88 Energy announce oil and gas at discovery well in Alaska

88 Energy Limited has announced successful flow testing of the Upper SFS reservoir in the Company’s Hickory-1 discovery well, located in Project Phoenix on the North Slope of Alaska.

Managing Director, Ashley Gilbert, commented: “Outcomes from this test represent a significant milestone for 88 Energy and its shareholders, with the first successful flow of oil to surface achieved at the Company’s Alaska projects. The completion of flow testing in this zone and recovery to surface of light oil, in addition to NGLs and associated gas, confirms our understanding of the substantial potential of these reservoirs. Significantly, these flow rates were achieved from only a 20 ft perforated section in a vertical well with a low volume stimulation over a short period. As previously highlighted, production rates in long horizontal production wells are typically multiples of 6 – 12 times higher than tested in vertical wells, as evidenced in many Lower 48 analogues.

Importantly, the Upper SFS zone had not previously been intersected or tested at either Project Phoenix or on adjacent acreage. It is particularly exciting for us to produce oil to surface and demonstrate the producibility of this additionally discovered reservoir. Future plans for the assessment of the commerciality of Project Phoenix will be communicated post analysis of the Hickory-1 programme.

We will now proceed to undertake flow testing of the shallower SMD-B reservoir over the coming weeks. This is a zone which has previously been successfully tested on adjacent acreage to the north. We look forward to continuing to update shareholders on the progress of our Hickory-1 flow testing operations.”

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/03042024/88-energy-announce-oil-and-gas-at-discovery-well-in-alaska/