88 Energy begins drilling Charlie-1 appraisal well

88 Energy Limited (DI)

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88 Energy updated the market in operations for the currently-drilling Charlie-1 appraisal well, on the North Slope of Alaska on Tuesday.

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The AIM-traded firm confirmed that drilling of the Charlie-1 appraisal well had now begun, as of 0600 on 2 March, Alaska time.

“The Charlie-1 well has been four years in the making for 88 Energy, beginning in 2016 when we first acquired 2D seismic over our Project Icewine acreage,” said managing director Dave Wall.

“Since that time, the company has reprocessed legacy 2D seismic [in] 2017, undertaken a targeted acreage expansion and then shot modern 3D seismic [in] 2018, before farming down [in] 2019.

“A prospect of this calibre in a frontier region requires significant time and effort to come to fruition and we are optimistic that success is just around the corner.”

At 1532 GMT, shares in 88 Energy were up 13.49% at 1.13p.