12th Oct 2015 09:37
LONDON (Alliance News) - 88 Energy Ltd on Monday said the oil discharge prevention and contingency plan for its Icewine 1 well was approved last Friday, but the permit to drill has been delayed.
The permit to drill is the final remaining permit before the Icewine 1 well can spud, but has been delayed due to a request for additional information from the Alaska Oil and Gas Conservation Commission, 88 Energy said.
88 Energy added that it anticipates the information can be obtained and incorporated into a modified permit by October 19. Assuming no additional issues, it would then likely be approved the same week, allowing for spudding of the Icewine 1 well.
"Unfortunately, a seemingly inevitable left-field issue has resulted in delay of spud. We appreciate that this is frustrating for shareholders at this late stage; however, the company has the situation well in hand," Managing Director Dave Wall said in a statement.
Shares in 88 Energy were trading down 3.6% at 0.578 pence Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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