This drilling program is targeting existing proven geological play types, which if successful have the potential to yield significant recoverable resources.
In addition, Borealis has an option to acquire an interest in a further 22,804 acres for a purchase price of US$25 million. This acreage includes a very recently drilled exploration well by Great Bear in early 2015 (Alkaid-1) and numerous exploration prospects (including the Phecda prospect).
Otto's Managing Director, Matthew Allen said,'Otto is very pleased that we have been able to accelerate our investment in the partnership with Great Bear. The Alaskan North Slope is one of the world's most prolific oil and gas exploration and production areas. With the ability to participate in multiple appraisal and exploration wells in the coming year, this acquisition positions Otto with significant exposure to the highly prospective and proven Alaskan North Slope.'