AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- In mid-February 2024, Hickory-1 well flow testing program is expected to start.
- The two primary targets under the campaign are Slope Fan System (SFS) and Shelf Margin Deltaic (SMD).
- Separate testing of each zone will be conducted, taking ~10 days each.
88 Energy Limited (ASX: 88E, AIM: 88E) shares gained 12.5% midday on 12 January 2024 after the company released an update concerning the Hickory-1 flow testing program at Project Phoenix, located on the North Slope, Alaska.
The company informed that the Hickory-1 flow test and well stimulation campaign is expected to begin in mid-February 2024. The gross fully funded flow test budget is US$11 million.
The flow test program is dependent upon the completion of ice road construction, pad construction and rig mobilisation.
Update on flow testing program
In February 2023, the Hickory-1 discovery well was drilled, and presently, it is ceased and suspended ahead of the planned flow testing program. All necessary permits have been submitted with final approvals anticipated to be received in the current month.
The program would be focused on two primary targets, the SMD and SFS reservoirs, which would be evaluating a unrisked, mean, multi-hundred-million-barrel oil resource.
In the SFS reservoir, flow testing target would be the Upper SFS reservoir because it has not been flow tested earlier. On other hand, the Lower SFS has been flowed previously and its producibility has been confirmed on nearby acreage. Subsequently, SMD-B reservoir would go through targeted testing.
The company informed that each zone is planned to be independently isolated, stimulated and flowed to surface by utilising nitrogen lift to facilitate efficient clean-up of the well.
In approximately four days, the company expects to complete perforation, completion-running and stimulation, which would be followed by up to four days for clean-up and flow and then two more days for pressure build-up.
88E shares were noted at AU$0.004 at the time of writing on 12 January 2024.