Source - SMW
88 Energy said multiple 'potential' pay zones had been identified at a key oil well in Alaska and that it had 'measured optimism' about their prospects.

The Winx-1 exploration well had reached a total depth of 6,800 feet.

A wireline logging program was due to commence 6 March to verify the prospectivity of the zones of interest.

The testing program was expected to take about 10 days to complete.

Based on the results of the interpretation, a decision would be made on whether to proceed with production testing of the most prospective zone.

'Encouragingly, we have encountered multiple potential pay zones in the primary target as well as one of the secondary targets,' chief executive Dave Wall said.

'Whilst it is still early days, we are well placed and look to the wireline program with measured optimism.'

88 Energy is the operator of the prospect, which also counts Red Emperor Resources and Pantheon Resources as investors.   At 3:00pm:

(LON:88E) 88 Energy Ltd share price was +0.28p at 1.2p

(LON:RMP) Red Emperor Resources share price was +3.53p at 6.83p

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.