88 Energy Ltd - Alaska-focused oil explorer - Completes the wireline logging suite and sidewall coring programme at the Hickory-1 well in Alaska, allowing it to progress to flow testing. 88 Energy holds a 75% working interest in the well and is the operator.

The programme confirms preliminary petrophysical interpretation from logging while drilling data of the presence of multiple hydrocarbon bearing zones across all pre-drill targets, as well as the new upper SFS reservoir. Hickory-1 will now be cased and suspended in preparation for flow testing, which is set to be undertaken as early as possible in the winter season.

Managing Director Ashley Gilbert says: ‘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. 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.’

Current stock price: 0.51 pence, down 8.1% on Tuesday afternoon in London

12-month change: down 39%

Copyright 2023 Alliance News Ltd. All Rights Reserved.