88 Energy issues positive update on Icewine 1 Alaska well

Exploration group 88 Energy said on Tuesday that its Icewine 1 well in Alaska was drilled to its target depth, meeting all primary unconventional drilling objectives.

In addition, the company noted solid conventional finds and said oil, heavy gas ans shale gas shows were recorded in the drill.

88 Energy also reported good results on the conventional oil and gas resources and said a detailed petrophysical log interpretation is underway.

It said the reservoir quality in the Kuparak sand interval was substantially higher than anticipated, which is “extremely positive for deeper conventional prospectivity” on the Project Icewine acreage.

Managing director Dave Wall said: "We look forward to providing more insights into the potential of both the unconventional and conventional prospectivity at Project Icewine over the coming weeks as well as updating investors on the forward programme.”

At 0830 GMT, shares were up 17.2% to 0.46p.