88 Energy shares rose on Wednesday after the company announced it had reached total depth at its operations on the North Slope of Alaska.
According to the update, the gas and oil exploration firm said that the total depth of 6,800 was reached on the 3rd of March.
88 Energy said that all pre-drill targets were ‘successfully intersected’, with ‘multiple potential pay zones identified, including in primary target zone’.
88 Energy’s Managing Director, Dave Wall, commented: “The operational performance by the team in Alaska during drilling has been outstanding, with a safe and efficient execution of the program.
Encouragingly, we have also encountered multiple potential pay zones in the primary target as well as one of the secondary targets. Whilst it is still early days, we are well placed and look to the wireline program with measured optimism.”
88 Energy has three operations in Alaska. These include Project Icewine, Yukon Gold and Western Blocks. It is listed on both the London and Australian Stock Exchange.
On Monday, the firm revealed its interim results from drilling at the Winx-1 exploration well.
In the update, the company said it saw ‘signs of encouragement’ at the well, however it would be too early to determine whether this would result in a commercial discovery.
88 Energy shares (LON:88E) are currently +29.73% as of 11:44AM (GMT).