88 Energy (88E) , an Alaska-focused hydrocarbon explorer, updated markets on the upcoming flow testing programme at the Hickory-1 well, part of 88 Energy's flagship Project Phoenix on Alaska's North Slope.
88 Energy said a rig contract for the Hickory-1 flow test has been executed with All American Oilfield (AAO) for the use of its Rig-111. Multiple hydrocarbon-bearing pay zones are to be flow tested, with final programme design underway. The exploration well is targeting 648 million barrels of oil.
Planning and permitting for the flow test remains on schedule with operations set to commence in the upcoming Alaskan winter operational season, 88E clarified.
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The flow testing programme at Hickory-1 is proceeding as planned, and still expected in the 2023/24 Alaskan winter operational season. The execution of the rig contract with AAO is another important step toward quantifying the prospectivity of the well, which is targeting 647 million barrels of oil across several pay zones. Currently, post-well analysis of cores, mud gas isotubes, and wireline data from Hickory-1 is ongoing, with encouraging initial results.
88 Energy is optimistic about flow test results from Hickory-1, as its northern neighbor on Alsaka's North Slope, Pantheon Resources, recently announced a significant, third party estimated 2C contingent resource for the Lower Basin Floor Fan reservoir - one of the deepest hydrocarbon-bearing pay zones intersected by Hickory-1. 88 Energy plans to flow test this reservoir, along with its primary, SMD, Upper SFS and SFS targets.
A week ago, 88 Energy announced plans to raise £4.5m to fund the flow testing of Hickory-1 as well as other ongoing activity across its portfolio in Alaska and Texas. The fundraise will keep 88 Energy funded for at least another 12 months, and enable it to progress through several milestones over the next 9 months that will keep investors engaged. Namely, these are the flow testing of Hickory-1, planned development wells in Texas, and planned permitting activities associated with exploration drilling at Project Leonis in Alaska.
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