88 Energy Ltd - Alaska-focused oil exploration company - Makes second light oil discovery at Hickory-1 reservoir in Phoenix project, Alaska. Says flow test demonstrates a peak flow rate of 50 barrels of oil per day of light oil. Managing Director Ashley Gilbert says: "Having now successfully demonstrated light oil flow from two reservoirs at Hickory-1 in recent weeks, it is clear that this is a significant milestone in the history of 88 Energy. The USFS success represents the first time that we have successfully flowed oil to surface in Alaska - and under natural flow - as well as being the first time we have confirmed a light oil discovery of substantial scale in close proximity to the critical Dalton Highway and Trans-Alaskan pipeline system infrastructure. To then achieve a second successful flow of light oil from the SMD-B reservoir, with a low gas/oil ratio, is an outstanding outcome for 88 Energy and its shareholders."
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By Sabrina Penty, Alliance News reporter
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88 Energy (88E)