88 Energy Limited (ASX:88E) agreed to acquire the remaining 50% stake in Project Peregrine in Alaska from Alaska Peregrine Development Company, LLC for $20.8 million on June 7, 2021. As part of the consideration, 88 Energy Limited will pay $14 million in form new shares in several tranches and subject to a final reconciliation mechanism, 1.5% overriding royalty interest on future production from the Project Peregrine licenses, $10 million cash payment on the achievement of gross 2P reserves of 100 million barrels within 36 months, cash payments of $2.5 million per 50 million barrels on the achievement of gross 2P reserves added over 100 million barrels within 36 months (capped at 5 additional cash payments) and 10% of the gross sale proceeds in respect of an assignment of greater than 49% of Project Peregrine within 24 months, excluding a bona fide farm-out. As of June 7, 2021, 88 Energy has issued 235.45 million fully paid up ordinary shares as initial payment for the acquisition. As on June 22, 2021, 88 Energy has a 100% working interest in the project, post completion of the acquisition of Alaska Peregrine Development Company, LLC 50% interest in the project. As of July 1, 2021, 88 Energy has issued 203.63 million fully paid up ordinary shares as second tranche payment for the acquisition. Alaska Peregrine Development Company, LLC will remain liable for all outstanding cash calls in relation to Merlin-1, and will have contributed a total of $20 million towards the project at completion. As of July 6, 2021, 88 Energy Limited issued 152.14 million fully paid shares at a deemed issue price of AUD 0.035 per share. As of July 15, 2021, the final total number of shares issued to APDC was 633,457,196. 88 Energy Limited (ASX:88E) completed the acquisition of remaining 50% stake in Project Peregrine in Alaska from Alaska Peregrine Development Company, LLC on July 15, 2021.