88 Energy Ltd (LON:88E) shares moved higher in Wednesday’s early deals as the Alaska oil explorer secured a permit to drill the Winx-1 well.
Drilling is slated to start by mid-February, the company confirmed.
Presently, operations are focused on the construction of an ice road to the intended well site and subsequently rig mobilization is anticipated in early February.
READ: 88 Energy counting down to Winx-1 spud in mid-February
The new well aims to extend the Nanushuk oil play fairway, as it is located around four miles from the Repsol drilled Horseshoe discovery well.
Winx-1 has a 400mln barrel target, 144mln net to 88 Energy, across multiple stacked objectives.
88 Energy managing director Dave Wall, last week, said: "Commencement of drilling at the highly anticipated Winx-1 exploration well is now as little as six weeks away, with everything proceeding to plan.”
The company has a 40% interest in the project and it is partnered with Red Emperor Resources which has a 31.5% interest.
On Wednesday morning, 88 Energy shares were up 4.9% trading at 1.14p each.