3rd Dec 2015 09:30
LONDON (Alliance News) - 88 Energy Ltd on Thursday said the initial hydrocarbon shows from drilling at the Icewine 1 well in Alaska have been encouraging, both for conventional and unconventional plays being targeted.
The hydrocarbon shows and elevated background gas shown in the drilling confirm the presence of an active working petroleum system across the Icewine project acreage, the company said.
The initial results underpin 88's strategy to target additional conventional stratigraphic and structural prospectivity at the project, it said.
88 Energy added the well remains within budget.
Shares in 88 were up 5.3% to 0.60 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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