88 Energy begins drilling operation at Icewine

Exploration group 88 Energy said on Friday that drilling operation at its Icewine 1 exploration well in Alaska have got underway.

The London-listed company said the well is set to be drilled to a total depth 11,600 feet and it will take approximately a month to complete.

"Spud at Icewine 1 is a momentous occasion for 88 Energy and its shareholders, without whose support the well would not have been funded,” said group managing director Dave Wall.

“Our thanks go to all the financial backers of the company as well as the team on the ground in Alaska, who have hit the top end of the curve in relation to timing of permit submissions.”

88 Energy shares were down 5.12% to 0.721p at 0830 BST on Friday.