88 Energy (LON:88E) ended the quarter to September with net cash reserves of A$9.3 million (around £4.3mln), it told investors today, as it updated on a busy period.
Post-period, the firm on October 22 kicked off drilling at the hotly anticipated Icewine Number 1 exploration well in Alaska, which is mainly targeting the HRZ shale formation and a huge unconventional resource.
Exploration and evaluation expenditure for the three months was A$1.303mln, related to pre drill costs for the well, while the net cash received by the company was A$8.128mln in the period.
Milestones expected in the current quarter are the completion of drilling at the Icewine No.1 well and initial evaluation.
Also, the start of Stage 1 laboratory evaluation of core and samples.