88 Energy completes Moroccan project exit

88 Energy has confirmed it has officially exited its Moroccan project.

The London-listed company said it had been notified from the Moroccan Minister for Energy and Minister for Finance that its interest in the Tarfaya offshore block had been formally transferred to sector peer Galp.

"This formally concludes the Moroccan chapter of the company's history and allows 88 Energy and its shareholders to firmly focus on our world class exploration asset onshore Alaska,” said group managing director Dave Wall.

“It also completely removes a financial risk for the company's shareholders that, whilst always a very low probability, is now behind us."

The confirmation removes a potential $3.4m liability to 88’s subsidiary DVM International, the group said, adding it was now focussed on an exploration venture in Alaska.

88 Energy closed down 1.64% to 0.738p on Friday.