22nd Oct 2015 08:11
LONDON (Alliance News) - 88 Energy Ltd Thursday secured the permit that will allow the company to drill the Icewine-1 exploration well in Alaska.
The permit, awarded by the Alaska Oil and Gas Conservation Commission, was the last permit required before drilling operations could begin. 88 Energy is now carrying out its final inspections on the rig before drilling the first well "in the very near term," it said.
Managing Director Dave Wall said the timing of spud is now "a matter of hours away".
"The path to spud has been relatively smooth due to the outstanding effort and coordination of the Icewine team and the regulatory bodies in Alaska. There was a late scramble to rectify an outstanding item with the permit to drill; however, this has been resolved in a timely fashion and we would like to thank the Alaska Oil and Gas Conservation Commission for their prompt assistance," he added.
88 shares were up 6.0% to 0.774 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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