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88 Energy secures rig to drill Alaska shale oil well

88 Energy Limited (ASX:88E, AIM:88E) has executed a rig contract with Kuukpik Drilling for the drilling in October of the Icewine-1 exploration well in Alaska.

Icewine-1 will test the significant liquids rich HRZ shale. Success will de-risk the shale play for further drilling.

The Icewine project has risked mean prospective oil resources of 175.3 million barrels net to the company.

In July, the company raised $12 million through an oversubscribed placement of shares priced at $0.01 each to domestic and international institutional and sophisticated investors

88 Energy has also executed an agreement with Bank of America in respect of funding the Icewine Project to US$50 million.

 

Source: Proactive Investors
 

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