88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it has been busy across its Alaskan North Slope portfolio, albeit the explorer’s focus is “firmly” on the upcoming well test at the Hickory-1 site.
The Hickory-1 well will be flow tested in the first quarter of 2024, the company highlighted in Thursday’s projects update.
“Building on the Hickory-1 drilling success, we are re-evaluating the neighbouring Icewine West potential considering lessons learnt from Hickory-1 and recent near-field results from other operators,” said managing director Ashley Gilbert.
“We also continue to advance Project Leonis with a view to preparing a maiden prospective resource estimate ahead of targeted farm-out next year and potential drilling of a new well early in the 2025/26 winter season.”
Gilbert added: “These activities have been set against an increasing investor focus on the North Slope, a continued positive development environment in Alaska, and a 25% increase in the Brent oil price since mid-2023."
Project Phoenix, which hosts the Hickory-1 well, aims to assess up to 647 million barrels of estimated oil resources.
Phoenix has previously seen momentum with AIM market peer Pantheon Resources declaring a significant contingent resource for a neighboring reservoir.
Project Icewine West, meanwhile, has seen promising structures via recent mapping activities, which the company believes are indicative of strong potential for further prospective resources.
Meanwhile, at Project Leonis, the explorer is advancing with third-party mapping work including interpretations of fault and trapping features. A maiden prospective resource estimate for the USB reservoir at Leonis is anticipated by the first quarter of 2024.
At Project Peregrine, 88 Energy recently added two new prospects and it is exploring the potential to assess up to three independent prospects from a sidetrack of the Harrier-1 well pad.
The company highlighted that more broadly, Alaska’s North Slope has seen higher levels of activity amid an oil price environment that has seen crude rise by around 25% since mid-2023.