88 Energy Limited – Hickory-1 Well Spudded

Hickory-1 Well Spudded


· Drilling of the Hickory-1 exploration well has commenced.

· Initial surface hole to be drilled to ~3,500 feet, cased and BOP system tested.

· Hickory-1 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.

88 Energy Limited (ASX:88E, AIM:88E, OTC: EEENF) (88 Energy or the Company) is pleased to report that Nordic Calista’s Rig-2 commenced drilling of the Hickory-1 exploration well, located in Project Phoenix on the North Slope of Alaska, on the evening of the 9th of March 2023 (Alaska time).

Hickory-1 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 Hickory-1 are the 3 SMD reservoirs (SMD-C, B and A), with SFS and BFF reservoirs considered secondary 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.

Hickory-1 is planned to be initially drilled to 3,500 feet, with surface casing installed and the Blow-Out Preventer (BOP) system tested. This is anticipated to collectively take up to two weeks. Drilling to TD is then expected to take a further two weeks, including logging while drilling (LWD), at which point wireline logging is scheduled. LWD and mudlogging will provide initial indications as to the prospectivity of the Hickory-1 targets. The wireline program has been specifically designed to collect essential data, necessary to optimise the future flow testing program. This includes multiple side wall coring runs and other specialised tools to enable detailed reservoir characterisation.

Flow testing of the Hickory-1 well is planned to be undertaken during the 2023/24 winter season, subject to well results. This provides ample time post-drilling 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 and facilities at the Hickory-1 wellsite.


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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