11 March 2024
88 Energy
Limited
Hickory-1 Flow Test
Operations Commenced
Highlights
· Well
operations underway ahead of perforating and flow testing the USFS
zone at the Hickory-1 discovery well.
· Two flow tests are scheduled, one each in the Upper SFS and
SMD-B reservoirs, with each frac and flowback operation expected to
take approximately ten days.
· 88 Energy has strengthened its technical advisory team to
include additional engineering expertise, as well as experienced
members of the Pantheon Resources team being available to share
their relevant recent and extensive knowledge.
· Results from the Upper SFS reservoir will be available on
completion of flow back activities.
88 Energy Limited (ASX:88E, AIM:88E,
OTC:EEENF) (88 Energy or the Company) is pleased to report that well operations have commenced at
the Hickory-1 well, with well bore preparations complete and
perforation of the Upper SFS zone to begin ahead of fracking and
flow testing. The Hickory-1 well is located within 88 Energy's
Project Phoenix acreage, directly adjacent to the Trans-Alaska
Pipeline System and the Dalton Highway.
The Upper SFS will be the first zone
tested followed by the SMD-B zone. Each zone will be independently
isolated, stimulated and flowed to surface using nitrogen lift to
assist in the efficient clean-up of the well. The entire program
for each zone is expected to take approximately ten days, however
88 Energy may choose to adjust the schedule during the flow back
program to ensure optimal data collection.
An
extensive suite of data will to be captured, including but not
limited to downhole and surface fluid samples, downhole pressure
and temperature data, surface pressure and temperature data. Flow
rates of oil, gas and water will also be recorded.
Upon completion of testing the Upper
SFS reservoir, operations will then move to evaluating the SMD-B
reservoir.
Experienced members of the Pantheon
Resources staff are being made available to share their relevant
recent and extensive knowledge of multiple flow tests on adjacent
acreage. We expect these will be valuable insights during flow back
operations. 88 Energy has also strengthened its own internal
technical advisory team with additional engineering
expertise.
The entire testing program is
scheduled for completion during March 2024.
The Company looks forward to
providing an update on completion of the Upper SFS flow
test.
This
announcement has been authorised by the Board.
Media and Investor Relations:
88
Energy Ltd
Ashley Gilbert, Managing
Director
Tel: +61 8 9485 0990
Email:investor-relations@88energy.com
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Fivemark Partners, Investor and
Media Relations
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Michael Vaughan
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Tel: +61 422 602 720
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EurozHartleys Ltd
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Dale Bryan
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Tel: + 61 8 9268 2829
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Cavendish Capital Markets Limited
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Tel: +44 (0)20 7397 8900
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Derrick Lee
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Tel: +44 (0)131 220 6939
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Pearl Kellie
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Tel: +44 (0)131 220 9775
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