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88 Energy Ltd
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April 2024 Investor Presentation
| David Wall | Page 12 of 11 |
May 03, 2024
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"April 2024 Investor Presentation"
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SMD-B FLOW TEST result 12 Second light oil discovery ? Dual reservoir success at Hickory-1 with second light oil discovery at the SMD-B reservoir 1 . ? SMD-B flow rates also achieved from low volume frac over small 20ft vertical interval. ? Peak flow rate of ~50 barrels of oil per day (bopd) of light oil (measuring approx. 39-degree API oil gravity, under nitrogen lift) 1 . ? SMD-B reservoir showed little to no measurable associated gas flow (low Gas-oil-Ratio), which validates the pre-test analysis 1 . ? Hickory-1 flow test results can be characterised as in-line with those observed from equivalent reservoirs on adjacent acreage. ? Independent Contingent Resource declaration to be completed for SMD-B reservoir in conjunction with the SFS reservoirs. ? It is anticipated that these reservoirs will be developed from long horizontal production wells which typically produce at multiples of between 6 to 12 times higher than vertical wells. (Left): Light oil fluid sample from Hickory-1 SMD-B flow test temperature corrected API of 39 degrees, (right): oil cut in graduated sample jar, OIL FRAC WATER