88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has confirmed it will advance the Hickory-1 exploration well in Alaska to production flow testing as the latest batch of analysis describes the well’s targets as either meeting or exceeding pre-drill expectations.
The explorer, in a statement, said that multiple zones of the Hickory well will be flow tested with the programme to take place “as early as possible in the 2023/2024 winter operational season”. Preliminary planning has now begun for the programme, it added.
It comes after the company received the findings of initial petrophysical interpretation and wireline logging results which added to the company’s understanding of the well.
The petrophysical work has confirmed the presence of multiple hydrocarbon-bearing pay zones across all pre-drill targets – plus the additional zone encountered by the well – and wireline analysis has indicated around 450 feet of net pay.
The analysis also pointed toward average porosities of between 9% and 12% across the zones.
Further data analysis will now be undertaken, including an exercise to assess and classify resources in light of the well results.
"We are excited about the results to date from the Hickory-1 well, and particularly encouraged by the identification of multiple pay zones across the primary and secondary targets,” 88 Energy managing director Ashley Gilbert said in the statement.
He added: “The results have confirmed or exceeded our pre-drill expectations with regard to the primary and secondary targets, and also identified the new Upper SFS reservoir, which is very pleasing for both the Company and its shareholders.
“We are now fully focused on demobilisation and safe completion of the current phase of the Hickory-1 well, in parallel with early planning actions for the next phase of operations at Hickory-1: scheduled flow testing as early as possible in the 2023/24 winter operational season in Alaska.”
Gilbert concluded: “We are particularly encouraged by the fact that wells in the immediately adjacent northern acreage have flowed and recovered light oil to surface from all of the SMD, SFS and BFF reservoirs, which bodes particularly well for our planned testing programme next season.”