88 Energy looks forward to February spud for Winx exploration well
The company is working towards its first conventional oil exploration well, slated for February
Company
LON:88E
88 Energy Ltd is a multi-listed oil and gas exploration and production company with a North American focus. The company has operator exploration and appraisal projects in onshore Alaska and non-operator exploration in onshore Namibia. It has been operating on the North Slope of Alaska since 2015, successfully drilling multiple exploration wells and acquiring extensive seismic data across a large acreage position.
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The company is working towards its first conventional oil exploration well, slated for February
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At the close, the FTSE 100 was down 71.93 points, or 1.1% at 6,773.24, just above the session low of 6,761.37 and well below the early high of 6,845.17.
Project updates, placings and the closing of acquisitions all featured in what was another busy week in the oil and gas sector.
The Winx exploration will be a key focus for 88 Energy and its investors in the coming months
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Cash from the fundraising is earmarked for 88 Energy’s share of drilling costs for the Winx-1 well, along with other exploration and corporate expenses
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With farm-out deals, desktop de-risking and a well planned over the coming months it is an increasingly busy time for 88 Energy's conventional exploration portfolio in Alaska
The UK's premier benchmark index finished over 76 points higher, or 1.09%, at 7,117
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It was another busy week in the small cap oil and gas sector
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A glance at some of the day's highlights from the Proactive Investors newswire
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The UK blue-chip index closed up 9.53 points at 7,035, while the more UK company focused FTSE 250 added over 100 points
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The funds raised have been earmarked for the potential production testing at Winx-1 exploration well and possible cost overruns associated with the drilling of Winx-1
The FTSE 100 closed strongly as it joined a global rebound off last weeks volatility, however the latest Budget did little to help matters along