• Rig contract executed for drilling of the Hickory-1 exploration well
• Permitting and planning remain on track for scheduled spud in late-February / early-March 2023
• Hickory-1 designed to appraise six key reservoir targets and 647 million barrels of oil
• Icewine East renamed Project Phoenix to reflect the new focus on proven oil-bearing conventional reservoirs
• Project Phoenix unit application open for public comment, closing 31 December 2022

88 Energy has executed a rig contract with Nordic-Calista LLC (Nordic) for the use of their Rig-2 to drill the Hickory-1 exploration well on the Alaskan North Slope.

Hickory-1

The Hickory-1 well is designed to appraise six conventional reservoir targets within the SMD, SFS, BFF and KUP reservoirs and 647 million barrels of oil1,2, with spud scheduled for late-February / early-March 2023 to a permitted total depth of 12,500 feet. The Hickory-1 well has been significantly de-risked by recent drilling and flow tests carried out on adjacent acreage by Pantheon Resources, the interpretation of the Icewine-1 well logs, the modern Franklin Bluffs 3D seismic data (FB3D) and AVO analysis.

An optimal drilling location has been selected adjacent to the Dalton Highway using the above data. This location intersects and will test the substantial potential oil volumes noted across all mapped play fairways, and in particular the SMD, SFS and BFF reservoirs.

Significant progress has been made on permitting and planning of Hickory-1 by our appointed project manager, Fairweather, LLC. All long lead items have been secured and tendering is nearly complete. Further details of the drilling program and schedule will be announced by the Company in the lead up to planned spud, which remains subject to relevant government and other approvals.

Project Phoenix

The Icewine East area has been renamed Project Phoenix to reflect the Company’s refreshed exploration strategy for this acreage. Since its acquisition in 2014, the acreage targeted the unconventional HRZ play. Project Phoenix is now focused on the proven oil-bearing conventional reservoirs that were identified during the drilling and logging of Icewine-1 and 2, and more recently that were flow tested by Pantheon Resources. Project Phoenix is strategically located on the Dalton Highway with the Trans-Alaska Pipeline System running through the acreage. 

KeyFacts Energy: 88 Energy US Alaska country profile