3rd Mar 2020 12:10
(Alliance News) - 88 Energy Ltd on Tuesday said it has begun drilling at the Charlie-1 well in its Icewine oil project located in Alaska.
Shares in the company were 14% higher at 1.14 pence each in London on Tuesday midday.
Drilling began on Monday, 88 Energy noted. In October, the company said it eyed starting a drill programme at Charlie-1 in February, with flow testing expected to conclude in April.
Managing Director Dave Wall on Tuesday said: "The Charlie-1 well has been four years in the making for 88 Energy, beginning in 2016 when we first acquired 2D seismic over our Project Icewine acreage.
"A prospect of this calibre in a frontier region requires significant time and effort to come to fruition and we are optimistic that success is just around the corner."
By Eric Cunha; [email protected]
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