5th Oct 2015 10:33
LONDON (Alliance News) - 88 Energy Ltd said Monday the Kuukpik Rig 5 has been mobilised and the rig assembled ahead of its planned spud date of next Thursday for the Icewine #1 exploration well in Alaska.
The final two key permits required prior to spudding remain on track for completion, the company said. A 3D seismic shoot is currently being finalised in the vicinity of and across the Project Icewine leasehold.
Additionally, it has completed the first drawdown of its credit facility with Bank of America.
"Now that Shell has withdrawn from offshore in the Chukchi Sea, we expect continued and increased focus on the North Slope, which is the most accessible and prospective region in the state of Alaska," said Managing Director Dave Wall in a statement.
"88E continues to forge ahead towards the imminent spud of the high impact Icewine #1 well with mobilisation of the Kuukpik 5 rig and other equipment on schedule along with the final permitting effort," Wall added.
88 Energy was up 9.6% at 0.630 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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