Highlights
- Maiden contingent resource estimate concluded for the BFF reservoir at Project Phoenix
- Independently certified contingent resource assessment has been prepared by NSAI, which confirms discovery status for the BFF reservoir
- RDN on track for 1QFY24 operations for the Project Pheonix
88 Energy Limited (ASX: 88E, AIM: 88E) informed that the maiden independent contingent resource estimate for the Basin Floor Fan (BFF) reservoir at Project Phoenix has been completed.
Data source: Company update
The certified assessment has been constructed by Netherland, Sewell & Associates, Inc. (NSAI) – an independent consultancy based in the US for the petroleum industry. The assessment confirms the discovery status at Icewine-1 and Hickory-1 for the BFF reservoir and also validates the internal assessments of Project Phoenix.
With this development, the company could concentrate the Hickory-1 flow testing on the shallower reservoirs. Moreover, the additional testing of the reservoir dependent upon green signals and funding from JV.
Data source: Company update
88E shares traded flat at AU$0.006 apiece at the time of writing on 6 November 2023.