Oil patch insider: 'Significant' interest in Alaska booth at NAPE, says Crowther
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Kay Cashman Petroleum News
The Alaska Division of Oil and Gas saw "significant interest in our booth at NAPE (formerly the North American Prospect Expo) Summit" in Houston, Texas earlier this month "where we highlighted the breadth of development and exploration opportunities in Alaska," Alaska Department of Natural Resources Deputy Commissioner John Crowther told Petroleum News on Feb. 18.
"There was a great deal of enthusiasm and awareness of major developments such as Willow and Pikka, questions about additional exploration opportunities, and excitement about what changing federal restrictions and the improving business environment will mean for Alaska," Crowther said.
"This involved hundreds of conversations with conference goers, and visits from a variety of company representatives looking at opportunities in Alaska. The Division was very encouraged by the conversations," he said.
88 Energy farm-out deal In mid-February 88 Energy Limited said it has entered into binding terms for a farm-out participation agreement with Burgundy Xploration LLC to fully fund up to US$39 million in a Project Phoenix horizontal test well currently scheduled for the first half of calendar year 2026.
Under the agreement, 88 Energy's wholly owned subsidiary Accumulate Energy Alaska Inc. will be provided with a full carry for costs associated with the horizontal well program, including an extended flow test.
In exchange Burgundy will earn an additional 50% working interest in Project Phoenix on Alaska's North Slope from 88 Energy.
Upon completion of the participation agreement, Burgundy will assume the role of operator, allowing 88 Energy to focus on the advancement and de-risking of Project Leonis, also on the North Slope.
--Oil Patch Insider is compiled by Kay Cashman
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