Icewine Spud Pushed Back Due to Permit Delay

88 Energy Limited announced Monday that the spud of the Icewine #1 well, located onshore Alaska, has been pushed back due to a delay in the approval process for the final remaining permit required to commence drilling.

The remaining Permit to Drill was delayed due to a request for additional information from the Alaska Oil and Gas Conservation Commission. 88 Energy anticipates that this information can be obtained and incorporated into a modified Permit to Drill by October 19. Assuming no additional issues, the Permit to Drill would likely be approved that same week, allowing for spud of Icewine #1.

Managing Director of 88 Energy Limited, Dave Wall, commented in a company statement:

“Unfortunately, a seemingly inevitable left field issue has resulted in delay of spud. We appreciate that this is frustrating for shareholders at this late stage, however the company has the situation well in hand.”

An Oil Discharge Prevention and Contingency Plan (Spill Plan) was approved for the Icewine project on October 9. 88 Energy will hold a 78 percent interest in, and operatorship of, 98,182 acres onshore Alaska after the spud of the first well in the area. 


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