88 Energy said it expects to receive the results of the Hickory-1 flow test results in March 2024, making it the first of its Alaska wells to flow to the surface said the oil explorer.
In a letter to shareholders, the oil group added its Project Leonis will see an independent, Certified Resource Estimate completed before commencing a formal farm-out program in in the first half of 2024, with a first well anticipated in 2025/26.
In Namibia, results of a 2D seismic program are expected in the second half of 2024 with drilling programs in the nearby Owambo basin in the first half of 2024 to be monitored to inform the future potential of the basin.
Production at Project Longhorn is also forecast to increase following a five-well work-over program.
A recent A$9.9 million gross fundraising has left it well-funded to carry out the work, 88 added, while in the New Year shareholders will be asked to vote on whether to carry out a share consolidation.