88 Energy Ltd, listed on AIM, ASX, and OTC as 88E, has informed its investors that it is close to finalizing the flow testing procedures at its Hickory-1 well, a key part of its Project Phoenix located in Alaska’s North Slope.
The company has nearly completed the flow testing for the Upper SFS (USFS), with the expectation of announcing the outcomes by this week’s end.
Despite some operational delays due to challenging weather conditions, the process of flow back from the USFS reservoir is approaching its conclusion, with the gathering of essential data and samples nearing completion.
Following this phase, 88 Energy is preparing to initiate the flow testing of the shallower SMD-B reservoir. This phase is expected to take around 14 days, although the actual duration might vary depending on the operational conditions, as noted by the company.
Even with these minor delays, the project remains on a solid financial footing, staying within its budgeted contingency for both time and cost increases.
In a recent statement, the company expressed its intention to wrap up operations and leave the site by mid-April.
88 Energy also conveyed its eagerness to disclose the results from the Upper SFS flow test shortly.
These much-awaited results are considered crucial for this small-cap exploration company, as they could significantly validate and enhance its prospects. The industry is keenly awaiting these findings.
