88 Energy confirms permit issued for Icewine #2

Shares in 88 Energy are up almost 6% after it confirmed the issue of a permit for drilling Icewine #2, meaning that all permits for the spud were now approved.

It said approval of the permit was granted by the Alaska Oil & Gas Conservation Commission on Thursday.

"The wellhead and its requisite components were delivered this week to Kenai, Alaska, with stack up and pressure testing now underway," said 88 Energy in a statement.

"Delivery of the wellhead to site is expected next week, at which time rig up of the Arctic Fox drilling rig will commence prior to spud."

88 Energy said spud was scheduled for week beginning 24 April. Stimulation and production testing remained on track for June/July 2017.

At 13:37 GMT, shares in AIM-traded 88 Energy were up 5.66% to 2.8p each.