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Highlights
- Rig commissioning and construction of Hickory-1 ice pad have been concluded.
- Final preparations for Hickory-1 well are progressing well with the completion of Rig-111 mobilisation and related services expected to occur in 7-10 days.
- Burgundy, JV partner, is committed to Hickory-1 flow test AFE.
Oil & gas exploration company 88 Energy Limited (ASX: 88E, AIM: 88E) is making significant progress in the final preparations for the Hickory-1 flow test, as per the latest update. Ice pad construction, mobilisation of camps to location and commissioning of All American Oilfield’s Rig 111 have been successfully completed.
The company anticipates the completion of mobilisation of the rig and remaining preparations for the Hickory-1 well within the next 7-10 days.
The flow test operations will begin with the retrieval of the kill string, followed by the drill out of plugs, wellbore cleaning and change-out to completion fluid before perforation of the first zone.
Burgundy Xploration, LLC, 88E’s joint venture partner, has raised funds and has remitted the outstanding 2023 cash balance of US$1.75 million. Moreover, Burgundy is committed to its share of the flow test AFE cost, highlights the company update.
88E shares traded at AU$0.005 apiece at the time of writing on 19 February 2024.