Highlights
- Rig contract executed for Hickory-1 exploration well flow test at Project Phoenix
- Multiple hydrocarbon-bearing pay zones to be flow tested, with final program design underway
- Hickory-1 well targeting 647 million barrels of oil
- Post-well analysis of cores, mud gas isotubes and wireline data ongoing, with encouraging initial results demonstrating good correlation to migration and thermal maturity models
- Planning and permitting for the flow test on schedule with operations set to commence as early as possible in the upcoming Alaskan winter operational season
88 Energy has executed a rig contract with All American Oilfield (AAO) for the use of Rig-111 to flow test the Hickory-1 well on the Alaskan North Slope.
Managing Director and CEO, Ashley Gilbert, commented:
'The execution of a rig contract is another important step as we advance towards the Hickory-1 well flow testing program planned for the 2023/2024 Alaskan winter operational season.
'We continue to be very encouraged by progress by our northern neighbour, Pantheon Resources, who recently announced a material, independently estimated, 2C contingent resource for the Lower Basin Floor Fan reservoir.
'The Basin Floor Fan reservoir was the deepest of the multiple hydrocarbon-bearing pay zones intersected as part of the Hickory-1 exploration well. This reservoir, along with our primary, high-priority SMD, Upper SFS and SFS targets, is planned to be flow tested as part of the upcoming program.
'We look forward to updating shareholders as we progress to the completion of permitting and planning activities before mobilising to the well site as soon as Alaskan seasonal conditions permit.'
Hickory-1 Flow Test Program
The Hickory-1 exploration well is currently cased and suspended ahead of the planned flow test and well stimulation program scheduled for the 2023/2024 Alaskan winter operational season. Design of the flow test and stimulation program, which is targeting multiple zones, is being undertaken in consultation with industry experts, utilising available regional information in combination with a detailed evaluation of the drilling and wireline logging data from Hickory-1.
Permitting and planning is on track and will include rigorous technical and economic optimisation with our Alaskan project manager, Fairweather, LLC. Contract negotiations and ordering of long lead items are also proceeding as planned.
Source: 88 Energy
