88 Energy to move Arctic Fox rig in April

Oil and gas explorer 88 Energy said that Doyon Drilling’s Arctic Fox rig is to move to the Icewine 2 appraisal well in April after the completion of drilling on a nearby acreage.

The AIM-listed company said that the rig on the onshore Icewine project in the north slope of Alaska in the US, is expected to mobilise between 30 March and 30 April and the spud date has been revised to early in the second quarter of 2017, from late in the first quarter.

Managing director Dave Wall said: "The Arctic Fox is one of the premier rigs on the North Slope and will be coming to us 'warm' off its current job, which has several significant benefits.

“As soon as the Arctic Fox finishes work associated with its current job, we will be ready to start mobilisation and rig up for Icewine2. Spud is now scheduled for a few short weeks post our initial plan late first quarter of 2017.”

Shares in 88 Energy were up 3.05% to 2.47p at 1033 GMT.