement today.

Philip Byrne

88 Energy announced on Monday that Philip Byrne has been appointed as Non-Executive Chairman and to the board of the oil exploration company.

Byrne will replace Michael Evans, who retired after seven years in the role. 

The new 88 Energy Non-Executive Chairman, Phil Byrne, commented: “I am delighted to be joining the 88 Energy team at this exciting time. The Company’s suite of world-class acreage on the North Slope of Alaska offers huge potential for shareholder value in my eyes. I look forward to assisting the management team in the drive to unlock this value through our appraisal and exploration activities over coming seasons.”

Byrne is a petroleum geologist with over 40 years’ experience in the international oil and gas industry.

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