No we should move a lot higher than X4 possible X100. We gonna hit double JACKPOT here. Most People are NOT YET aware of UNIAT OIL FIELD Purchased. 88 Energy, its wholly owned subsidiary Emerald House LLC,Emerald House LLC, a new player to Alaska, secured 10 of the leases; ConocoPhillips picked up five and Anchorage-based Nordaq Energy Inc. won one. This is their next project they planned to drill on second quarter 2021 which is around on April.
Umiat Oil Field Purchase
On 8th January, 88 Energy, via its wholly owned subsidiary Emerald House LLC, entered into a Sale and Purchase Agreement with Malamute Energy, Inc and Renaissance Umiat LLC (Sellers) to acquire the Umiat Oil Field. The consideration for the purchase was a 4% ORRI and assumption of the liability for the abandonment of the Umiat-18 and Umiat-23H wells, drilled by Linc Energy in 2013/2014.
The Umiat-23H well was flow tested at a sustained rate of 200 barrels per day with no water in 2014 by Linc Energy (max rate 800 barrels of oil per day) Gross 2P reserves independently estimated at 123.7 million barrels of oil (94 million barrels attributable to 88E’s 76% net revenue interest) by Ryder Scott on 1 December 2015
The Umiat Oil Field is covered by two leases comprising 17,633 acres, which are in a unit that was formed in September 2019 with an initial 10 year term.
