88 Energy (LON:88E) updated on the ownership transfer for its project Icewine in Alaska, saying the process from now on was transparent and straightforward.
"... all executed assignment documents have now been submitted to the State for processing. The company is in regular contact with the State regarding transfer of working interest with no issues having been identified to date and none expected," said Dave Wall, managing director.
The firm first struck an agreement on the project in November last year, acquiring an initial 87.5% working interest and operatorship in 98,182 acres onshore.
It aims to start drilling a first well on the second half of this year.
With joint venture partner Burgundy Xploration, it has identified two highly prospective play types - one conventional and one unconventional.
"The company plans to progress drilling and seismic in the near term to take advantage of the globally unique fiscal system in Alaska, which allows for up to 85% of CY2015 exploration expenditure to be rebated in cash," it said.