Shares of 88 Energy (ASX:88E) climbed as much as 8.3% to A$0.0065, representing the largest intraday percentage gain since October 3.

The company announced that under Project Phoenix in Alaska, the flow test planning and permitting for its Hickory-1 well remains on schedule and is targeted to begin in early Q1 of 2024.

88 Energy (ASX:88E) also shared that it is reassessing the potential of its neighboring Icewine West project.

The company pointed out that sustained positive Alaskan activity, including recent exploration farm-out’s with new investors, reflects ongoing confidence in the region.

They have also added two newly identified prospects to the independently certified prospective resource in Project Peregrine.

Despite the recent surge, the stock is down about 45% year-to-date, as of the last close.

(88 Energy operates as an exploration company with a primary focus on acquiring and drilling oil projects within the state of Alaska.)