InvestSMART

Forte Energy Limited (ASX:FEL)

ALERT: Price-sensitive ASX Announcement for FEL
Current share price for FEL : $0.005 -0.002 (-28.57%)+
Announcement
Release
23 Mar 2026 11:17AM
Price at Release
$0.007
Full Release
download
Summary
Forte Energy Limited announced its successful bid for two highly prospective oil and gas leases in Alaska, adjacent to its existing Umiat oil field. The company secured 13,220 acres at a cost of US$27 per acre during the National Petroleum Reserve of Alaska (NPR-A) lease sale, which witnessed historic participation with 430 bids totaling US$250M. The leases are expected to host significant resources, backed by compelling seismic data indicating strong AVO anomalies. Forte plans to start technical studies promptly to fully explore these resources. This strategic acquisition is seen as a validation of the company's focus on energy security and expanding its domestic asset base in the US.
Key Points
  • Forte Energy is the highest bidder for two new Alaskan leases adjacent to Umiat oil field.
  • Bidding was at US$27 per acre for 13,220 acres.
  • 3D seismic data shows strong AVO anomalies over a 22 km2 area.
  • The region is considered to have high potential for significant resources.
  • Technical studies will commence immediately to delineate the prospective resources.
  • The lease sale was the most successful in NPR-A history with 430 bids and US$250M in total bids.
  • Major companies like Repsol/Shell, ConocoPhillips, and ExxonMobil also participated in the bidding.
  • Forte Energy's success aligns with its strategy focusing on energy security and domestic assets in the US.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.