Oil group 88 Energy (LON:88E) has rubber-stamped the acquisition of its Icewine exploration project in Alaska.
88 Energy said it had completed the acquisition process and now held an 87.5% stake in 69 leases in the area through its subsidiary Accumulate Energy Alaska.
The company’s stake in the project, acquired from Burgundy Xploration, will reduce to 78% after the spudding of the first well.
Managing director Dave Wall said: “The milestones prior to spud of the Icewine #1 exploration well are starting to fall into place in quick succession and we look forward to updating shareholders on further progress in the coming days and weeks.
“As one of the few junior oil and gas companies with significant near-term exploration activity and with funding in place, we believe the foundation is now set for what should prove to be a high-impact six to nine months.”
Shares rose 4.76% to 0.55p.