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88 Energy Ltd on Monday celebrated the discovery of a new reservoir, as it completed drilling at the Hickory-1 exploration well to a total depth of 10,650 feet. The Australia-based, Alaska-focused oil explorer said that the SFS reservoir had exceeded pre-drill expectations for both thickness and reservoir quality, identifying multiple potential hydrocarbon bearing zones. The good news saw shares rise 20% to 0.60 pence each in London on Monday. 88 Energy also told investors that it has identified a new Upper SFS reservoir, not previously intersected by nearby wells, with abundant oil shows in cuttings. The BFF reservoir, meanwhile, was consistent with pre-drill expectations. Operations have progressed as planned since the completion of the surface hole, with the Nordic Calista Rig-2 drilling to target depth safely at an estimated cost of less than $13.5 million gross. 88 Energy will now run a wireline logging programme to confirm the initial petrophysical interpretation of multiple pay zones identified during drilling, and obtain data to optimally design and plan the flow test of Hickory-1. This is expected to take between five and seven days. All operations and demobilisations should complete by mid-April. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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