88 Energy (LON:88E) has hired drilling and project management specialist Erik Opstad to oversee operations at Project Icewine in Alaska.
Opstad takes the position of general manager of Alaskan operations, and he brings to the company several years of experience specific to the region.
88 Energy highlights that Opstad most recently worked for Savant Alaska where he negotiated the acquisition of the Badami field from BP and managed the operation through to the restart of production in 2010.
“Local experience cannot be underestimated, particularly when operating in a unique environment such as Alaska,” said Dave Wall, 88 Energy’s managing director.
“Erik brings a wealth of knowledge and experience plus a deep local network, which has already resulted in the identification of cost savings in the order of several million dollars.
“88 Energy and its shareholders are extremely fortunate to have secured the services of an individual of Erik's calibre."
Wall described Opstad’s appointment as a “crucial step forward” and told investors it is one of several key milestones expected over the coming weeks.
88 Energy shares advanced 9.5% on AIM this morning.