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Makes a change, this one's only 6 pages.
Either were running out of money or its a good one LOL
Wall has gone from ARB, Minchin gone from he1.
There's the payback for decimating share holder value.
Only so long you can keep getting the big bucks for sweet FA.
Hickory-1 Operations Update
Highlights
• Permit to Drill approved for the Hickory-1 exploration well
• Ice-pad construction to commence imminently ahead of drilling Hickory-1 well
• Mobilisation of Nordic Calista Rig-2 expected to commence mid-February
• Spud of Hickory-1 well on track for early March 2023
• Hickory-1 drilling costs estimated to be US$13.5m gross (88E 75% working interest)
88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to
confirm that the Permit to Drill (PTD) has been approved by the Alaska Oil and Gas Conservation
Commission (AOGCC) for the Hickory-1 well, located in Project Phoenix on the North Slope of Alaska.
In addition, construction of the Hickory-1 ice-pad will commence imminently with mobilisation of the Nordic Calista Rig-2 scheduled to also begin around mid-February from the Pantheon Resources, Alkaid-2 well location. The Hickory-1 drilling location is directly adjacent to the Trans-Alaska Pipeline System (TAPS) and the Dalton Highway.
Planning and Permitting for the Hickory-1 well is now largely complete with the approval of the AOGCC PTD, ahead of targeted spud in early March 2023. Hickory-1 Project Manager, Fairweather, LLC, has
completed the tendering and contracting program for the drilling operations with the well cost estimated to be approximately US$13.5 million gross (88E net ~US$10 million). The modest drilling cost is a direct result of the proximity of Project Phoenix and the Hickory-1 well to key infrastructure including the Dalton Highway.
Flow testing of the Hickory-1 well is planned to be undertaken in the 2023/24 winter season, subject to well results, providing sufficient time post-drilling to optimise the flow test design, permitting and implementation.
The 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
. Hickory-1 is permitted to a total depth of 12,500
feet. An optimal drilling location has been selected adjacent to the Dalton Highway utilising an extensive suite of data. This included interpretation of the Icewine-1 well logs, mapping and AVO analysis of the modern Franklin Bluffs 3D seismic data (FB3D) and publicly available information from the recent drilling and flow tests carried out on adjacent acreage by Pantheon Resources.
https://www.londonstockexchange.com/news-article/market-news/company-update/15818846
Hopefully Brad will come back from the IPEM Conference with some news. I can't see him making the trip the first bit of businesses following admin if he didn't have something in mind.
Fingers crossed and GLA.
Iconic Labs PLC (LSE:ICON), a multi-divisional new media and technology business, references its announcement on 10 May 2021 that it had signed a non-binding letter of intent ("LOI") to acquire a controlling stake in Sting industries Ltd.
Given that shortly after this announcement was made, Iconic entered into administration and significant time was spent restructuring the Company, the Company wishes to make it clear that as a result no further progress was made regarding this LOI, and it terminated of its own accord at that time.
Iconic Labs has no intention of revisiting the deal contemplated by this LOI.