Highlights
- Maiden Independent Contingent Resource estimate completed at Project Phoenix for the Basin Floor Fan (BFF) reservoir.
- Gross Best Estimate (2C) Contingent Resource of 250 Million Barrels of Oil Equivalent (MMBOE) from the deepest reservoir encountered in Hickory-1, the BFF, comprised of;
- 136 million barrels (MMbbl)* of recoverable hydrocarbon liquids (Oil and NGL); and
- 628 billion cubic feet (BCF)* of recoverable gas.
- Independently certified Contingent Resource assessment prepared by Netherland, Sewell & Associates, Inc. (NSAI), a leading US based independent consultancy for the petroleum industry.
- Contingent Resources defined on the basis of multiple successful flow tests conducted in the BFF reservoir on adjacent acreage and clear reservoir continuity demonstrated through high quality seismic data and correlations across Hickory-1 and Icewine-1 to the neighbouring successful wells.
- Assessment carried out by NSAI confirms discovery status for the BFF reservoir prior to planned testing operations at Hickory-1.
- Key step towards the understanding of the hydrocarbon volumes in of Project Phoenix prior to Hickory-1 testing operations. If successful, these operations will allow additional contingent resources to be assigned to the shallower SMD-B and SFS reservoirs.
88 Energy has reported a maiden, independently certified Contingent Resource estimate of 136 MMbbl of hydrocarbon liquids (gross best estimate (2C)) and 628 BCF of gas, for the BFF reservoir in Project Phoenix (~75% net working interest).
* Gross (100%) best estimate contingent resource. Natural Gas Liquids (NGL's) are converted to oil equivalent volumes on a constant ratio basis of 1:1. Gas is converted to oil equivalent volumes on a constant ratio basis of 5.5 BCF per 1 MMBoe.
Managing Director, Ashley Gilbert, commented:
'This maiden Contingent Resource is a great result for 88E and its shareholders. It represents an important milestone on the path to the possible development of Project Phoenix, even prior to flow testing operations at Hickory-1 this upcoming season.
We look forward to the upcoming planned Hickory-1 flow tests which, if successful, will enable the certification of additional contingent resources in the shallower reservoirs and move another step closer to appraising the discovery. We remain on track for Q1 2024 operations for this exciting project.'
NSAI's maiden Independent Contingent Resource Report was completed after its review of an extensive data suite that included seismic data, well logs from Hickory-1 and Icewine-1 and certain data from wells in adjacent acreage including flow test data. NSAI is a leading independent US-based expert petroleum asset evaluation firm with significant and recent experience in providing resource estimates globally, as well as more specifically in Alaska.
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Source: 88 Energy
