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6 Nov 2023 07:00
RNS Number : 4724S
88 Energy Limited
06 November 2023
This announcement contains inside information
6 November 2023
88 Energy Limited
Hickory-1: Confirmed Discovery
with BFF Maiden Contingent Resource Estimate
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;
o 136 million barrels (MMbbl)* of recoverable hydrocarbon liquids (Oil and NGL); and
o 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 Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or the Company) is pleased to report 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
88 Energy Managing Director and CEO, Ashley Gilbert, commented:
"We are now fully funded to undertake Hickory-1 flow test operations during the upcoming winter operational season in Alaska. Burgundy's failure to rectify its payment default to date is disappointing and has necessitated the raising of additional funds. However, if not cured their default will enable us to exercise remedies under the JOA which may include the potential for 88 Energy to move to a 100% working interest in some or all of the leases within Projects Phoenix and Icewine West covered under the default.
We are also excited about commencing initial exploration activity on our Namibian farm-in acreage. The Owambo Basin delivers large-scale hydrocarbon exploration potential across a highly prospective and underexplored acreage position."
RNS on 14 November says -
As previously announced, in order to exit the TSP, it is expected that the Company will be required to raise additional funds. Whilst the structure of this is not yet known, the Board believes it is prudent to put in place sufficient authorities to permit an equity fundraising. Should any fundraise take place, the Company will prioritise structures that would enable existing shareholders to participate on the same terms as any incoming investors.
Is that why the SP went down earlier ?
Looks like preparing for breakout from 1.20 ! Next hopefully 2.25 as Zak predicted :)
GLA
Looks like Pinnacle Capital is connected to Australian based https://pinnacleinvestment.com/, considering Amte’s existing Australian connection with InfraNomics. Any thoughts ?
I hope we will get to see a RNS with details ! GLA
For green industry firms !
House of Commons Committee report, with recommendations to government. The Government has two months to respond. AMTE was part of the consultation and you can see AMTE’s response.
Check the link -
https://publications.parliament.uk/pa/cm5804/cmselect/cmbeis/196/report.html
https://committees.parliament.uk/writtenevidence/118548/html/
Noticed a few big spikes on the chart ! Could see some buys later on ! If that’s the case we may get another RNS soon ! GLA
Https://x.com/share_talk/status/1726342309816766532?s=46&t=WuyCAqCnuctRxVwyXpOFyg
This afternoon will be interesting ! GLA
RNS says - It will be the intention of the Company to cancel the admission of the Ordinary Shares to trading on AIM and to seek admission of the Company's then issued and to be issued share capital to the standard listing segment (or any successor thereof) of the Official List and to trading on the London Stock Exchange's Main Market for listed securities, once AMTE Power so qualifies;
There must be something seriously big coming as right now the mcap is so cheap. Main market requirement are far greater”
Do your research !
A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
GLA
Masdar Arlington looking to expand UK business ! GLA
https://www.thenationalnews.com/business/energy/2023/11/14/uaes-masdar-considers-transformative-acquisitions-to-expand-in-us-and-europe/