(Alliance News) - Shares rose in 88 Energy Ltd on Wednesday as it reported progress in the farm-out process for its Icewine project in the US state of Alaska.
Shares in the oil company were 12% higher at 0.978 pence in London on Wednesday.
88 Energy said that the partner who will farm into Icewine has completed internal approvals including a sign off by the board. The farm out deal is now subject to the execution of closing documents, and other standard conditions, which are related to the transfer of working interests.
88 Energy didn't provide the name of the partner, saying additional details will be provided after signing.
The company also said that the well planning and permitting required for drilling in 2020 is now ramping up.
In October 2018, 88 Energy formally started the farm-out process for Icewine following the opening of the data room in July.
88 Energy (88E)