27th Nov 2019 14:38
(Alliance News) - 88 Energy Ltd on Wednesday said final agreements have been executed for its project Icewine farm-out agreement with Premier Oil PLC and Burgundy Xploration LLC and it plans to spud the Charlie-1 well in February 2020.
All conditions for the farm-out deal, which was signed in August 2019, have been satisfied and final agreements were executed on Tuesday this week. Premier signed an agreement with 88 Energy and Burgundy in August to farm-in for a 60% interest in area A of Icewine in the US state of Alaska.
Moreover, the Alaska Department of Natural Resources has approved a plan of operation for the Charlie-1 appraisal well at Icewine, a key major permit needed to start drilling, 88 Energy said. The last major permit is to be submitted in December and approval is expected in January before the scheduled February spud.
Shares in 88 Energy were down 0.5% at 1.02 pence in London on Wednesday. Premier Oil shares were up 0.6% at 89.56p.
By Anna Farley; [email protected]
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