88 Energy Ltd - Alaska-focused oil and gas company based in Subiaco, Western Australia - Says the maiden independent contingent resource estimate has been completed at Project Phoenix for the Basin Floor Fan reservoir. Reports a gross best estimate contingent resource of 250 million barrels of oil equivalent from the deepest reservoir encountered in Hickory-1. Explains that contingent resources were defined on the basis of multiple successful flow tests conducted in the BFF reservoir on adjacent acreage and clear reservoir continuity demonstrated through high quality seismic data.
Managing Director, Ashley Gilbert, says: ‘This maiden contingent resource is a great result for 88E and its shareholders. It represents an important milestone on the path to the possible development of Project Phoenix, even prior to flow testing operations at Hickory-1 this upcoming season.’
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