Ann: Hickory-1 Well To Proceed to Flow Testing, page-145

Hi Spiney
You are correct in the winter seasons ahead, 3 by my count
2019 re entered Alkaid 1 to carry out a small vertical fracture stimulation (77000lbs proppant) and short flow test, to prove oil discovered is mobile
2021 Drilled Talitha A data acquisition well
2022 Drilled Theta West and re entered Talitha A for fracture stimulation and flow testing of 3 zones (SMDB, SFS, BFF), to prove oil discovered is mobile
2022/23 Drilled Alkaid 2 in summer of 22 off a gravel pad, 5300ft horizontal, multi stage fracture stimulation, to prove oil discovered is mobile.

There was a negotiation for a staged farm in late 2021, the terms were not fully disclosed as the deal did not complete due to a late price change proposed by the farminee. The supposed terms were for over $1 billion (staged) for less than 50% of the projects
Currently the projects are further advanced with the drilling of Theta West and Alkaid 2, flow testing of Talitha A, Theta West and Alkaid 2.
Independent expert reports are being prepared by Netherland and Sewell, and SLB are completing dynamic modeling( static has already completed after more than 1000hrs work by SLB) to give flows and resource recovery percentages. These will feed into the opening of the data room to prospective farminees soon.

88e will need to replicate these steps to prove up, first establish mobile oil, as is the plan for 2024 winter ice season.
This has to start at the bottom and work up, it is the only way it can be physically done.
In order, should 88e determine all targets are worthwhile prospects. It would be
BFF
SFSs A + B
SMDs A + B + C
Each would require its own fracture stimulation and flow test, and may be subject to prioritization and combination of the best, as 6 stimulations and flow tests would be unlikely in one season.

From these results a plan for a horizontal stimulation, and longer term flow test can be developed in the summer, from a gravel pad
The Icewine gravel pad is a possibility but would risk being outside the productive zone, as the firmed up data will only prove the Hickory location. With there being only 500 ft from the boundary there is not much acreage to exploit to the North, so would expect a test of the zone between Icewine and Hickory

The problem is the data must be acquired to prove it is worthwhile, before committing to the next step, drilling multiple wells without it would be extremely high risk. It is going to require patience and capital