88 Energy (LON:88E) gained in early deals after it revealed it had now received the final remaining permit for the upcoming Project Icewine well, onshore Alaska.
The permit to drill has now been approved by the Alaska Oil and Gas Conservation Commission, it said.
It is expected the well will now spud in the “very near term” following final inspection of the drilling rig.
"The path to spud has been relatively smooth due to the outstanding effort and coordination of the Icewine Team and the regulatory bodies in Alaska,” said managing director Dave Wall.
“There was a late scramble to rectify an outstanding item with the Permit to Drill; however, this has been resolved in a timely fashion and we would like to thank the AOGCC for their prompt assistance.
“Timing of spud is now a matter of hours away and marks the start of the next leg of the Project Icewine journey."
On AIM, 88 Energy shares advanced around 5.5% in early deals to trade at 0.78p each.