Company History
88 Energy Ltd (formerly Tangiers Petroleum Ltd) is an exploration and production company focused on assets on the Central North Slope of Alaska with dual conventional and unconventional liquids-rich objectives.
88 Energy Ltd is an ASX listed company and is headquartered in in West Perth, WA.
The company was previously listed under TPT.ASX. Their partner is Burgandy X.
Pull Quote---
88 Energy operates the majority of the vast 475,000 acre Project Icewine, targeting oil on the world class North Slope of Alaska
Additional Background--
Alaska! With joint Venture partner Burgundy Xploration, two highly prospective play types have been identified one unconventional with 492 MMBO estimated prospective resource potential; and one Conventional with 4.0 BBO estimated remaining recoverable on the Central North Slope.
The project is strategically located on a year-round operational access road and only 35 miles south of Pump Station 1 where Prudhoe Bay feeds into the TransAlaska Pipeline System.
Project Icewine, Alaska---
Operator on majority of ~475,000 contiguous acres onshore Alaska in prolific oil-rich province with multiple objectives;
~ 301,000 acres net to 88 Energy;
63.4% Working Interest, 10 year leasehold, 16.5% royalty and strategically located in the heart of the play and close to infrastructure;
Unconventional primary objective in shale complex that sourced the 13 BN barrel Prudhoe Bay Oil Field – opportunity identified by first mover in the Eagle Ford;
Shallow secondary conventional objective is the hottest play on the North Slope with 88 Energy acreage offset by multiple recent discoveries;
Excellent fiscal terms with cash rebates on historical exploration expenditure.
Yukon Gold, Alaska (subject to formal award)---
Recent high bidder on additional 15,520 acres (100% 88 Energy);
Contains historic oil discovery, located nearby to recently commissioned infrastructure;
Low cost, opportunistic acquisition;
Internal assessment underway;
On February 26, 2015, Tangiers Petroleum's name was changed to 88 Energy Ltd.