Alaska oil explorer 88 Energy (LON:88E) has drawn on its loan with Bank of America having met all of the facility’s conditions.
BoA is putting up US$50mln and with US$12mln raised from a share issue, 88 is gearing up to drill Icewine-1, its first well on its acreage on Alaska’s North Slope.
The company added that mobilisation of the Kuukpik Rig 5 is complete and rig assembly has commenced ahead of the 15 October spud date.
88 added it may also lease data from a 3D seismic shoot currently being finalised across the Project Icewine leasehold.
The non-exclusive 3D seismic program has been commissioned by Alaska Seismic Ventures and is being acquired by SAE Exploration to capitalise on the heightened exploration interest in the North Slope.
The 3D seismic has been acquired during the "Summer off season", when access to the tundra is traditionally restricted, by using heli portable rigs and dynamite and might be key to maturing conventional prospectivity on Project Icewine acreage ahead of additional seismic acquisition, originally planned for winter 2016.
The two final permits to start drilling are expected to be awarded within days, the company added.
Dave Wall, managing director, said: "Encouragingly, the North Slope continues to attract investment dollars despite the low oil price environment as evidenced by the farm-in on adjacent acreage and the speculative 3D seismic acquisition over Project Icewine.
“Now that Shell has withdrawn from offshore in the Chukchi Sea we expect continued and increased focus on the North Slope, which is the most accessible and prospective region in the State of Alaska.”