Due to multiple requests from shareholders in regards to the process regarding transfer of Title for Project Icewine, 88 Energy Limited is pleased to provide the following clarification. The sequence of events is described below:
The initial lease, ADL392301, was assigned to Accumulate Energy Alaska prior to the remainder of the leases in order to facilitate the bonding and permitting requirements related to the Icewine #1 exploration well. All the remaining lease documents have now been submitted to the State of Alaska, which must complete a due diligence process on 88 Energy in order to process the assignments. Given 88 Energy is a company in good standing no issues are anticipated with this process, which is largely administrative in nature.
Managing Director of 88 Energy Ltd, Dave Wall commented: 'The process from here is transparent and straightforward and all executed assignment documents have now been submitted to the State for processing. The Company is in regular contact with the State regarding transfer of working interest with no issues having been identified to date and none expected.'