88 Energy’s Arctic Fox drill rig completes mobilisation to appraisal well

88 Energy’s Arctic Fox drilling rig in the North Slope of Alaska has completed mobilisation to the oil and gas explorer's appraisal well.

The rig is now at the Franklin Bluffs gravel pad, where the Icewine#2 project’s appraisal well is located.

The AIM-listed company said that a conductor has been set and installation of the cellar is currently underway.

Final permit approval and delivery of additional equipment to spud the well is on schedule for an April spud.

A stimulation and flow test of the onshore areas hosts, known as HRZ Shale is expected to start in either June or July.

Managing Director Dave Wall said: "The Arctic Fox is now on location at Franklin Bluffs and ready to rig up ahead of expected spud in April. All items required to commence drilling in the near-term remain on schedule.

“We are now entering an exciting phase of evaluation at project Icewine as we seek to establish the production potential of the HRZ shale."

Shares in 88 Energy were up 2.86% to 2.52p at 1013 GMT.