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88 Energy (ASX: 88E, AIM: 88E) confirms discovery status for BFF reservoir at Project Phoenix - Kalkine Media

November 06, 2023 03:02 PM AEDT | By Sonal Goyal
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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.


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