88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it has engaged independent consultant NSAI to review Project Phoenix in Alaska, following what the company described as a “significant” new contingent resource being declared by Pantheon Resources in neighbouring acreage.
The company, in a statement, said it expects the industry consultant to be able to complete the maiden contingent resource estimate in November, and that it may result in Hickory-1 being confirmed as a discovery.
If confirmed, 88 Energy said that certification of a contingent resource for the BFF reservoir would be a significant milestone for the company.
“The Basin Floor Fan reservoir was the deepest of the multiple hydrocarbon-bearing pay zones intersected during the drilling and logging of the Hickory-1 exploration well,” the company said.
“NSAI will assess the BFF reservoir at Project Phoenix for a maiden contingent resource estimate based on Hickory-1 results and nearby offset well results, which may lead to the Hickory-1 being confirmed as a discovery.”