By Joe Hoppe
Shares of 88 Vitality Ltd. rose in London Monday after the corporate mentioned its Hickory-1 exploration nicely in Alaska reached its goal depth, with encouraging outcomes up to now.
Shares at 0747 GMT had been up 0.13 pence, or 25%, at 0.63 pence.
The London- and Australia-listed oil-and-gas firm mentioned the nicely was drilled to a complete depth of 10,650 toes. The SFS reservoir exceeded pre-drilling expectations when it comes to each thickness and reservoir high quality, figuring out a number of potential hydrocarbon zones.
The corporate mentioned a brand new higher SFS reservoir has been recognized, which hasn’t beforehand intersected close by wells and has considerable oil reveals in cuttings.
Mud-gas readings from each SFS reservoirs had been sturdy, and the BFF reservoir was in keeping with pre-drill expectations.
Preliminary web pay calculated from the info might be confirmed by way of extra testing and work applications, set to start promptly. All operations are anticipated to be accomplished by mid-April.
Write to Joe Hoppe at joseph.hoppe@wsj.com