88 Energy (ASX: 88E) shares soar on latest Hickory-1 well update

September 05, 2023 11:17 AM AEST | By Sonal Goyal

88 Energy (ASX: 88E) shares soar on latest Hickory-1 well update — Image source: Company update

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Highlights

88 Energy has inked a rig contract with All American Oilfield for the Hickory-1 well flow test on the Alaskan North Slope.

Planning and permitting activities are progressing as per the plan.

Operations at the Hickory-1 well are expected to commence during the upcoming Alaskan winter operational season.

Shares of 88 Energy Limited (ASX:88E) surged 25% to trade at AU$0.007 apiece early this morning as the company announced an important step towards advancing the Hickory-1 well flow testing program.

88E announced that it has signed a rig contract with All American Oilfield (AAO) to use Rig-111 for Hickory-1 well flow testing on the Alaskan North Slope.

Under the flow testing program scheduled for the 2023/2024 Alaskan winter operational season, multiple hydrocarbon-bearing pay zones would be flow tested. The final program design is in progress.

The Hickory-1 well is targeting 647 million barrels of oil.

Planning and permitting for the program is on track, and the post-well analysis is ongoing, with testing program results expected to be received in the third quarter of this year.

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