88 Energy surges on Alaska project update

Shares in 88 Energy surged over 8% early on Thursday, after the oil and gas explorer clinched a rig contract for its Alaska project.

The London-listed company said the deal will see the first well at Project Icewine on Alaska’s North Slope drilled by the Kuukpik Rig 5, which has been previously used at remote drilling locations in all areas of the Alaskan arctic.

"With the spud date for Icewine #1 fast approaching, it is great to have finalised a rig contract with Kuukpik,” said managing director Dave Wall.

“We are now fully funded, with a rig. The last of the permits required are also falling into place such that spud of the well remains on track for mid-October.”

88 Energy shares were up 9.66% to 0.636p at 1014 BST on Thursday.