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88 Energy Ltd on Monday provided shareholders with an update on its ongoing flow testing operations at the Hickory-1 well within its Project Phoenix acreage located on the North Slope of Alaska. The Alaska-focused oil exploration company said upper SFS flow testing operations at the Hickory-1 discovery well are nearing completion. Results are to be announced once the flow back programme is completed and results analysed, which is anticipated to be at the end of this week. ‘Activities leading up to fracking the USFS zone took longer than initially estimated, in part due to weather conditions, however, flow back from the USFS reservoir will conclude in the coming days following collection of all key data and samples,’ 88 said. ‘The flow testing programme for the shallower SMD-B reservoir is scheduled to begin immediately after the flow back of the Upper SFS reservoir is complete and is expected to last around 14 days. As with the USFS test, the length of the program may be adjusted depending on operational conditions.’ It added that the program remains fully funded. Completion of operations and demobilisation from site is now expected around mid-April. Shares in 88 closed flat at 0.28 pence each in London on Monday. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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