Oil Search (ASX:OSH) has exercised its right to acquire a 50 per cent interest in, and operatorship of, 120 leases covering a large area in the eastern area of the Alaska North Slope.
These leases were successfully bid on by Lagniappe Alaska LLC, which is 100 per cent controlled by Armstrong, in the November 2018 State lease sales.
Oil Search will pay approximately US$8 million for the leases.
The eight-year term of the leases will allow a thorough evaluation to occur prior to committing to drill.
Shares in Oil Search (ASX:OSH) are trading 1.96 per cent higher at $7.79.