88 Energy secures all but one major permit at Alaskan asset
Exploration firm 88 Energy has been granted all but one major permit for its Winx-1 exploration drill on the North Slope of Alaska, with the group expecting to receive approval for its drilling permit in January 2019.
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88 Energy, which has a 36% earnings interest on the well, has begun preparations for ice road and pad construction at the site, also expected to begin in January, before spudding the well in February.
Managing director Dave Wall said: "Permitting and logistics for the drilling of Winx-1 are proceeding as planned or ahead of schedule."
"The well itself is shaping up to be one of the most anticipated of the season due to its exploratory nature and because it is testing the extension of a fairway that has already yielded over one billion barrels in discovered resource in the last four years."
As of 0950 GMT, 88 Energy shares had slipped 1.43% to 0.95p.