Shares of Australian firm 88 Energy (LON: 88E) are rising on Wednesday after the company said that field operations for the Merlin-1 exploration are to recommence in the next few days following a six-day delay.
The delay came about after uncertainty in the US regarding oil and gas projects following new US President Joe Biden’s comments on the industry. Biden’s climate change policy targets the oil and gas industry and has halted new oil and gas leases on federal lands.
However, 88 Energy have now said the Bureau of Land Management’s Alaska branch is currently reviewing its permit to drill and has indicated that it is very close to being complete. According to the company, the Assistant Secretary for Land and Minerals intends to sign the permit, subject to completing a standard review process by the Bureau of Land Management.
88 Energy shares drive to highs of 0.59p and are currently trading at 0.5270p up 25.48%.
We are fortunate to have strong local support in Alaska and, as a result, will soon be back on track for the drilling of Merlin-1, commencing in late February / early March 2021,” commented 88 Energy Managing Director, Dave Wall.
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