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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.”
“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 20ft 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 to 12 times higher than tested in vertical wells, as evidenced in many
Lower 48 analogues.
Flow testing of the Upper SFS (USFS) reservoir confirms light oil discovery at Hickory-1.
• USFS flow rates achieved from low volume frac over small 20ft vertical interval are in line with
expectations and results observed from other reservoirs on adjacent acreage.
• USFS test produced at a peak gauge flow rate of over 70 barrels of oil per day (bopd) of light
oil. Multiple oil samples recovered, measuring ~40-degree API oil gravity.
• Quality and deliverability of th
Https://announcements.asx.com.au/asxpdf/20240402/pdf/0622grv73brr45.pdf
Flowing helium to surface in such high concentrations is a huge milestone for the Company and we will now fully evaluate these results and focus on advancing this project in the most effective way possible; one that will aim to achieve commerciality at the earliest opportunity.
Word Commerciality is all you need to know from the statement from he1
The Company also refers to its announcement earlier today regarding the very preliminary approach from SEC Capital which is a vehicle associated with a William G Bollinger. The Company has unequivocally rejected the approach and does not have any further details with regards to the potential offeror at this time.
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