27th Dec 2019 09:12
(Alliance News) - 88 Energy Ltd on Friday said it intends to commence the production of the ice road from Dalton highway to project Icewine - ocated on the Central North Slope, Alaska - prior to the end of 2019.
The stock was trading 3.4% higher in London on Friday morning at 1.11 pence a share.
The AIM-listed exploration and production company said the Nordic rig 3 will exit the Dalton highway 20 miles south of Deadhorse before it begins its 30-mile journey on an ice road to the Charlie-1 appraisal well, which is a part of Icewine.
88 Energy also confirmed that everything is proceeding as planned ahead of the scheduled February 2020 spud date.
"It has been a successful year for the company, having matured part of the conventional potential at project Icewine to the point of a farm-out that makes a lot of sense for our shareholders," said Managing Director Dave Wall.
"We are now on the cusp of drilling a potentially transformational well, Charlie-1, in the first quarter of 2020 and are looking forward to a safe and successful operation," added Wall.
By Evelina Grecenko; [email protected]
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