88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has outlined some 250 million barrels of contingent oil equivalent resources in the BFF reservoir at the Hickory-1 project area.
The company, in a statement, said it comprises 136 million barrels of recoverable hydrocarbon liquids (oil and natural gas liquids) plus 628 billion cubic feet of recoverable gas.
It is the result 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, the company noted.
Additionally, it confirms “discovery” status for the BFF reservoir ahead of the company’s planned testing operations at Hickory-1, it added.
Managing director Ashley Gilbert described it as “an important milestone on the path to the possible development of Project Phoenix”.
"This maiden Contingent Resource is a great result for 88E and its shareholders,” Gilbert said.
“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 first quarter 2024 operations for this exciting project."
The resource estimation was conducted by consultant Netherland, Sewell & Associates Inc.