Permitting update at 88E’s Project Phoenix
Our US based oil and gas exploration Investment 88 Energy (ASX: 88E) has announced a permitting update that ensures tenure through to 2028 and provides for a clearer forward exploration plan over its ground at its Project Phoenix.
88E reported on Tuesday that the Alaskan Department of Natural Resources (DNR) has approved a unit application for the company’s leases covering the central and western areas of Project Phoenix.
The formation of a unit over this part of 88E’s ground sets out the forward exploration for 88E at this part of its project as follows:
- Further reviews of the Franklin Bluffs 3D data. This is to determine optimal drilling locations for future exploration and appraisal wells.
- Drilling of the Hickory-1 well & subsequent flow testing. 88E is set to drill Hickory-1 in early March and expects to be flow testing in late 2023/early 2024.
- Next well location set out. If the Hickory-1 well is a success, 88E can then move its rig to the Icewine-1 well pad and re-enter that well with a view of running a short term production test, OR drilling and flow testing with a new appraisal well at the same location.
- Horizontal production test at Hickory-1. If drill and flow test results are positive, 88E can complete a horizontal well and run an extended flow testing program.
- 2D seismic over the remaining eastern portion of the acreage. If the Hickory-1 well is a success, 88E could run non-drilling activities including 2D seismic over the eastern portion of its acreage.
What’s next for 88E?
🔄 Drilling of 88E’s Hickory-1 well
- 🔄 Well pad construction - Now nearing completion
- 🔄 Mobilisation of the drill rig - Drill rig has moved from Pantheon Resources’ well site and should be on its way to 88E’s drill location.
- 🔲 Spudding of the Hickory-1 well - Spudding to happen in “early March”.
Check out our latest 88E note summarising the upcoming Hickory-1 well here: 88E spudding early March - six stacked targets to hit
