88 Energy jumps after unveiling plans to apply for Alaska drilling permit

Shares in 88 Energy jumped on Monday, after the oil and gas explorer unveiled plans to apply for a drilling permit for the Icewine-1 well in Alaska this week.

The London-listed group said it was aiming to get drilling underway before the end of the week, after the award of the permit suffered delays following the Alaska Oil and Gas Conservation Commission’ decision to require additional information for the project.

However, 88 Energy, which had originally aimed to begin drilling the Icewine-1 well by mid-October, has now gathered all the necessary information and it plans to submit the request by 21 October at the latest.

"Assuming that the data is deemed adequate, the permit should be issued in a timely fashion and enable spud later in the week," it said in a statement.

88 Energy were up 8.99% to 0.725p at 1546 BST on Monday.