Alaskan authorities have awarded 88 Energy the entire 10,291-square-kilometre Project Leonis lease area, south of the giant Prudhoe Bay oil field and north of its existing Phoenix operation and Hickory-1 well.
88 Energy reports that the Alaskan Department of Natural Resources (DNR), Oil and Gas Division, has completed its adjudication process and formally issued award notices to Captivate Energy Alaska, Inc. (a wholly-owned subsidiary of the Company) covering the entire Project Leonis lease area.
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While other oil majors have left Alaska due to high capital costs and regulatory hurdles, one U.S. oil firm is pushing ahead with oil development in the state, betting on a new project that could pump crude for decades.
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While other oil majors have left Alaska due to high capital costs and regulatory hurdles, one U.S. oil firm is pushing ahead with oil development in the state, betting on a new project that could pump crude for decades