88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) today published its obligatory quarterly activities report, confirming it had A$7.9 million of cash at the end of June.
In terms of its operations, the company highlighted significant progress in several key projects, particularly the Project Phoenix and Project Leonis assets in Alaska.
At Project Phoenix, during the quarter, the company demonstrated dual success in the 2024 Hickory-1 flow test program.
It showed that the Upper Slope Fan System (USFS) produced light oil at a peak flow rate of over 70 barrels of oil per day (bopd), while the SMD reservoirs produced at a peak flow rate of 50 bopd – these results, from a vertical well, gave encouragement for what horizontal wells may achieve.
Now, the company is focused on post-well testing, advancing to an independent contingent resource estimate and, attracting a quality partner through a farm-out process.
It is also now planning for a potential horizontal flow test and early-stage production system.
At Project Leonis during the period, Pantheon reported a maiden prospective resource estimate for the Upper Schrader Bluff formation of 381 million barrels of oil. Permitting and planning are underway for the Tiri-1 exploration well.
Onshore Namibia, a 2D seismic acquisition program was recently completed on time and within budget.
The company noted that the expected outcomes include the validation of structural closures and the delivery of a maiden certified prospective resource estimate by the fourth quarter of 2024.
In Texas, at the producing Project Longhorn asset, there were four completed workovers during the period, supporting an increase in production to an average of 395 BOE per day.