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88 Energy highlights “positive progress” as it awaits clarity over Alaska permit

“We anticipate being able to get clarity on the situation within the next week," said managing director Dave Wall

88 Energy Ltd - 88 Energy highlights “positive progress” as it awaits clarity over Alaska permit

88 Energy Ltd (LON:88E) has told investors that its enquiries with US authorities have been escalated over the weekend, and positive progress has been made.

The explorer late last week announced it was seeking clarification on a recently announced 60-day suspension of authority for the US Department Bureaus and Offices concerning the issuance of new drilling permits on Federal land.

Its application for a drilling permit was submitted on January 12, 2021, and was expected to be approved within a standard 30-day timeframe - that would be due by February 12.

READ: 88 Energy's Icewine and Peregrine opportunities

On Friday, the group said it had been in close communication with the Bureau of Land Management regarding the interpretation and implementation of the 60-day suspension.

In a statement on Monday, 88 Energy managing director Dave Wall said: “At this time it is uncertain whether this will have an impact on operations. We anticipate being able to get clarity on the situation within the next week.

“We have a strong case to be granted the permit given the many permits that have already been granted as well as our considerable, and ongoing, operations in the field.”

Quick facts: 88 Energy Ltd

Price: 0.476 GBX

AIM:88E
Market: AIM
Market Cap: £57.89 m
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