88E to confirm an oil & gas discovery off the back of Hickory-1?
Our US oil and gas exploration Investment 88 Energy (ASX: 88E) could officially declare a discovery from its well drilled earlier this year.
Earlier this year 88E drilled into a ~647 million barrel prospective mean unrisked resource (net to 88E) with its Hickory-1 well.
88E’s drill was in the North Slope of Alaska, USA - home to some of the USA’s biggest oil fields.
The program ran relatively smoothly, and ever since 88E has been preparing for its 2024 flow test of the well.
The flow test would determine whether or not 88E had made a commercial discovery or not.
88E may be able to declare an official discovery before that flow test though.
Today, 88E engaged independent consultants to try and estimate a contingent resource for one of the six stacked targets it drilled earlie this year - the BFF reservoir.
This comes off the back of a contingent resource Pantheon Resources put out for the same reservoirs immediately north of 88E.
On the 29th of August, Pantheon announced a ~962m barrel contingent resource from the same reservoir (BFF).
The significance of the news is that once a contingent resource is announced for a project it is officially classed as a discovery.
88E expects the work to be completed in November which means we could see 88E declare an official discovery well BEFORE its scheduled flow test next year.
What’s next for 88E?
Final results from the Hickory-1 well 🔄
Maiden prospective resource estimate for Project Leonis 🔄
