88 Energy signed a funding agreement with Bank of America for a $50 million credit facility, meaning it is fully funded ahead of the spudding of its Icewine exploration well onshore in Alaska.

The deal follows completion of a detailed due diligence process by Bank of America on 88 Energy’s Icewine project, the company said. 88 Energy has agreed to spend about $5.7 million of its own money, including its equity contribution towards the authority for expenditure for the well, interest on the equity contribution, and structuring fees.

88 Energy managing director Dave Wall said the company is now fully funded for drilling, a result of the funding deal and an equity raise in July. The Icewine #1 exploration well, onshore in Alaska, is to spud in October, the company said.

“A regional drilling program consisting of four to five wells will commence in a few short weeks, starting with Icewine #1 in October, targeting the HRZ unconventional oil play. Drilling will continue with three to four wells from early 2016, targeting conventional oil plays on acreage immediately adjacent to Project Icewine. The scale of this $100 million [plus] drilling program speaks to the significant potential of the region, and provides multiple opportunities for a considerable re-rating of the value of 88 Energy’s acreage,” Wall said.