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88 Energy Ltd
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April 2024 Investor Presentation
| David Wall | Page 11 of 11 |
May 03, 2024
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"April 2024 Investor Presentation"
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Upper SFS FLOW TEST successful 11 Quality and deliverability of the USFS reservoir confirmed ? Successful light oil discovery at Hickory-1. ? Upper SFS (USFS) flow rates achieved from low volume frac over small 20ft vertical interval. ? Rates in line with expectations and those observed from reservoirs on adjacent acreage. ? Peak gauge flow rate of over 70 barrels of oil per day (bopd) of light oil 1 . ? Performance exceeded expectations with the well flowing naturally with increasing oil cut ? Multiple oil samples recovered, measuring ~40- degree API oil gravity 1 . ? Quality and deliverability of the USFS reservoir confirmed via oil production to surface under natural flow, with flow back fluids including unquantified volume of marketable natural gas liquids (NGLs) and associated gas. ? Independent Contingent Resource declaration to be completed for both the Upper SFS and Lower SFS reservoirs based on the flow of hydrocarbons to surface. Figure 1: (left) Light oil fluid sample from Hickory-1 USFS flow test,(middle) NGLs sampled from flare line. (right) Flaring of gas and NGLs during USFS flow test.