26th Aug 2015 08:16
LONDON (Alliance News) - 88 Energy Ltd on Wednesday said the transfer of the title for the Icewine exploration project in Alaska has been completed.
88 Energy now holds an 87.5% stake over 69 leases in the project area, having acquired the stake in the project from Burgundy Xploration LLC. The stake will be held by 88 Energy's Accumulate Energy Alaska Inc subsidiary.
"The milestones prior to spud of the Icewine #1 exploration well are starting to fall into place in quick succession, and we look forward to updating shareholders on further progress in the coming days and weeks," said Dave Wall, 88 Energy's managing director.
The news follows 88 Energy's announcement on Monday that it has secured a USD50 million credit facility with Bank of America to back the work at Icewine.
Shares in 88 Energy were up 4.8% to 0.550 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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