The Australian company seeking to develop a large oil discovery on Alaska’s North Slope may be purchased by a consortium ...

London-listed junior 88 Energy saw its stock price shoot up by almost 50% today after it revealed the results of a successful flow test on its Hickory-1 exploration well on Alaska’s North Slope.

APA Corp. and partners Santos and Armstrong Oil & Gas said flow tests at the Sockeye-2 exploration well in Alaska’s North Slope were successful.

Nuiqsut lies on the eastern side of Alaska’s North Slope, where the Brooks Range is closer to the coast. Streams that run northward down the mountains carry gravel with them, according to Hubbard.