88 Energy (ASX:88E) has successfully drilled to 3,570 feet, cased and tested the Blow Out Preventer (BOP) system at its Hickory-1 surface hole on the North Slope of Alaska.
The company says Project Phoenix is estimated to have an unrisked total of 647MMbbl of conventional prospective oil resources.
It also says the Nordic Calista's Rig-2 well is expected to intersect three primary SMD targets, as well as secondary SFS and BFF reservoirs, before reaching a Total Depth of approximately 12,500 feet.
It will be followed by a targeted wireline logging program, designed to gather data for an optimised flow test program planned for the 2023/24 winter season.