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88 Energy (ASX: 88E) shares jump on Hickory-1 flow testing program update

June 23, 2023 10:45 AM AEST | By Ankit Sethi
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Highlights

  • 88E is developing flow test and well stimulation program with design experts by evaluating drilling and wireline logging data
  • 2023 drilling and wireline program at Hickory-1 established the existence of numerous hydrocarbon-bearing pay zones, besides the new Upper SFS reservoir
  • Flow testing program will commence "as early as possible" during the 2023/2024 Alaskan winter operational season, 88E says

Publicly listed exploration company 88 Energy Limited (ASX: 88E) -- having its Project Phoenix on the North Slope, Alaska with estimated unrisked conventional total of 647MMbbl of prospective oil resources -- has provided an update regarding the Hickory-1 flow testing program. The company confirms that multiple zones in the Project Phoenix-based Hickory-1 are scheduled to be tested.

It is stated that rig selection and contract negotiation would be concluded "imminently" for flow tests. Post well analysis is in progress and the company expects results from testing programs in early Q3 2023.

Source: Company update

Source: Company update

88E shares trade higher

Triggered by the update, 88E shares gained over 7% trade at AU$0.007 at the time of writing on 23 June 2023.

More to come…


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