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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| 88 Energy Limited | 88E | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 0.09 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.09 | 0.09 | 0.09 | 0.09 |
| Industry Sector |
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| OIL & GAS PRODUCERS |
| Top Posts |
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Posted at 12/6/2024 10:38 by rossowheels Looking back over many years, the business model is to raise funds, say USD10m to drill a well, sometimes flow test and cap and then rinse and repeat. Seems that no commercial oil has been found and the problem now is that the share price has collapsed to the extent that only specialised investors are going to be interested in subscribing to further share issues which are likely to be deeply discounted. |
Posted at 29/4/2024 11:36 by herecomesthesun CRIKEYit's shaping up to be ANOTHER BAD DAY at Olive Oils 0.35p 'fill your boots' office Buys : 3,266,917 Sells : 47,740,990 -------------------- Nigoil - 19 Oct 2023 - 07:24:53 - 14 of 383 - 88e 88e is now the bargain of the century @ 0.35p a share Nigoil - 31 Oct 2023 - 17:47:31 - 23 of 383 - 88e a lot of money to be made from circa 0.35p a share Nigoil - 01 Nov 2023 - 19:38:25 - 25 of 383 - 88e fill your boots! Nigoil - 04 Dec 2023 - 19:44:36 - 67 of 383 - 88e good flow test results will see 100's % rise on the share price -------------------- I really can't see anyone other than the truly gullible retail investor buying into Olive Oils constant '88e is the kiddie' ramps even at today's price when it has already been made crystal clear by the Company that there will be NO more fluff and puff drill news opportunities until their next operational winter window in 2025 8 or 9 more months of Olive Oil and her sweet nothings ? NO THANKS STRONG SELL SIMPLES !! |
Posted at 25/4/2024 06:38 by nigoil 88 Energy closes book on successful £5.2m placingPublished: 08:17 24 Apr 2024 BST Written by: Jamie Ashcroft Edited By: Oliver Haill About this content View 88 Energy Ltd AIM:88E ASX:88E OTC:EEENF 88 Energy Ltd - 88 Energy closes book on successful £5.2mln placing 88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it has successfully completed the bookbuild for its placing, raising £5.23 million (A$9.9 million) of new equity. The junior oil and gas company, in a statement, said it will issue 3.29 billion new shares priced at A$0.003 each. Proceeds from the placing, plus its existing cash resources of $17.5 million, mean that the company is now funded for at least the next 12 months. It supports plans to advance the company’s assets in Alaska, where a recent successful well test revealed significant potential in the Phoenix project area, and its recently acquired project in Namibia. "We are now funded to proceed with the development and monetisation plans for Project Phoenix,” chief executive Ashley Gilbert said. “The next steps include post-well flow test studies, securing additional contingent resources at SMD and SFS to complement the BFF contingent resource, and exploring a farm-out of Project Phoenix to engage a strategic partner for the next phase of development and commercialisation. “The successful Hickory-1 flow test creates multiple paths for 88 Energy and its Joint Venture partner to commercialise and realise value from Project Phoenix.” Gilbert added: “At the same time, we are also enthusiastic about our initial exploration activities on the Namibian farm-in acreage at PEL 93. The Owambo Basin offers substantial hydrocarbon exploration potential across a highly prospective and underexplored region." Simples!....... :-) |
Posted at 24/4/2024 12:55 by rabito79 It's not that simple Nigoil, as I understand it as part of the placing procedures there is a cleansing process to furnish those in the placing with all relevant information, hence the CEO had as much opportunity to buy as the 'sophisticated investors'. |
Posted at 22/4/2024 07:07 by herecomesthesun CRIKEYwhat happened to your 10p olive oil ? ==================== Nigoil - 16 Oct 2023 - 19:44:38 - 13 of 383 This has got 10p written all over it, on a successful flow test! Simples! ==================== 3 x RNS's and an investor presentation and all with ZERO price effect 88e is the ALL FLUFF and PLENTY PUFF DADDY of AIM STRONG SELL SIMPLES!! |
Posted at 19/4/2024 17:46 by herecomesthesun LOLI wonder which early morning pump and dump trading chump this was 08:25:55 0.241 4,842,041 BUY O 16:20:20 0.222 4,842,041 SELL O 3 x RNS's and an Investor Presentation ALL FLUFFING up the MAGNIFICENT 'double oil strike' and all with little or no impact on the SP so there we have it 88e have now run out of imminent and transformational news options and it would be safe to say things have not exactly gone to plan for olive oils latest kiddy mind the gap on the way BACK DOWN STRONG SELL SIMPLES !! |
Posted at 19/4/2024 07:23 by nigoil 88 Energy Ltd88 Energy eyes resource upgrade, a farm-out and early production in Alaska Published: 08:01 19 Apr 2024 BST 88 Energy eyes resource upgrade, a farm-out and early production in Alaska 88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it is now undertaking post flow test studies for the Hickory-1 well, in Alaska, with a view to upgrading estimates of contingent resources. At the same time, it is to progress commercialisation options for the project. This will include a farm-out process aimed at bringing in a strategic development partner and a potential early / capital-lite development of the field. Well testing confirmed oil flows from the USFS and SMD-B reservoirs. Significantly, Hickory was a vertical well and future production wells will be horizontal, so the company expects future volumes will be several multiples higher. In the Upper SFS (USFS) reservoir, the well tested a 20-foot interval. Production testing yielded a peak flow rate of over 70 barrels of oil per day, with the oil quality measured at 39.9 to 41.4 API, light crude oil. Testing SMD-B gave a calculated a peak rate of 50 bopd, with 38.5 to 39.5 API light crude oil. In a previous statement, earlier this week, 88 Energy told investors that ts intended development plan would see the field established using ‘long horizontal wells’ which would deliver production “typically at multiples of between 6 to 12 times higher than vertical wells2. 88E Strong Buy Simples!......;-) |
Posted at 21/3/2024 09:30 by herecomesthesun BLIMEY==================== Nigoil - 27 Jan 2020 - 14:57:21 - 44383 of 111411 RKH - RKH Selling Rkh shares at this present time is not a good idea ==================== share price was 18 pence back then and went all the way down to 4 pence CRIKEY that's a worse track record than purple but you are right on one thing Nigoil ++++++++++++++++++++ Nigoil - 23 Jan 2020 - 20:57:53 - 44327 of 111411 RKH - RKH It's all the story telling, lies and deceit they use in the pursuit of making money I can't abide, simples! unfortunately it's the naive investors who end up feeding the traders greed. ++++++++++++++++++++ it is all the story telling, lies and deceit used in the morally corrupt pursuit of fleecing others of their money that I can't abide with 88E might well turn out to be the kiddy but others should know Nigoil is a lying deceitful morally corrupt story telling TRADER FACT bwahahahahahahahahah |
Posted at 22/2/2024 08:34 by talais At Project Leonis we will be watching out for:Maiden prospective resource estimate (H1 2024).Farm out progress (2024) - 88E's plan is to farm out the project ahead of a drill program in either 2025 or 2026.88E's onshore Namibian asset - next in lineIn November last year, 88E announced a farm-in deal for ~18,500km2 of onshore acreage in Namibia, Africa.The deal, once completed, will see 88E farm-in a 45% stake in the project.We wrote about 88E's Namibian acquisition in a previous note here: 88E heading to Africa on frontier oil hunt - following Shell and Totals 11 billion barrel lead.We like 88E's Namibian project because:Huge ground position - ~70x the size of 88E's Project Phoenix in the North Slope of Alaska, USA. The project is large enough to host a large resource base.Namibia's fast developing oil and gas industry - recent giant discoveries offshore by TotalEnergies and Shell have put Namibia on the map. Namibia being touted as the next Guyana where US supermajors Exxon and Hess are making discovery after discovery.Next Investors ImageNamibian onshore peer re-rated by over 40x - ReconAfrica drilled its first well at its onshore Namibian project back in 2021. Between 2020 and 2021 Recon's share price went from CAD$0.30 to CAD$12.50+. |
Posted at 16/12/2023 07:10 by purple11 88 Energy Limited Acquisition of Texas Oil & Gas Production Assets (8904W)15/12/2023 7:00am UK Regulatory (RNS & others) 88 Energy (LSE:88E) Intraday Stock Chart Friday 15 December 2023 Click Here for more 88 Energy Charts. TIDM88E RNS Number : 8904W 88 Energy Limited 15 December 2023 This announcement contains inside information 15 December 2023 88 Energy Limited Acquisition of Additional Texas Oil and Gas Production Assets Highlights -- Expanded footprint in Texas Permian Basin with acquisition of further non-operated working interest in leases and wells with conventional onshore production and development opportunities. -- 64.4% net working interest (WI) acquired by 88 Energy in 1,262 net acres, located 1/2 mile south and 1/4 mile north of existing Project Longhorn assets (Longhorn) connecting the acreage position. -- Joint Venture partner and Operator, Lonestar I, LLC (Operator or Lonestar), also acquired a 21.5% WI in the new assets with remaining WI retained by existing non-operated partners. -- Purchase price of US$0.35M (net to 88 Energy: US$0.26M) paid in cash by the Joint Venture, Bighorn Energy LLC (Bighorn) which comprises of Longhorn Energy Investments LLC (LEI) a 100% wholly owned subsidiary of 88 Energy (75% ownership) and Lonestar (25% ownership). -- Attractive low-cost entry of US$0.33 per BOE based on the independently certified net 2P reserves position of 0.68 MMBOE(1,2) . -- Nine (9) low-producing existing wells (26 BOE/day gross) and 10 development opportunities with potential identified in multiple zones and classified as Gross Undeveloped 2P Reserves (1.2 MMBOE(1,2) ), along with Contingent and Prospective Resources which are yet to be quantified. -- Coupled with the additional acreage announced in July 2023, Bighorn has reviewed its development opportunities and will now target lower-cost workovers ahead of new drills. Bighorn has approved 5 workovers to be completed in 1H 2024 and upon successful execution are expected to increase production to 180 - 220 BOE gross per day (75% oil). -- Once the workovers are completed, Bighorn will consider for approval the 2 new production wells, as previously announced, in 2H 2024, which are expected to increase production by an additional 160-200 BOE gross per day (75% oil). -- Upon successful completion of the workovers and new wells across its acreage, together with the existing producing wells, 88 Energy expects Longhorn total gross production to reach approximately 600 - 675 BOE per day (75% oil) by year end 2024. -- The new acreage contains 2 injection wells that will be assessed for restoration so that Bighorn has optionality for water disposal, particularly as production increases when new wells come online. -- Bighorn recently secured a US$5 million line of credit facility to assist in cash flow management associated with the development opportunities. (1) Refer to page 3 for initial reserves estimates and assumptions. (2) Net Revenue Entitlement to 88 Energy. 88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) ( 88 Energy or the Company ) is pleased to announce the execution of binding agreements for the acquisition of a new non-operated working interest ( WI ) (64% net to 88 Energy) in leases and wells with conventional onshore production and development assets within the Permian Basin of Texas, U.S. The new oil and gas production and development assets (Bighorn Phase 3) will form an extended footprint with the initial assets acquired in February 2022 (Bighorn Phase 1) coupled with the new assets acquired in July 2023 (Bighorn Phase 2), all together known as Project Longhorn ( Longhorn ) as shown in figure 1 below. The new acreage is located approximately 1/2 mile south of Bighorn Phase 1 and 1/2 mile north of Bighorn Phase 2. The newly acquired acreage is estimated to contain independently certified net 2P reserves of 0.68 MMBOE (1,2) . Figure 1: Project Longhorn acreage Importantly and alike to the July 2023 acquisition, all proposed well locations have been classified as low-risk, accessing net Proven reserves totalling 0.56 MMBOE (1,2-) , given the production histories from existing wells on the newly acquired leases as well as adjacent leases. The development opportunities should intersect multiple potentially oil-bearing intervals which have been successfully developed in the vicinity of Longhorn and the upside has been identified and classified as Contingent or Prospective Resource and will be quantified. Purchase price of US$0.35M (net to 88 Energy: US$0.26M) paid in cash by the Joint Venture, Bighorn Energy LLC ( Bighorn ) which comprises of Longhorn Energy Investments LLC ( 88E-LEI ) a 100% wholly owned subsidiary of 88 Energy (with a 75% ownership interest) and Lonestar I, LLC ( Operator or Lonestar ) holding a 25% ownership interest. The acquisition provides 88 Energy with additional flexibility over development capital opportunities including 4 lower-cost workovers (Bighorn CAPEX of US$800-950k/each) along with 6 new drill targets to accompany at least 14 new drill targets on existing acreage. Bighorn has agreed a forward capital development program as part of its 2024 WP&B which includes 5 workovers in 1H 2024 and contingent on successful workovers, 2 new drills in 2H 2024. The 2 new wells (on leases which Longhorn has a 75% WI), are each anticipated to deliver IP30 of approximately 80-100 BOE per day gross (75% oil) and cost US$1.5 million each, net to 88E-LEI. Bighorn secured a US$5 million line of credit facility in Q3 2023 to assist in cash flow management associated with the development opportunities. The facility is supported by a local Texas Bank, with interest at Prime and contains no cash lock up, with security over the Longhorn assets. Hedging is required at 50% of production required to secure the drawdown required. Longhorn assets in November produced 370 BOE per day gross (61% oil) and upon successful completion of the 2024 work program and budget which includes 5 recompletions and contingent 2 new wells planned on the 2023 acquired acreage, 88 Energy anticipates Longhorn total gross production to reach approximately 600 - 675 BOE per day (7 5 % oil) by year end 2024. Acquisition details On 14 December 2023, the Company, via its 75% ownership interest in the Joint Venture subsidiary Bighorn Energy, LLC ( Bighorn ), acquired an interest in the new leases and wells ( Bighorn Phase 3 ) from Endeavor Energy Resources, L.P., for consideration of US$0.35 million gross to be paid in cash by Bighorn. Bighorn will acquire interests in Bighorn Phase 3 of between 51% - 100% working interest of the leases and wells . Project Longhorn: Conventional onshore oil & gas production Project Longhorn assets are in the attractive Texas Permian Basin and following the acquisition, cover approximately 2,625 net acres (of which 1,262 acres relates to the newly acquired leases). The combined portfolio of assets consists of 18 leases (5 newly acquired) with 49 producing wells (9 within newly acquired leases) and associated infrastructure. Lonestar I, LLC will continue to have a working interest in the assets, and through an affiliate will continue as Operator for the existing and new leases and wells, with the remaining working interests retained by existing non-operated partners. New acreage production The existing production wells in the newly acquired acreage have been in operation for several years. Production from the newly acquired leases in CY2022 totalled approximately 6,200 BOE gross, which had an estimated attributable net profit before tax for the project of $0.2 million (unaudited). Current average production is approximately 26 BOE per day gross (88 Energy's net WI: 17 BOE per day), of which approximately 75% is oil. Gross (100%) and Net Entitlement Reserves to 88 Energy (64.4% net working or net revenue interest 45%) have been independently assessed by PJG Petroleum Engineers LLC as of 30 September 2023 as follows: Table 1: Project Longhorn - Bighorn Phase 3 - Reserves (MMBOE) GROSS RESERVES NET 88 ENERGY REVENUE ENTITLEMENT 1P 2P 3P 1P 2P 3P ====== ====== ====== ============ ============ =========== 1.00 1.20 1.49 0.57 0.68 0.84 ------ ------ ------ ------------ ------------ ----------- Further ASX Listing Rule 5.31 Information (Notes to Reserves) related to these Reserves is provided in Appendix 1. Reserves Cautionary Statement Oil and gas reserves and resource estimates are expressions of judgment based on knowledge, experience and industry practice. Estimates that were valid when originally calculated may alter significantly when new information or techniques become available. Additionally, by their very nature, reserve and resource estimates are imprecise and depend to some extent on interpretations, which may prove to be inaccurate. As further information becomes available through additional drilling and analysis, the estimates are likely to change. This may result in alterations to development and production plans which may, in turn, adversely impact the Company's operations. Reserves estimates and estimates of future net revenues are, by nature, forward looking statements and subject to the same risks as other forward-looking statements. This announcement has been authorised by the Board. Media and Investor Relations: 88 Energy Ltd Ashley Gilbert, Managing Director Tel: +61 8 9485 0990 Email:investor-relat Fivemark Partners, Investor and Media Relations Michael Vaughan Tel: +61 422 602 720 EurozHartleys Ltd Dale Bryan Tel: + 61 8 9268 2829 Cavendish Capital Markets Limited Tel: +44 (0)20 7397 8900 Derrick Lee Tel: +44 (0)131 220 6939 Pearl Kellie Tel: +44 (0)131 220 9775 Glossary Bbl = barrels Mbo/Mbbl = thousand barrels of Bcf = billion cubic feet oil Bcfg = billion cubic feet of MMbo/MMbbl = million barrels gas of oil Boe = barrels of oil equivalent Mboe = thousand barrels of oil Bopd = barrels of oil per day equivalent Btu = British Thermal Units MMboe = million barrels of oil mcfg = thousand cubic of gas equivalent mmcfg = million cubic feet of Mcf = thousand cubic feet gas MMcf = million cubic feet mcfgpd = thousand cubic feet mmbtu = million British Thermal of gas per day Units mmcf = million cubic feet psi = pounds per square inch UoM = unit of measure IP30 = Average production rate over the first 30 days of production Appendix 1 - ASX Listing Rule 5.31 Information (Notes to Reserves) Reserve Evaluation; Project Longhorn -Bighorn Phase 3 Leases Highlights: -- PJG Petroleum Engineers LLC (PJG) has prepared the reserve estimates and a forecast of prices and costs evaluation of the oil and gas properties of Project Longhorn - Bighorn Phase 3 leases (New Leases). The effective date of the reserve estimates and cash flow forecasts presented in this release is 30 September 2023. -- The PJG reserve evaluation has been prepared for 88 Energy in accordance with reserves definitions, standards and procedures contained in the Society of Petroleum Engineers' Petroleum Resources Management System (SPE-PRMS) and reported in the most specific resource class in which the prospective resource can be classified under 2018 SPE-PRMS. The reserves presented in the PJG report are based on forecast prices and costs. Economic Limit Tests (ELTs) used to estimate Reserves shown above were carried out assuming a constant WTI crude oil price of US$75/bbl and a constant US$3.50/mmbtu for the NYMEX gas price. All oil prices used in the evaluation have been adjusted from the reference price for quality and transportation, which is -$0.71/bbl based on historical averages. Gas prices account for NGL's in the gas and have been adjusted for heating value by a factor of 1.30 mbtu/cf based on historical averages. As a result, the net oil and gas prices used in this report are US$74.29/bbl and US$3.13/mcf respectively. -- The Proved reserves (1P) net of royalties is 0.42 million bbl of oil and 0.76 bcf of gas, or 0.57 million BOE, net to 88 Energy. -- The Proved plus Probable reserves (2P) net of royalties are 0.50 million bbl of oil and 0.90 bcf of gas, or 0.68 million BOE, net to 88 Energy. -- The Proved plus Probable plus Possible reserves (3P) net of royalties are 0.61 million bbl of oil and 1.12 bcf of gas, or 0.84 million BOE. Background 88 Energy, via its wholly owned subsidiary, Longhorn Energy Investments LLC, has a 75% ownership interest in Bighorn energy, LLC (Bighorn) and Lonestar I, LLC has a 25% ownership interest in Bighorn, acquired the new leases from Endeavor Energy Resources, L.P. on 14 December 2023. The leases comprise approximately 1,683 Bighorn net acres across 5 leases with 9 producing wells and associated infrastructure. Table 2: Developed Reserves of Acquisition RESERVES GROSS NET ENTITLEMENT -------------------- UoM 1P 2P 3P 1P 2P 3P ==================== OIL MMBO 0.02 0.03 0.04 0.01 0.01 0.01 ================ ======== ====== ====== ====== ====== ====== ===== GAS BCF 0.02 0.03 0.05 0.01 0.01 0.02 ================ ======== ====== ====== ====== ====== ====== ===== TOTAL reserves MMBOE 0.03 0.04 0.05 0.01 0.01 0.02 ---------------- -------- ------ ------ ------ ------ ------ ----- Table 3: Undeveloped Reserves of Acquisition RESERVES GROSS NET ENTITLEMENT -------------------- UoM 1P 2P 3P 1P 2P 3P OIL MMBO 0.71 0.85 1.05 0.41 0.49 0.60 GAS BCF 1.30 1.56 1.93 0.75 0.89 1.10 TOTAL reserves MMBOE 0.97 1.16 1.44 0.56 0.67 0.82 ---------------- -------- ------ ------ ------ ------ ------ ----- Table 4: Total Reserves of Acquisition RESERVES GROSS NET ENTITLEMENT -------------------- UoM 1P 2P 3P 1P 2P 3P ==================== OIL MMBO 0.74 0.88 1.10 0.42 0.50 0.61 ================ ======== ====== ====== ====== ====== ====== ===== GAS BCF 1.32 1.59 1.98 0.76 0.90 1.12 ================ ======== ====== ====== ====== ====== ====== ===== TOTAL reserves MMBOE 1.00 1.20 1.49 0.57 0.68 0.84 ---------------- -------- ------ ------ ------ ------ ------ ----- The subsequent sections detail the field and reserves/ resources information for compliance with ASX listing rules pertaining to the first announcement of material oil and gas projects. Assumptions and Notes a) The reserves information in this document is effective as of 30 September 2023 (Listing Rule (LR) 5.25.1). b) The reserves information in this document has been estimated and is classified in accordance with SPE -- PRMS (Society of Petroleum Engineers -- Petroleum Resources Management System) (LR 5.25.2). c) The reserves information in this document is reported according to the Company's economic interest in each of the reserves net of royalties (LR 5.25.5). d) The reserves information in this document has been estimated and prepared using the deterministic method (LR 5.25.6). e) The reserves information in this document has been estimated using a 5:1 BOE conversion ratio for gas to oil; 5:1 conversion ratio is based on an energy equivalency conversion method and does not represent value equivalency (LR 5.25.7). f) The reserves information in this document has been estimated on the basis that products are sold on the spot market with delivery at the sales point on the production facilities (LR 5.26.5). g) The method of aggregation used in calculating estimated reserves was the arithmetic summation by category of reserves. As a result of the arithmetic aggregation of the field totals, the aggregate 1P may be a conservative estimate and the aggregate 3P may be an optimistic estimate due to the portfolio effects of arithmetic summation (LR 5.26.7 & 5.26.8) h) Project Longhorn - Bighorn Phase 3 reserves are located in the Permian Basin, Texas, USA. ASX LR 5.31 Reserves - Project Longhorn - Bighorn Phase 3 Leases Project Longhorn - Bighorn Phase 3 Leases LR 5.31.1 - Material Oil and gas prices - Oil prices used in economic assumptions this report were kept constant at US$75/bbl used to calculate the to end of field life for WTI crude oil. estimates of petroleum This was then adjusted to account for reserves transportation and quality differences based on historical actual prices achieved, which averaged a $0.71/bbl deduction. Natural gas prices used in this report were kept constant at US$3.50/mmbtu for the NYMEX benchmark to the end of field life. Gas prices account for NGL's in the gas and have been adjusted for heating value by a factor of 1.30 mbtu/cf based on historical averages. Consequently, the net gas price used in this report is US$3.13/mcf. Capex - gross capital costs were estimated by the Operator covering drilling and completion, recompletion and abandonment costs considered necessary to recover the reserves. Capital costs were considered reasonable by PJG, which cost between US$0.8 million and US$2.0 million depending on the type of activity performed. Opex - gross operating costs were based on historical lease operating statements. These forecasts were reasonable by PJG. Discount rate - pre-tax discount rate of 10% -------------------- LR 5.31.2 Operator Longhorn Energy Investments LLC, a wholly or non-operator interests owned subsidiary of 88 Energy Limited, is a non-operator of Project Longhorn and has an average 64.4% working interest across the newly acquired leases, based on area. Table 5 shows lease working interests for the new acreage - Bighorn Phase 3 leases. -------------------- LR 5.31.3 Permits or The reported reserves relate to the acquisition Licenses of 5 leases located in the Permian Basin, Texas, USA. All leases are Held by Production, have no expiry date and no drilling obligations. -------------------- LR 5.31.4 Description of: Economic Limit Tests were performed and * Basis for confirming commercial producibility and project NPVs calculated to satisfy the booking reserves. commerciality requirements of the PRMS. PJG carried out these analyses for all wells - current and proposed, based on pricing noted above under LR 5.31.1, Operator provided third party gas plant and oil purchaser statements, Operator provided current royalty rates and all applicable State of Texas oil and gas taxation roles applicable to the specific areas of operations. Future capital requirements and actual historical operating costs were obtained from the Operator's projections and were accepted as reasonable. The commercial producibility of undeveloped reserves is based on stabilised production rates from existing wells and production analogues from the same formations. PJG has relied on Decline Curve Analysis * Analytical procedures used to estimate the petroleum techniques for this evaluation. Production reserves decline analysis was performed using all available production/well test data to estimate a range (Low, Best and High Cases) of production forecasts, which were used as the basis for estimating reserves. An uncertainty range in both the decline rate and the exponent factor of the hyperbolic decline fit was applied to forecast different decline trends attributable to uncertainty in reservoir performance, and to estimate the oil production volumes for the 1P, 2P and 3P reserves categories. These reserves were sense checked against volumetric reserve calculations based on log derived parameters. Production records were obtained from the Texas Railroad Commission (TRRC) on a lease basis, or when applicable, by combining Operator identified API Number well data historical records, to serve as the basis of the production volumes in our decline curve analysis. This data matched Operator provided data. All current and proposed wells will utilize * Proposed extraction method and any specialised sucker rod pumping systems to artificially processing required following extraction required lift the oil to surface. The reservoirs are largely depletion / solution gas drive with some reservoirs having water aquifer support. -------------------- LR 5.31.5 - Estimated See Tables 2-4 inclusive at the start of quantities to be recovered Appendix 1. -------------------- LR 5.31.6 - Undeveloped All undeveloped reserves are all located petroleum reserves; within 1320 ft (40 acres spacing) of existing a brief statement regarding:- production; hence development of these * Status of the project reserves simply requires a completed well and tie back to existing production. Two new wells are budgeted to be drilled and * When development is anticipated completed in 2024. The eight remaining development activities are planned for the 2024-2026 period. All existing marketing * Marketing arrangements arrangements, transportation infrastructure and approvals are planned and budgeted to be utilized. * Access to transportation infrastructure * Environmental approvals required -------------------- LR 5.31.7 - Unconventional Not applicable. petroleum resources -------------------- LR 5.32 - Project estimates Not applicable; this report constitutes that have materially first time reporting for Project Longhorn changed from when the - Bighorn Phase 3 leases. estimates were previously reported -------------------- Definitions -- Reserves are those quantities of petroleum that are anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must further satisfy four criteria, based on the development project(s) applied: discovered, recoverable, commercial and remaining (as of the evaluation date). -- 1P is defined as Proven reserves. 2P is defined as Proven plus Probable reserves. 3P is defined as Proven plus Probable plus Possible reserves. -- 1P or Proven Reserves are those quantities of petroleum that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable from a given date forward from known reservoirs and under defined economic conditions, operating methods, and government regulations. This is typically considered to have more than a 90% likelihood of occurring. -- Probable Reserves are those additional reserves that analysis of geoscience and engineering data indicates are less likely to be recovered than proved reserves but more certain to be recovered than possible reserves. This is typically considered to have approximately a 50% likelihood of occurring. -- Possible Reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. This is typically considered to have approximately a 10% likelihood of occurring. -- Developed reserves are expected to be recoverable from existing wells and facilities. Undeveloped reserves will be recovered through future investments (e.g. through installation of compression, new wells into different but known reservoirs, or infill wells that will increase recovery). Total reserves are the sum of developed and undeveloped reserves at a given level of certainty. -- Contingent Resources (2C) are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies. -- Prospective Resources are those quantities of petroleum that are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations. Qualified petroleum reserves and resources evaluator statement The petroleum reserves and resources information in this announcement are based on, and fairly represents, information and supporting documentation prepared by Paul J Griffith. Mr. Griffith has over 35 years of experience in senior technical positions in reservoir, production, and field engineering. He is a registered Professional Engineer in the State of Texas (Credential ID 68149), United States of America, his Firm PJG Petroleum Engineers, LLC is registered to provide Petroleum Engineering services by the State of Texas Board of Professional Engineers under Firm #F-23307. Mr Griffith is a Lifetime Member of the Society of Petroleum Engineers. Mr Griffith is not an employee of 88 Energy or any of its subsidiaries and has consented in writing to the inclusion of the petroleum reserves and resources information in this announcement in the form and context in which it appears. Table 5: Working Interest Lease Bighorn Energy 88 Energy LEASE 88 Energy Revenue WI WI NRI Interest -------------- --------- ----- L2-1 100% 75% 85% 64% =============== ============== ========= ===== ================= L2-2 71% 53% 49% 26% =============== ============== ========= ===== ================= L2-3 98% 73% 73% 54% =============== ============== ========= ===== ================= L2-4 * 75% 56% 59% 33% =============== ============== ========= ===== ================= L2-5 51% 38% 85% 32% =============== ============== ========= ===== ================= Area Weighted Average 86% 64% 70% 45% --------------- -------------- --------- ----- ----------------- * Working interest in well. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END ACQBLBDDISBDGXS (END) Dow Jones Newswires December 15, 2023 02:00 ET (07:00 GMT) 1 Year 88 Energy Chart 1 Year 88 Energy Chart 1 Month 88 Energy Chart 1 Month 88 Energy Chart |
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