88 Energy (ASX:88E) set to flow at Hickory-1

Exploring for the vast reserves of Alaskan oil, 88 Energy have confirmed the presence of multiple hydrocarbon-bearing payzones across all its pre-drill targets and identified a new Upper SFS reservoir as it successfully completed the wireline programme on the Hickory-1 well.

Pre-drill expectations were met or surpassed on the reservoir quality and thickness, with an average porosity across all zones between 9-12 per cent, with key zones identified for potential testing in the Upper and Lower SFS sitting between 11-16 per cent total porosity.

Managing Director Ashley Gilbert said the company was particularly encouraged by the identification of multiple pay zones across the primary and secondary targets.

“The results have confirmed or exceeded our pre-drill expectations with regard to the primary and
secondary targets, and also identified the new Upper SFS reservoir,” he said.

“We are now fully focused on demobilisation and safe completion of the current phase of the Hickory-1 well, in parallel with early planning actions for the next phase of operations.

“We are particularly encouraged by the fact that wells in the immediately adjacent northern acreage have flowed and recovered light oil to surface from all of the SMD, SFS and BFF reservoirs, which bodes particularly well for our planned testing programme next season.”

The Australian explorer have built up an expansive operating acreage position in the state nicknamed The Last Frontier, with high-potential, on-shore, Alaskan assets backed up cash flow from conventional and productive oil interests far to the south in the great state of Texas.

The company will soon have post well analysis results and plan to flow test multiple zones at Hickory-1 as early as possible in Alaska’s 2023/24 operational season, along with an updated assessment and classification of resources at Project Phoenix, where it holds 647 million barrels of oil equivalent of unrisked, prospective resources.

Alaska exploration acreage

88 ENERGY FPO [88E]

Sector: Energy

Industry: Oil & Gas E&P

Employees:

88 Energy Limited engages in the exploration and production of oil and gas properties in the United States and Namibia. The company was formerly known as Tangiers Petroleum Limited and changed its name to 88 Energy Limited in February 2015. 88 Energy Limited was incorporated in 1996 and is based in Subiaco, Australia.

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