19th Oct 2015 08:40
LONDON (Alliance News) - 88 Energy Ltd Monday said it plans to submit its application for a drill permit for the Icewine-1 well in Alaska this week which will hopefully allow it to start drilling before the end of the week after the company faced delays.
The award of a permit was delayed due to a request for additional information from the Alaska Oil and Gas Conservation Commission. On Monday, the company said it has gathered that information which will be submitted to the commission on Tuesday or Wednesday.
"Assuming that the data is deemed adequate, the permit should be issued in a timely fashion and enable spud later in the week," it said in a statement.
88 Energy had hoped to begin drilling Icewine-1 in mid-October, meaning it will only suffer a minor delay if it can start drilling this week.
88 Energy shares were up 3.8% to 0.690 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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