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88 Energy gains as it says to restart Project Icewine well test in June

The Icewine project was put into hibernation over the Alaskan winter but production testing is due to resume in the coming weeks
oil and gas operations
The test will restart on June 11

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.

READ: 88 Energy well test restart is only “a few short weeks away”

"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. 

-- Adds share price --

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