88 Energy Limited (ASX:88E, AIM:88E) has executed a rig contract with Kuukpik Drilling for the drilling in October of the Icewine-1 exploration well in Alaska.
Icewine-1 will test the significant liquids rich HRZ shale. Success will de-risk the shale play for further drilling.
The Icewine project has risked mean prospective oil resources of 175.3 million barrels net to the company.
In July, the company raised $12 million through an oversubscribed placement of shares priced at $0.01 each to domestic and international institutional and sophisticated investors
88 Energy has also executed an agreement with Bank of America in respect of funding the Icewine Project to US$50 million.
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