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88 Energy : Shares Down 22% On New US Drillings Suspension; ASX Trading Halted

01/22/2021 | 04:42am
(MT Newswires) -- 88 Energy (88E.L) shares were down 22% Friday morning after the oil exploration company said it is seeking clarification from regulators following a 60-day new drilling permits suspension announced by the US Department of the Interior.

The group said, regarding its operations in the NPR-A area of the North Slope of Alaska, that it put forward a permission request Jan. 12 and it expected approval to be granted within 30 days from that date.

88 Energy said it is now in contact with the US Bureau of Land Management in relation to further developments on the announced suspension.

"We have a strong case to be granted the permit given the many permits that have already been granted as well as our considerable, and ongoing, operations in the field," 88 Energy Managing Director Dave Wall said.

Trading in 88 Energy shares on the Australian Securities Exchange were halted until further clarification on the matter.

Price (GBP): £0.46, Change: £-0.14, Percent Change: -22.67%

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