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88 Energy mourns passing of JV partner
AIM-quoted exploration and production company 88 Energy broke the news of the death of Paul Basinski, the founder of Burgundy Xploration, its joint-venture partner, due to "unexpected complications resulting from a heart transplant operation."
Basinski, who was the founder and chief executive of Burgundy, 88 Energy's partner in Project Icewine, was also the concept generator for the HRZ unconventional play, which the two firms vowed to continue to pursue.
"His contribution to the geoscience-related to the HRZ play has been invaluable and he has left the Joint Venture in a strong position to advance the project to the next stage," the group said on Thursday.
88 Energy highlighted Basinski's status in the oil and gas industry, where he was "highly regarded" for his work in unconventional oil and gas exploration, and the significant contribution he had made to the industry over many years, including his role in early identification of the potential of the Eagle Ford shale in Texas.
"If it's possible to put the discovery of Eagle Ford down to one person then that person is Paul Basinski," one mourner posted on social media.
88 Energy's managing director, Dave Wall, said, "The loss that we are all feeling is impossible to put into words. Paul was a larger than life character who I am proud to say was not just a JV partner but also a friend."
"We will continue to pursue the HRZ play that Paul was instrumental in generating for us, as he would have desired," he concluded.
As of 0950 BST, shares had lost 1.65% to 1.84p.