REG - 88 Energy Limited - Hickory-1 Flow Test Imminent

88 EnergyAnnouncement

19/02/2024 07:00

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RNS Number : 5262D  88 Energy Limited  19 February 2024

This announcement contains inside information

 

 

19 February 2024

 

88 Energy Limited

Hickory-1 Flow Test Imminent - Final Preparations Underway

Highlights

·    Construction of the Hickory-1 ice pad and rig commissioning
completed.

·   Final preparations for the flow test advancing, with the completion of
the mobilisation of Rig-111 and associated services to the Hickory-1 location
to occur in the next 7-10 days.

·  JV partner Burgundy Xploration, LLC (Burgundy) has remitted US$1.75
million in full payment of outstanding 2023 cash calls and committed to
Hickory-1 flow test AFE.

 

 

88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is
pleased to report that flow testing operations are advancing with the ice pad
construction completed, camps mobilised to location and All American
Oilfield's Rig 111 (Rig 111) commissioning completed. Final preparations
including completion of the mobilisation of the rig and as well as remaining
services to the Hickory-1 location is expected to be completed over the next
7-10 days.

Once mobilisation of Rig 111 is completed and rigged up at the well site, the
Company will provide a further update on commencement of flow test operations.
Operations start with retrieval of the kill string in the well, followed by
drill out of plugs, clean-up of the wellbore, change-out to completion fluid
ahead of perforation of the first zone.

Joint Venture partner Burgundy has secured funding from professional oil and
gas investors and has remitted payment of the outstanding US$1.75 million 2023
cash call balance. In addition, Burgundy has advised 88 Energy that it is
committed to its share of the flow test AFE cost.

 

This announcement has been authorised by the Board.

 

Media and Investor Relations:

 

 88 Energy Ltd

 Ashley Gilbert, Managing Director

 Tel: +61 8 9485 0990

 Email:investor-relations@88energy.com

 Fivemark Partners, Investor and Media Relations

 Michael Vaughan                                  Tel: +61 422 602 720

 EurozHartleys Ltd
 Dale Bryan                                       Tel: + 61 8 9268 2829

 Cavendish Capital Markets Limited                Tel: +44 (0)20 7397 8900
 Derrick Lee                                      Tel: +44 (0)131 220 6939
 Pearl Kellie                                     Tel: +44 (0)131 220 9775

 

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