IN BRIEF: 88 Energy sells Texas asset to focus on Alaska and Namibia
88 Energy Ltd - oil exploration in Namibia and US state of Alaska - Sells its 75% working interest in Project Longhorn to its operator, Lonestar I LLC, for $3.3 million. The effective date of the deal is July 1. Longhorn is a producing oil and gas project in the Permian Basin in the US state of Texas. 88 Energy says the funds will be redeployed into its core exploration assets in Alaska and Namibia. The money will be used for near-term exploration and appraisal activity at Project Leonis and Project Phoenix, both onshore in northern Alaska, and early-stage exploration of the PEL 93 license in the Owambo Basin, onshore Namibia.
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12-month change: down 55%
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