88 Energy on track ahead of drilling of Charlie-1

88 Energy updated the market on the upcoming drilling of the Charlie-1 appraisal well at Project Icewine, located on the Central North Slope in Alaska on Wednesday, reporting that ice road construction was now fully underway with around 25% of the base road now complete, and about 35% of the total route staked and pre-packed.

The AIM-traded firm said the permit to drill was submitted before the end of 2019, as planned, with approval expected towards the end of January.

It said that was the last major permit required prior to spud of the Charlie-1 well.

A more accurate forecast for the scheduled February spud and timing for the drilling, logging and testing programme would be announced in due course, the board said.

As per the farm-out agreement, initial cash calls had been receipted into the joint venture account, it added.

“The new year is off to a busy start for the Alaska operations team, with all activity progressing as planned,” said managing director Dave Wall.

At 0856 GMT, shares in 88 Energy were down 3.59% at 1.3p.