Australia
88 Energy says Charlie wells SeaBee discoveries are bigger than first thought
88 Energy Limited (LON:88E, ASX:88E) shares jumped higher on Friday as the firm reported the findings of final petrophysical analysis of the Charlie-1 well exploration, revealing greater hydrocarbon pay than previously estimated.
According to 88 Energy, the wells net pay is significantly increased by the additional work and the largest additional contribution was in the Lima discoveries which are in the Seabee formation. The new analysis follows Premier Oils exit from the venture.
The Upper Lima section is now estimated to have some 250 feet of net pay, versus initial estimates of just 8 feet, whilst the Lower Lima section is now seen to span 111 feet of net pay compared to the earlier estimate of 64 feet.
READ: 88 Energy starts new phase with solid financials[hhmc]
The work confirms both Lima sections as large oil discoveries, 88 Energy said. It noted that the new findings are particularly encouraging because the Seabee formation is the most extensive conventional horizon across th..
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