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88 Energy Ltd - Alaska-focused oil exploration company - Says flow testing operations are advancing at the Hickory-1 well at the Phoenix project in Alaska. Construction of the ice pad and rig commissioning have been completed, and camps have been mobilised to the Hickory-1 location. Company expects to complete final preparations within the next seven to ten days, including completing rig mobilisation and associated services.
88 Energy also says its joint venture partner Burgundy Xploration LLC has remitted payment of outstanding USD1.8 million 2023 cash call balance, having secured funding from oil and gas investors. Burgundy has also assured 88 of commitment to its share of flow test costs.
Current stock price: 0.27 pence, up 3.6% on Monday morning
12-month change: down 56%
By Emma Curzon, Alliance News reporter
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