88 Energy Ltd (LON:88E, ASX:88E) shares gained on Monday after the firm said it can now start a proper countdown to testing for the Icewine-2 shale well in Alaska.I
In a statement, the firm said that the previously suspended production test will resume on June 11.
As it gets back to the project after the Alaskan winter, the company added that site clearance works have begun at the Franklin Bluffs pad and it is undertaking final preparations to mobilise the test equipment.
"The team remains busy on several fronts; however, focus is now clearly on the imminent recommencement of production testing at the Icewine-2 well,” said Dave Wall, 88 Energy managing director.
The group’s 3D seismic exploration campaign is advancing on schedule.
Early data products are anticipated for the Project Icewine area by ‘mid-year’ and it is expected to precede a formal farm-out process, for the conventional exploration areas seen in the western margin of the project.
Data from the Yukon Gold area is, meanwhile, due in the fourth quarter of the year.
In early trading, 88 Energy shares were 3.2% higher at 2.4p.
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