Highlights
- NSAI, an independent consultant, has been appointed to assess the BFF reservoir at Project Phoenix.
- This development follows the announcement of a significant contingent resource by Pantheon Resource Plc.
- The completion of the maiden contingent resource estimate is expected during next month.
- The maiden contingent resource estimate could confirm Hickory-1 as a discovery, says 88E.
88 Energy (ASX: 88E, AIM: 88E) has roped in Netherland, Sewell & Associates, Inc (NSAI), an independent resource certifier, to examine the Basin Floor Fan (BFF) reservoir at Project Phoenix. The latest development follows the declaration of a substantial contingent resource for the lower BFF by Pantheon Resources Plc.
NSAI would examine the BFF reservoir for a maiden contingent resource estimate on the basis of nearby offset well results and Hickory-1 results. This development may confirm Hickory-1 as a discovery, says 88E. Furthermore, it would allow shifting the focus of Hickory-1 testing to the shallower reservoirs.
The maiden contingent resource estimate is expected to be completed in November 2023.
88E shares traded at AU$0.006 apiece at the time of writing on 30 October 2023.