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Highlights
- 88E is on track to start Hickory-1 well flow test in the first quarter of 2024.
- At Project Icewine West, the company has identified a series of SMD prospects.
- 88E is seeking a farm-out on Project Leonis in CY2024.
- Two new prospects have been identified at the Project Peregrine.
88 Energy Limited (ASX: 88E) has shared an update on activities progressing across its Alaskan North Slope portfolio.
The company’s portfolio includes Project Phoenix, Project Icewine West, Project Leonis, and Project Peregrine.
The region continues to be the focus of significant investor interest as Santos recently visited its Pikka development and announced a farm-out of its exploration acreage to strategic investors – Armstrong Oil & Gas and APA Corporation, says 88E.
Moreover, over the recent months, global oil prices have been on rise, leading to an increase in Brent spot prices by approximately 25% since mid-2023.
The Hickory-1 well at Project Phoenix has been ceased and suspended ahead of the multi-zone flow test campaign scheduled for the first quarter (1Q) of 2024.
At Icewine West, the company recently conducted a mapping program, identifying a series of undrilled SMD (Miid Schrader Bluff) prospects. Considering the success of the SMD achieved at Hickory-1, 88E intends to examine these prospects.
Presently at Project Leonis, 88E is estimating a maiden prospective resource with completion expected in the first quarter of 2024.
At Project Peregrine, the company has identified two new prospects which have been added to the independently certified prospective resource.
Data source: Company update
Shares up over 8%
88E shares were spotted trading 8.33% higher at AU$0.006 apiece at the time of writing on 12 October 2023.