88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has told investors it is on track to spud the Hickory-1 exploration well on Alaska’s North Slope next month as planned.
The company, in a statement, said that its ice pad construction is nearing completion and that pre-spud operations are on schedule. Mobilisation of the drill rig is expected to begin shortly, with other equipment and services also being moved to site.
Hickory-1 is intended to test up to six conventional reservoir targets with pre-drill estimates seeing the potential for some 647mln barrels of oil.
Drilling is expected to take around four weeks, followed by wireline logging and, subject to results, a programme of flow testing would be expected to follow in the 2023/24 winter season.