88 Energy jumps on strong results from nearby project

88 Energy shares climbed strongly on Thursday morning after the Repsol/Armstrong joint venture, which is just 50 miles from the firm's Icewine project, announced that it has achieved results that are well above expectations.

The flow rates, large areal extent, reservoir quality and oil gravity all point towards what are likely to be large to very large commercial discoveries, the exploration company said.

Its managing director, Dave Wall, said: "Whilst the Icewine #1 exploration well is initially targeting the world class unconventional oil potential at Project Icewine, the results by Repsol / Armstrong provide an example of the scale of additional potential that may be unlocked in conventional plays once we acquire 3D seismic."