88 Energy Ltd

88 Energy reveals advancing farm-out process for Project Icewine

The proposed farm-out is evidently moving forward, as the potential new partner has completed internal approvals.

oil and gas operations
88 Energy is working towards a 2020 drill programme

88 Energy Ltd (LON:88E) shares jumped higher on Wednesday after the firm revealed that the farm-out process for Project Icewine’s conventional portfolio is advancing.

The company, in a statement, said that the farminee has now completed its internal approvals, including board sign off.

READ: 88 Energy anticipates Icewine farm-out decision in June

It added that the completion of the deal is now subject to the execution of closing documents and other conditions relating to the transfer of working interests.

Now, the company is ramping-up well planning and permitting for a proposed drill programme in 2020.

88 Energy noted that additional details of the farm-out will be provided to investors once the agreement it signed off.

A separate formal farm-out process, for the Project Icewine shale interests, is expected to get underway in the coming months, though last month the company said a ‘soft’ farm-out process is already underway.

In afternoon trading, shares in 88 Energy were 14.3% higher at 1.00p.

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Quick facts: 88 Energy Ltd

Price: £0.01

Market: AIM
Market Cap: £55.4 m

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