88 Energy extends bidding deadline for Icewine farm-out agreements

Alaska-focused oil and gas explorer 88 Energy now expects to finalise a farm-out agreement for its Icewine project in the first quarter of 2019 following requests to push out its self-imposed bidding deadline.

88 Energy stated there were "multiple high-quality parties" interested in partnering up, leading it to extend the original calendar year-end deadline into Q1 in order to maximise the number of bid-ready parties.

However, the AIM-listed firm noted that is longer-term schedule remained unchanged, with the drilling of multiple wells set to take place in the 2020 operating season.

Managing director Dave Wall said: "The first quarter of 2019 is shaping up to be an important period for the company."

"By shifting the self-imposed year-end deadline for the Icewine conventional farm-out, we are maximising the chances of achieving the best deal possible for our shareholders and we remain highly encouraged by the level of activity and the quality of the parties active in the dataroom."

As of 1030 GMT, 88 shares had ticked up 0.76% to 0.93p.