88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors that its preparations are continuing for the planned flow testing of the Hickory-1 well in Alaska.
The company, in a statement, said permitting and planning activities remain "on schedule" and operations are slated to start “as early as possible” in the first quarter of 2024 in the Alaskan winter season.
Analysis meanwhile continues on the data gathered during the drilling and, significantly, this work is enhancing the prospect.
Specifically, the company today told investors that the Upper Slope Fan System (Upper SFS) reservoir is now seen to be “more extensive" than originally mapped – seismic data from the well "correlates" over 7 kilometres to the prior Icewine-1 well.
No resources from this reservoir are currently included in estimates of the project’s resources, the company noted, and it remains untested.
“The quality and strength of shows recorded during the drilling and logging of Hickory-1 remain amongst the best the company has witnessed to date,” 88 Energy said in a statement.
“Moreover, post-well geochemical analysis of Hickory-1 sidewall core data indicate fluid maturity to be in the early-peak oil window.”