88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it is nearing the completion of its flow testing operations at the Hickory-1 well, part of its Project Phoenix acreage on the North Slope of Alaska.
The company indicated that the Upper SFS (USFS) flow testing operations are almost finished, with results expected to be announced by the end of this week.
It comes after operations saw some delays due to adverse weather conditions. However, the flow back from the USFS reservoir is in its final stages, with the collection of all key data and samples soon to be concluded.
88 Energy then plans to start the flow testing programme for the shallower SMD-B reservoir, anticipated to last approximately 14 days, though this duration could adjust based on operational conditions.
Despite the slight extensions in timelines, the project remains fully funded, with increases in duration and forecast costs staying within the budgeted contingency.
The company in a statement said it expects to complete operations and demobilise from the site by mid-April.
88 Energy said it looks forward to sharing the results from the Upper SFS flow test soon.
The hotly anticipated results can potentially confirm and unlock a material for the small-cap explorer, and will be closely watched when they arrive.