88 Energy Limited (AIM:88E) Hickory-1 Surface Hole Completed


· Hickory-1 surface hole successfully drilled to 3,570 feet, cased and BOP system tested successfully.

· Operations progressing with Nordic Calista’s Rig-2 now preparing to drill ahead.

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ( 88 Energy or the Company ) is pleased to report that the Hickory-1 surface hole was successfully drilled to 3,570 feet, the surface casing installed and cemented and the Blow Out Preventer ( BOP ) system tested successfully.

Nordic Calista’s Rig-2 is now preparing to drill ahead, with the Hickory-1 exploration well expected to intersect the three primary SMD targets, before drilling ahead into the secondary SFS and BFF reservoirs targets. The KUP reservoir is a tertiary target and will be drilled subject to remaining time in the season, borehole conditions and other technical considerations.

The Company anticipates the primary and secondary target zones to be intersected within the next two weeks, before determining whether to drill ahead to the tertiary target and reaching permitted Total Depth ( TD ) of approximately 12,500 feet.

Logging while drilling and mudlogging are set to provide initial indications as to the prospectivity of the target zones at the Hickory-1 location. A sophisticated, targeted wireline logging program is planned to be run after reaching TD, which includes side wall cores (both pressurised and non-pressurised), triple combo, dielectric scanner and Nuclear Magnetic Resonance.

The wireline logging program is expected to take approximately five to seven days to complete. It is designed to gather extensive data which will be used to optimise the planned Hickory-1 flow test program scheduled for the 2023/24 winter season (subject to well results).

The Company will provide further updates subsequent to Hickory-1 achieving TD.

Figure 1: Nordic Calista Rig-2 at the Hickory-1 drilling location, adjacent to the Dalton Highway, North Slope Alaska.

Figure 2: Hickory-1 well designed to test up to 6 stacked targets.

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: [email protected]

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