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88 Energy makes light oil discovery onshore Alaska

88 Energy announced successful flow testing of the Upper SFS reservoir in the Company’s Hickory-1 discovery well, located in Project Phoenix on the north slope of Alaska.

Flow testing of the Upper SFS (USFS) reservoir confirmed light oil discovery at Hickory-1. USFS flow rates achieved from low-volume frac over a small 20-ft vertical interval are in line with expectations and results observed from other reservoirs on adjacent acreage.

USFS test produced at a peak gauge flow rate of over 70 BOPD of light oil. Multiple oil samples recovered, measuring approximately ~40-degree API oil gravity. Quality and deliverability of the USFS reservoir were confirmed via oil production to the surface under natural flow, with flow back fluids including an unquantified volume of marketable natural gas liquids and associated gas, consistent with tests on adjacent acreage.

88 Energy will now seek an Independent Contingent Resource declaration for both the Upper SFS and Lower SFS reservoirs based on the flow of hydrocarbons to the surface. Flow testing operations will transition to testing the shallower SMD-B reservoir, in line with the multi-reservoir, staged flow test approach adopted for Hickory-1.

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