88 Energy Limited (ASX/AIM:88E) Hickory-1 Pre-Spud Operations On Track


· Ice pad construction nearing completion.

· Mobilisation of the Nordic Calista Rig-2 and operations equipment to commence shortly.

· Spud of Hickory-1 well on track for early March 2023.

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ( 88 Energy or the Company ) is pleased to report that the Hickory-1 ice pad construction is nearing completion and that pre-spud operations are on schedule. 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.

Mobilisation of Nordic Calista’s Rig-2 to the Hickory-1 well location is expected to commence shortly, together with equipment and services relating to the well operations. Hickory-1 spud remains on track for early March 2023.

The well is designed to appraise up to six conventional reservoir targets within the SMD, SFS, BFF and KUP reservoirs and 647 million barrels of oil1,2 and is permitted to a total depth ( TD ) of up to 12,500 feet. The primary targets for the well are the 3 SMD reservoirs (SMD-A, B and C), with the SFS and BFF reservoirs considered secondary targets. The KUP reservoir is a tertiary target and will be drilled subject to time remaining in the season, borehole conditions and other technical considerations.

The Hickory-1 surface hole is planned to be drilled to 3,500 feet, with 9 5/8″ surface casing installed and the blow-out preventer system tested. This is anticipated to take up to two weeks in total. Drilling to TD is then expected to take a further two weeks, at which point a targeted wireline logging program is scheduled.

Flow testing of the Hickory-1 well is planned to be undertaken during the 2023/24 winter season, subject to well results. This will provide ample time, subsequent to drilling of the well, to optimise the flow test program, design, permitting and implementation .

1.   Cautionary Statement: The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons.

2.  Mean unrisked resource – Net Entitlement to 88 Energy. Refer announcement released to ASX on 23 August 2022

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


Figure 2: Nordic Calista Rig-2 preparations ahead of mobilisation to Hickory-1 drilling location

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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